Dream Unlimited Corp. Announces Increase in Ownership Interest in Dream Impact Trust Through Unit Acquisition
Dream Unlimited Corp, a prominent Canadian real estate company known for its diverse portfolio of development and asset management operations, announced a significant increase in its ownership interest in Dream Impact Trust (TSX: MPCT.UN) (“Dream Impact”). The increase follows the recent acquisition of 450,000 units (“Units”) by Dream Asset Management Corporation (“DAM”), a wholly owned subsidiary of Dream. The additional Units were issued to DAM as payment in lieu of asset management fees owed under the existing management agreement related to Dream Impact (the “Management Agreement”).
The strategic acquisition represents approximately 2.4% of Dream Impact’s total issued and outstanding Units. Before the transaction, DAM and its joint actors collectively owned 6,967,526 Units, equating to approximately 37.8% of all Units in circulation. With the acquisition finalized, DAM and its affiliates now hold a total of 7,417,526 Units, representing roughly 40.2% of the issued and outstanding Units of Dream Impact Trust. This increase strengthens Dream’s influence and direct economic participation in the ongoing growth and governance of Dream Impact.
The Units beneficially owned by DAM and its joint actors include 20,325 Units issuable to Mr. Michael J. Cooper, the Chief Responsible Officer of DAM and President of Dream Unlimited Corp. These Units relate to vested deferred trust units awarded to Mr. Cooper under Dream Impact’s Deferred Unit Incentive Plan (“DUIP”), which he has chosen to defer receiving, although he is nonetheless deemed to beneficially own them for reporting purposes.
This latest acquisition stems from a previously established fee settlement mechanism approved in 2024. In that year, DAM, Dream Impact, and Dream Impact Master LP entered into a letter agreement authorizing the issuance and delivery of up to 1,800,000 Units to DAM. These Units were issued as compensation for base management fees and acquisition fees payable to DAM under the Management Agreement, covering the period from January 1, 2024, to December 31, 2026. The agreement assumed the exercise of both extension options contained within the contract. The letter agreement and the related Unit issuance received formal approval from the unitholders of Dream Impact on June 12, 2024, and were subsequently approved by the Toronto Stock Exchange with full regulatory oversight.
The Management Agreement and the letter agreement outline the framework governing DAM’s role as asset manager, responsibilities, and compensation structure relating to Dream Impact and Dream Impact Master LP. These documents include provisions allowing the manager to receive Units instead of cash as payment for various management activities and acquisition transactions. A detailed summary of the material terms of both agreements can be found in Dream Impact’s management information circular dated April 19, 2024. Additionally, copies of the Management Agreement and the Third Letter Agreement are available to the public under Dream Impact’s SEDAR+ profile.
DAM has indicated that it will continue to monitor and evaluate its investment position in Dream Impact Trust on an ongoing basis. Depending on market conditions, financial strategy, and long-term planning objectives, DAM noted that it may choose to either increase its holdings further or reduce its investment in future periods. As the wholly owned asset management arm of Dream, DAM plays a central role in administering Dream Impact Trust’s asset portfolio, advancing the trust’s investment objectives, and delivering results aligned with broader organizational strategy.
Both Dream and Dream Impact are overseen by leadership deeply involved in their strategic direction, including Mr. Michael Cooper, who exercises control over Dream. Mr. Cooper is recognized for his extensive experience in real estate investment and development, and under his leadership, Dream continues to expand its operational footprint across the Canadian real estate landscape.
This press release was issued in compliance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”) published by the Canadian Securities Administrators. NI 62-103 requires enhanced transparency and disclosure from entities acquiring significant equity positions in publicly traded issuers, ensuring that unitholders and investors remain fully informed about influential ownership changes and control intentions. As part of this regulatory process, DAM will file a corresponding early warning report relating to the acquisition. This report will be publicly accessible under Dream Impact’s profile on SEDAR+ and may also be obtained directly by contacting Dream Unlimited Corp.
Parties seeking more information related to this announcement or Dream Unlimited Corp. can reach out to Mr. Robert Hughes, General Counsel at Dream, by calling 416-365-3535. The corporate headquarters for both DAM and Dream Impact are located at Suite 301, State Street Financial Centre, 30 Adelaide Street East, Toronto, Ontario, M5C 3H1.
The acquisition exemplifies Dream’s continued commitment to strengthening its ownership position in Dream Impact Trust and reinforces its confidence in the trust’s strategic direction and long-term investment outlook. As Dream Impact remains focused on advancing impact-driven real estate initiatives and delivering value to communities and investors, the closer alignment between Dream and Dream Impact is expected to enhance management continuity, operational efficiency, and growth potential.
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