Real estate funds managed by Blackstone completed the acquisition of Dream Global, an owner and operator of a diversified high-quality portfolio of office and industrial properties located in key markets in Western Europe with a focus on Germany and the Netherlands, for $4.7bn. The cash consideration of $16.79 per unit represented a significant premium of 18.5% to the closing price of Dream Global Units on the TSX on September 13, 2019. "This transaction is the culmination of the tremendous growth that Dream Global has achieved since its 2011 IPO. At a time when the Western European real estate market is becoming increasingly competitive, this transaction provides premium value to unitholders. Upon completion of the transaction, Dream Global will have increased its equity market capitalization by nearly eight times and will have delivered total annualized returns of 15% to our unitholders, since inception, which exceed both the Canadian and European REIT benchmarks by approximately 60% and are competitive against the best managed real estate private equity funds and pension funds globally, over the same time period," Detlef Bierbaum, Dream Global board of trustees Chairman.