Dream Unlimited Corp. announced the contractual agreement to acquire Chancerygate Limited. Chancerygate is a developer and manager of industrial real estate in the United Kingdom with 30 years of expertise in the multi-let industrial (MLI) segment. The company manages a portfolio of income-producing properties and development projects with a total value of £1.2 billion.
The transaction includes Dream's acquisition of Chancerygate's investment management and development platform. Dream Industrial REIT will also acquire the properties wholly owned by Chancerygate, as well as co-investment stakes in the joint ventures managed by Chancerygate. The acquisition price amounts to approximately £78 million, less certain existing liabilities. In addition, Dream Industrial REIT has earmarked a further £25 million for the completion of the development projects wholly owned by Chancerygate. The transactions are expected to close in August 2026.
Strategic Expansion and Synergies
Upon completion of the acquisition, the consolidated Dream platform will rank among the leading vertically integrated operators for urban industrial properties in Europe. The area managed or under development will amount to approximately 27 million square feet. Chancerygate’s specialisation in the MLI segment complements Dream's focus on urban industrial properties with small and medium-sized rental units within its global industrial real estate platform, which spans 74 million square feet.
The transaction results in a significant expansion of Dream's European presence. Chancerygate's activities in the United Kingdom, Ireland, Spain and Portugal complement Dream's existing operational units in the Netherlands and Germany. Dream's European platform will henceforth employ more than 80 professionals across locations in London, Manchester, Birmingham, Dusseldorf, Berlin, Amsterdam, Madrid, Lisbon, and Dublin. The total assets under management globally by Dream are expected to increase on a pro forma basis to over CAD 30 billion, with over CAD 6 billion attributable to the European industrial and residential property platform.
Jamie Cooper, Co-President of Asset Management at Dream, commented that the acquisition was a significant step towards further building a leading European industrial real estate platform. He highlighted that Chancerygate brings a qualified team and an immediate presence in London, a European capital market hub. Alexander Sannikov, CEO of Dream Industrial REIT and Co-President of Asset Management at Dream, stated that through Chancerygate, Dream Industrial REIT gains access to the MLI market in the United Kingdom and acquires an established operational platform and institutional investor relationships. This accelerates its European growth strategy and supports the goal of value-accretive growth through prudent capital allocation and vertically integrated structures. Richard Bains, Managing Director of Chancerygate, emphasised the alignment of investment philosophies and institutional expertise. He explained that the merger with Dream provides access to a larger platform and more comprehensive resources.
Continuous Investment and Track Record
Dream has been active in Europe for over 15 years and has completed transactions worth over CAD 13 billion. Chancerygate has a complementary track record, including an average realised Levered IRR (Internal Rate of Return) of 27% on 52 development projects since 2007.
Dream, Chancerygate, and Dream Industrial REIT are in advanced negotiations to establish a new pan-European MLI joint venture. This joint venture aims to pursue acquisition and development opportunities in the MLI segment across Europe and targets a gross asset value of approximately EUR 500 million.
