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Dream Unlimited Corp. and Dream Impact Trust Close on Previously Announced Multi-Family Assets

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TORONTO, October 07, 2021--(BUSINESS WIRE)--DREAM UNLIMITED CORP. (TSX:DRM) ("Dream Unlimited") and DREAM IMPACT TRUST (TSX: MPCT.UN) ("Dream Impact" or the "Trust") today announced that, together with Dream Impact Fund (the "Fund", and together with Dream Unlimited and the Trust, "Dream"), they have acquired 912 apartment units located in the City of Toronto for an aggregate gross purchase price of approximately $378 million.

Dream Unlimited, The Trust and the Fund have each acquired a 33% interest in the apartments.

The Properties
Dream acquired Weston Common, a two-tower, 841-unit, mixed-use apartment complex. The property is comprised of 22 John Street, a 369-unit, class-A, purpose-built rental building completed in 2019, a 472-unit, apartment building completed in 1974, 42,000 sf of fully leased commercial space, and an 8,800 sf community hub occupied and programmed by Artscape, a non-profit with a mission to make space for creativity and transform communities. Weston Common currently includes 53 affordable housing units and 26 live/work artist studios and Dream’s intention is to increase the number of affordable units provided on site as per CMHC’s definition of affordable rent for the area. The Trust also acquired an interest in 262 Jarvis, a 71-unit, Art Deco style apartment building located near Ryerson University.

Michael Cooper, Chief Responsible Officer of Dream Unlimited and Portfolio Manager of Dream Impact said, "The successful acquisition of these apartments accelerates the growth of our income property portfolio and increases the proportion of our assets that generate recurring income."

Dream Unlimited and the Trust are also pleased to announce that they have a 228-unit, multi-building, portfolio of multi-family assets located in Toronto under contract. The ownership structure is expected to mirror Weston Common and 262 Jarvis.

Creating Impact in Existing Apartments
Dream will implement specific initiatives from each of its three impact verticals (Affordable & Attainable Housing, Environmental Sustainability & Resilience, and Inclusive Communities) at each property. More specifically, Dream intends to pursue decarbonization and building modernization retrofits at each building to reduce the greenhouse gas emissions by 15% within the first three-years of ownership. Dream also intends to implement social programming to provide tangible support for the community and its residents. More details on our impact commitments, key performance indicators, and ultimately our performance in delivering on these initiatives will be detailed in our 2022 Dream Impact Report.

Trustee Retirement
Michael Tsourounis, who joined the Trust’s Board of Trustees in 2019, has advised that he will be retiring from the Board in November 2021 in order to focus on other business activities. The Board of Trustees of Dream Impact sincerely thanks Mr. Tsourounis for his contribution and wishes him success in his future endeavors. "I would like to personally thank Michael for his insights and counsel during his tenure," said Amar Bhalla, Chair of Dream Impact.

About Dream Unlimited Corp.

Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $12 billion of assets under management across three Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land and residential assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities.

About Dream Impact Trust

Dream Impact Trust is an open-ended trust dedicated to impact investing. Impact investing is the intention of creating measurable positive, social and environmental change in our communities and for our stakeholders, while generating attractive market returns. Dream Impact's underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities; balance growth and stability of the portfolio, increasing cash flow, unitholders' equity and NAV over time; leverage access to an experienced management team and strong partnerships in order to generate attractive returns for investors; provide investors with a portfolio of high-quality real estate development opportunities, concentrated in core geographic markets; and to provide predictable cash distributions to unitholders on a tax-efficient basis. For more information, please visit:

Forward-looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "would", "could", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", or "continue", or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include, among other things, statements relating to Dream Unlimited and Dream Impact’s objectives and strategies to achieve those objectives, our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth and drivers thereof, results of operations, performance, business prospects and opportunities, market conditions, acquisitions or divestitures, leasing transactions, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, litigation and the real estate industry in general, in each case, that are not historical facts; as well as specific statements regarding: Dream Unlimited and Dream Impact’s focus on impact investing; Dream Unlimited and Dream Impact’s ability to achieve their impact and sustainability goals; and our plans and proposals for current and future development projects, including projected sizes, densities, uses, costs, timing for expected zoning approvals, development milestones and their expected sustainability impact, including our plans to pursue decarbonization and building modernization retrofits at each building to reduce the greenhouse gas emissions produced by 15% within the first three-years of ownership and our proposed implementation of social programming to provide tangible support for the community and its residents. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Unlimited and Dream Impact’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: adverse changes in general economic and market conditions; the impact of the novel coronavirus (COVID-19) pandemic on Dream Unlimited and Dream Impact; changes to the regulatory environment; environmental risks; local real estate conditions, including the development of properties in close proximity to the Trust’s properties and changes in real estate values; timely leasing of vacant space and re-leasing of occupied space upon expiration; dependence on tenants’ and borrowers’ financial condition; the uncertainties of acquisition activity; the ability to effectively integrate acquisitions; dependence on our partners in the development, construction and operation of our real estate projects; uncertainty surrounding the development and construction of new projects and delays and cost overruns in the design, development, construction and operation of projects; our ability to execute on our strategic plans and meet financial obligations; interest and mortgage rates and regulations; inflation; availability of equity and debt financing and foreign exchange fluctuations. All forward-looking information in this press release speaks as of October 5, 2021. Neither Dream Unlimited nor Dream Impact undertakes to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in Dream Unlimited and Dream Impact’s filings with securities regulators filed on SEDAR ( These filings are also available at Dream Unlimited’s website at and Dream Impact’s website at

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Deb Starkman
Chief Financial Officer
(416) 365-4124

Kimberly Lefever
Director, Investor Relations
(416) 365-6339

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