Cooper/DAMWe don't know the rationale behind the large tender. I think the market would have had a very different reaction to a 7 million unit successful DAM tender than to the 18 million unit tender of which only 7 million units were successfully tendered. It's possible Dream wanted ~$100 million in additional cash liquidity and was unsure how many units they would need to tender to guarantee that (evidently all of them). Dream Unlimited management has spoken on previous conference calls about the importance of non-development recurring income to Dream Unlimited and how they viewed Dream Office unit purchases as a possible consideration for improving recurring income.
Dream still has 61% of their pre-SIB Dream Office stake and if they do want to exit that position then they will need to find a way to bring the Dream Office unit price back up.