Last stock in the clip. GLTA
https://www.bnnbloomberg.ca/video/andrew-moffs-top-picks~2573804
Dream Industrial REIT (DIR.UN TSX)
Dream Industrial REIT is a pure-play industrial REIT focused on owning primarily distribution and logistics assets across Canada (62 per cent of investment property value, excluding assets held for sale) and Europe (38 per cent). It also owns a 25 per cent interest in a private open-ended U.S. industrial fund, in which the REIT earns fees for property and construction management as well as leasing services.
On Nov. 7, 2022, Dream Industrial and Singapore's sovereign wealth fund GIC announced a joint venture agreement to acquire Summit Industrial Income REIT (TSX: SMU.UN) in an all-cash transaction valued at $5.9 billion, including the assumption of certain debt. The joint venture between GIC and Dream is structured as a limited partnership, with an ownership interest of 90 per cent and 10 per cent, respectively. The transaction is immediately accretive to the REIT. It expands its footprint in Canada, particularly in the high-growth Toronto and Montreal markets, grows its property management platform, expands its development pipeline and, most importantly, provides a new capital source to grow its Canadian footprint. Furthermore, GIC’s investment is validation of the attractiveness of Canadian industrial real estate by a significant global real estate investor.
Dream Industrial is benefiting from tight fundamentals across all of its markets and a substantial mark-to-market opportunity on in-place rents. Combined with a good balance sheet, the REIT should deliver strong internal growth over the next few years despite a challenging macro environment. Despite its attractive growth profile, units of the REIT continue to trade at a compelling 30 per cent discount to its underlying NAV.