Dream Unlimited Corp.’s Interest in Dream Office Real Estate Investment Trust Deemed to Have Increased

TORONTO–(BUSINESS WIRE)–Dream Unlimited Corp. (TSX: DRM) (“Dream”) announced today that its interest in Dream Office Real Estate Investment Trust (TSX: D.UN) (“Dream Office REIT”) is deemed to have increased as a result of the deemed acquisition of 1,196 REIT units of Series A (“Units”) of the Dream Office REIT by Michael Cooper, representing less than 0.01% of the issued and outstanding Units, pursuant to the transfer of the same number of deferred Trust Units pursuant to The Dream Office Deferred Unit Incentive Plan REIT. Prior to this Proposed Acquisition, Dream and its joint stakeholders, which includes Mr. Cooper, owned 19,051,147 units, representing approximately 36.0% of the issued and outstanding units. Following Mr. Cooper’s proposed acquisition, Dream and its joint stakeholders own 19,052,343 units, representing approximately 36.0% of issued and outstanding units.

Mr. Cooper is understood to have acquired beneficial ownership of the units effective January 14, 2022 pursuant to the transfer of an equal number of Deferred Trust Units under Dream Office REIT’s Deferred Unit Incentive Plan. Mr. Cooper has not paid any consideration in connection with the transfer of the deferred trust units, which resulted in a deemed acquisition of units.

Subject to market conditions and Dream’s investment strategy, Mr. Cooper and his joint stakeholders, including Dream, intend to continue investing in the Dream Office REIT on an opportunistic basis as the Dream Office REIT refines its portfolio and focuses on Toronto’s core assets, resulting in serves Dream’s expanding real estate and development presence in downtown Toronto and the greater Toronto area. Dream is indirectly controlled by Mr. Cooper, Dream’s President and Chief Responsible Officer. Dream provides strategic advice to Dream Office REIT pursuant to a management services agreement. Mr. Cooper also serves as Chief Executive Officer and Chairman of the Board of Trustees of Dream Office REIT.

This press release is being issued in accordance with the requirements of the Canadian Securities Administrators’ National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”). A copy of the report to be filed by Mr. Cooper in connection with the transactions described herein will be available on Dream Office REIT’s SEDAR profile at www.sedar.com and may also be obtained by contacting Mr. Robert Hughes, General Counsel, be requested. Dream Unlimited Corp. at 416-365-3535.

Dream and Dream Office REIT’s headquarters are at Suite 301, State Street Financial Center, 30 Adelaide Street East, Toronto, Ontario, M5C 3H1.

About Dream Unlimited Corp.

Dream is a leading developer of exceptional office and residential properties in Toronto, owns stabilized income-generating assets in Canada and the United States, and has an established and successful wealth management business, including $13 billion in assets under management across three Toronto Stock Exchange-listed companies Trusts, private asset management and numerous partnerships. Dream also develops land and residential properties in western Canada. Dream expects to generate more recurring revenue going forward as its urban development properties are completed and held for the long term. Dream has a proven track record of innovation and our ability to find, structure and execute compelling investment opportunities.