This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.
TORONTO, June 24, 2019 (GLOBE NEWSWIRE) — Dream Unlimited Corp. (TSX: DRM and DRM.PR.A) and Dream Hard Asset Alternatives Trust (TSX: DRA.UN) (âDream Alternativesâ or the âTrustâ) announced today that they have entered into a 15-year lease agreement with the Federal Government of Canada for approximately 158,000 square feet (âsfâ) of office space within the Zibi development in Ottawa, Ontario. This lease marks an important milestone, as it represents the first significant commercial lease commitment at Zibi. The Federal Government will be the lead tenant within Zibiâs first Class A building located in the heart of the development, adjacent to the ChaudiÃ¨re Falls with unparalleled views to Parliament Hill. Located mere minutes from the Central Business district and fronting onto Booth Street, the building will be connected by kilometres of dedicated National Capital Commission (âNCCâ) bike trails and pedestrian walkways, and will provide for unmitigated waterfront access to the Ottawa River, newly created parks and will be adjacent to national museums in both Ottawa and Gatineau. Given Zibiâs prime location and cultural significance, this will be unlike any building in the National Capital Region and set a new standard of workplace experience in Ottawa. The building has been designed to comprise of 8 storeys and 185,000 sf of space, with an expected completion date in late 2020 and occupancy in 2021. In addition to this building, there is over 450,000 sf of retail and commercial space in various planning / development stages at Zibi.
âOur team is very pleased to welcome the Federal Government to Zibi.â said Michael Cooper President & Chief Responsible Officer. This is a tremendous opportunity to build and deliver a best in class office building in the very heart of the National Capital Region. We are committed to providing an exceptional workplace that values environmental stewardship, outstanding design and community.â
Zibi is a 34-acre community located along the Ottawa River fronting on both sides of Gatineau, Quebec and Ottawa, Ontario. Zibi will be Canadaâs only endorsed One Planet Community, which focuses on sustainability, a zero-carbon footprint and community and culture. Upon completion, Zibi is expected to be Canadaâs most sustainable neighbourhood and will comprise over 4 million sf of residential and mixed-use space and will be home to 5,000 residents, 6,000 jobs and include 8 acres of riverfront public and greenspaces.
The first phase of land servicing for both the Ontario and Quebec lands have progressed steadily over the last two years, with the underlying infrastructure required to service the Zibi community nearing completion. The first plaza space in Gatineau is close to completion, with four additional plazas and parks and 1.1 kilometers of new multi-use pathways, currently under development. Zibiâs first residential condominium building âOâ was completed in the fall of 2018, with the second residential building âKanaalâ expected to have first occupancies in early 2020.
Zibi is a partnership between Dream Unlimited, Dream Hard Asset Alternatives Trust and Theia Partners, owned on a 40/40/20% basis, respectively.
About Dream Unlimited Corp.
Dream is one of Canadaâs leading real estate companies with over $15 billion of assets under management in North America and Europe. The scope of the business includes asset management and management services for four Toronto Stock Exchange (“TSX”) listed trusts and institutional partnerships, condominium and mixed-use development, investments in and management of Canadian renewable energy infrastructure and commercial property ownership, and residential land development, housing and multi-family development. Dream has an established track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.
About Dream Hard Asset Alternatives Trust
Dream Alternatives provides an opportunity for unitholders to invest in hard asset alternative investments, real estate development, real estate lending, real estate, and renewable power managed by an experienced team with a successful track record in these areas. The objectives of Dream Alternatives are to build and maintain a growth-oriented portfolio, provide predictable cash distributions to unitholders on a tax efficient basis, and grow and reposition the portfolio to increase NAV per unit over time. For more information, please visit: www.dreamalternatives.ca.
For further information, please contact:
Dream Unlimited Corp. and Dream Alternatives:
|Pauline Alimchandani||Kim Lefever|
|EVP & Chief Financial Officer||Director, Investor Relations|
|(416) 365-5992||(416) 365-6339|
Photos accompanying this announcement are available at: