On May 8, 2023, Dream Industrial REIT announced a secondary offering of 12,500,000 units at CAD 14.20 per unit, raising CAD 177.5 million. The offering, which closed on May 16, 2023, was led by Dream Office REIT as the selling unitholder, with net proceeds of approximately CAD 170.4 million after CAD 7.1 million in underwriting fees.

Underwriters included TD Securities Inc., Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Canaccord Genuity Corp., Desjardins Securities Inc., Cormark Securities Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc., Echelon Wealth Partners Inc., and Raymond James Ltd.

Legal advisors were Osler, Hoskin & Harcourt LLP for the issuer and selling unitholder, and Torys LLP for the underwriters. Following the sale, Dream Office REIT retained 0.07% ownership of Dream Industrial REIT.