TORONTO--(BUSINESS WIRE)--DREAM HARD ASSET ALTERNATIVES TRUST (TSX: DRA.UN) (“Dream Alternatives” or the “Trust”) announced the closure of a $120 million green loan for its Sussex Centre complex in Mississauga signed on September 28, 2020 with HSBC Bank Canada and is compliant with the Loan Market Association’s Green Loan Principles. Sussex Centre is a great fit for a green loan based on the investments that are being made into the building, some of which include lowering its carbon and energy footprint.
Sussex Centre, built in 1989, features two office buildings located at 50 & 90 Burnhamthorpe Road in Mississauga comprising 651,000 square feet of rentable area and is co-owned by Dream Office REIT and Dream Alternatives. Sussex Centre already demonstrates its commitment to environmental best practices as it boasts a BOMA BEST Gold level certification as well as Silver certification under the Canada Green Building Council’s (CaGBC) Leadership in Energy and Environmental Design (LEED). Dream is aiming to have the building recertified as LEED Gold in 2021.
Green loans are a new lending product that are offered to finance projects with strong environmental benefits including combatting climate change, optimizing energy efficiency, and any associated capital projects that help contribute to reducing the harmful impacts of greenhouse gas (GHG).
“Sustainability is a strategic priority for Dream Alternatives. We are focused on embedding sustainability across our platform. Obtaining a green loan for Sussex Centre demonstrates Dream’s continued commitment to sustainability and innovation in the real estate sector,” said Michael Cooper, Portfolio Manager.
Dream Alternatives has several green/impact investments in its existing portfolio including: Zibi our 34-acre, approximately 2,000 unit development in Ottawa/Gatineau built to be one of Canada’s most sustainable communities and first One Planet Community, West Don Lands; the purpose-built rental LEED Gold community with approximately 2,000 units of which 30% will be affordable housing and Brightwater, a 72-acre development in Port Credit which is a remediation of a former oil refinery that will be transformed into a vibrant waterfront community with approximately 3,000 units.
About Dream Alternatives
Dream Alternatives provides investors with access to an exceptional portfolio of real estate development opportunities and alternative assets that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to provide investors with a portfolio of high-quality real estate development opportunities and alternative assets, concentrated in core geographic markets; balance growth and stability of the portfolio, increasing cash flow, unitholders' equity and NAV over time; and provide predictable cash distributions to unitholders on a tax-efficient basis. For more information, please visit: www.dreamalternatives.ca
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements relating to our objectives, strategies to achieve those objectives, our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth, results of operations, performance, business prospects and opportunities, as well as statements regarding our plans regarding LEED recertification and our plans and proposals for current and future development projects, including projected sizes, density and uses. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: adverse changes in general economic and market conditions; the impact of the novel coronavirus (COVID-19) pandemic on the Trust; changes to the regulatory environment; environmental risks; local real estate conditions, including the development of properties in close proximity to the Trust’s properties and changes in real estate values; timely leasing of vacant space and re-leasing of occupied space upon expiration; dependence on tenants’ and borrowers’ financial condition; the uncertainties of acquisition activity; the ability to effectively integrate acquisitions; dependence on our partners in the development, construction and operation of our real estate projects; uncertainty surrounding the development and construction of new projects and delays and cost overruns in the design, development, construction and operation of projects; our ability to execute on our strategic plans and meet financial obligations; interest and mortgage rates and regulations; inflation; availability of equity and debt financing; foreign exchange fluctuations. All forward-looking information in this press release speaks as of October 8, 2020. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust’s website at www.dreamalternatives.ca.