Dundee Industrial REIT IPO will use a trust-on-partnership structure
Another Dundee REIT (Dundee Industrial REIT) is proposed. It will hold a portfolio of Canadian light industrial rental properties through a subsidiary LP (Industrial Partnership). Exchangeable Class B units of Industrial Partnership will be held by a subsidiary LP of Dundee REIT, which will have previously transferred properties into Industrial Partnership on a rollover basis in exchange for both Class A and Class B units, then will have sold the Class A units to the REIT. (This ordering appears to have Ontario land transfer tax benefits.)
This is a departure from quite a number of other REITs which use a trust-on-trust rather than trust-on-LP structure.
Neal Armstrong. Summary of preliminary prospectus for IPO by Dundee Industrial REIT under REIT and LP offerings.