Dream acquisition of Chancerygate accelerates European expansion plans

Dream Unlimited corp (Dream)has agreed to acquire Chancerygate, one of the UK’s leading multi‑let industrial (MLI) developers and asset managers, in a deal that will create one of Europe’s largest vertically integrated urban industrial platforms.

Chancerygate's Audio park development, Horsham UK

Chancerygate manages £1.2 (€1.4) billion of income‑producing and development assets and brings a 30‑year track record in the UK MLI sector. Under the transaction, Dream will assume Chancerygate’s investment management and development platform, while Dream Industrial REIT will acquire the company’s wholly owned real estate assets and co‑investment interests for £78 (€91) million, plus an expected £25 (€29) million to complete ongoing development projects. Completion is targeted for August 2026.

Post‑transaction, the combined platform will manage or develop 27 million sq ft across nine countries, supported by over 80 professionals in London, Manchester, Birmingham, Düsseldorf, Berlin, Amsterdam, Madrid, Lisbon and Dublin. Dream’s global AUM is expected to exceed $30 (€19) billion, with more than $6 (€3.7) billion of industrial and living assets under management in Europe.

The acquisition also strengthens Dream’s development capabilities, combining its 15‑year European track record with Chancerygate’s average 27% realised levered IRR across 52 developments since 2007. The parties are in advanced discussions to launch a €500 million pan‑European MLI joint venture with a global institutional investor.
Jamie Cooper, Co‑President of Asset Management at Dream, said the deal provides “an exceptional team and an immediate presence in London at the centre of European capital flows.” Dream Industrial REIT CEO Alexander Sannikov said the acquisition accelerates its European strategy and provides a “fully built operating platform” for entering the UK MLI market.

Chancerygate Managing Director Richard Bains said joining Dream offers “greater scale, broader resources and an enhanced ability to serve our partners” as the business enters its next phase of growth.