Toronto-listed asset manager Dream Unlimited is closing in on a deal to acquire industrial developer Chancerygate, Green Street News reports.

Dream would buy out Chancerygate founder Andrew Johnson, while the company’s existing management team, led by Managing Director Richard Bains, will remain in place and retain a minority stake in the business.

The agreement is targeted for signing next month. Once completed, the deal would give Chancerygate access to a significantly larger balance sheet, allowing the developer to scale its operations, expand staff numbers across Europe and inject more equity into joint ventures and fund structures.

Chancerygate manages more than £700M of assets and has built a reputation around intensive asset management and development-led strategies before exiting projects relatively quickly.

The business has more than 3M SF of multi-let urban logistics space either under construction or in the pipeline across the UK, Ireland, Spain and Portugal.

The company has also been pushing into continental Europe. In late 2025, Chancerygate appointed Nikolay Velev head of Europe after his stint at Civitas Investment, and it grew teams in France and Germany.

Over the years, Chancerygate has partnered with institutional capital, including CBRE Investment Management, Hines, Credit Suisse and Northwood Investors.

Its platform received another boost in late 2024 after securing a mandate from Singapore sovereign wealth fund GIC to assemble a £500M industrial portfolio. The first acquisition under that strategy was the £150M purchase of Questor Industrial Estate in Dartford.

GIC could increase its backing if the integration with Dream proves successful. The sovereign wealth investor already has strong ties with Dream, having teamed up with Dream Industrial REIT to take Summit Industrial Income REIT private in 2023, with GIC holding a 90% stake.

Dream’s broader platform sits under Dream Unlimited, which oversees three listed REITs with roughly £15.1B of assets under management based on current exchange rates: Dream Industrial, Dream Office REIT and Dream Impact Trust.