Canada Pension Plan Investment Board (CPP Investments), Dream Industrial Real Estate Investment Trust, and Dream Asset Management Corporation (Dream) have formed a joint venture to acquire last-mile industrial properties in major markets across Canada.
The Partners have allocated $1.1 billion of equity capital, including C$1 billion ($727 million) from CPP Investments (90 percent) and 100 million ($73 million) from Dream Industrial (10 percent), allowing for the expected acquisition of approximately C$3 billion ($2 billion) of industrial assets strategically located in Canada’s major markets, offering excellent connectivity to population clusters and arterial transport routes.
A subsidiary of Dream will be the asset manager for the joint venture, and a subsidiary of Dream Industrial will provide property management and leasing services.
As part of this joint venture, the partners have agreed to acquire a portfolio of 12 Canadian industrial assets totaling 3.6
