Canada Pension Plan Investment Board (CPP Investments), Dream Industrial REIT and Dream Asset Management Corp. (Dream) have formed a joint venture to acquire last-mile industrial properties in major markets across Canada.
The partners have allocated C$1.1 billion ($790 million) 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.
As part of this joint venture, the partners have agreed to acquire a portfolio of 12 Canadian industrial assets totaling 3.6 million square feet across Ontario, Quebec, and Alberta from Dream Industrial.
“The Canadian industrial sector continues to demonstrate resilient demand and meaningful long-term growth drivers, supported by a structurally high need for well-located space as supply chains and logistics continue to evolve,” say
