CPP Investments and its partners Dream Unlimited and Dream Industrial REIT have completed the purchase of a C$585.8m ($422m) portfolio of modern logistics properties in the Greater Toronto Area. CPP Investments holds 90% of the venture. With this acquisition, the venture has now deployed more than C$1.4bn ($1bn) in Canadian industrial property, putting it close to halfway towards its C$3bn ($2.2bn) investment target in less than a year.
The portfolio comprises five newly built mid- and large-bay logistics assets covering 2.1 million sq ft of gross leasable area. Completed between 2020 and 2024, the buildings offer 36- to 40-ft clear heights, ample trailer parking, and one loading door for every 8,000 sq ft. The properties are fully leased to national and international tenants, providing stable income from day one.
Sophie van Oosterom, Managing Director and Head of Real Estate at CPP Investments, stated the acquisition adds high-quality, well-located assets to the joint venture. Dream Industrial REIT Chief Investment Officer Bruce Traversy noted the Toronto area is one of North America's strongest industrial markets and that the partners have a strong pipeline of further opportunities across Canada.
Source: PE Insights · Summarized by HeadlinesBriefing