Brookfield is investing in a C$1bn (€620m) Canadian industrial portfolio of eight properties through a newly formed joint venture with Concert Properties.
The fully leased, 5.3m sqft portfolio comprises a mix of single-tenant and multi-tenant industrial assets across urban logistics markets in Vancouver, Toronto, Calgary and Ottawa.
The properties were initially owned by Concert Properties via Concert Income Properties, an open-ended Canadian limited partnership.
Formed in 2016, the fund acquires, develops and manages industrial, office and multi-family real estate across Canada on behalf of domestic pension funds and institutional investors.
Lindsay Brand, CIO of Concert Properties, said: “We are pleased to be partnering with Brookfield, a globally recognised firm with deep expertise and a strong track record in real estate.
“Concert has a history of building partnerships defined by shared alignment and a long-term view, and this one is no different. Brookfield brings global scale and a disciplined approach to real estate investment, and we are excited about what we can build together. We look forward to actively managing this portfolio on behalf of the joint venture and to identifying ways to grow this relationship over time.”
Andy Smith, managing partner, real estate, Brookfield, said: “This investment reflects Brookfield’s conviction in high-quality logistics real estate in supply-constrained, high-barrier markets.
“Concert has assembled and managed a strong Canadian industrial portfolio, and we are pleased to partner with them on assets that align well with our global logistics strategy. We look forward to working together to create long-term value across the portfolio.”
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