La Caisse and real estate manager Beedie have formed a 50:50 joint venture to acquire and develop Canadian industrial real estate, seeded with a C$1bn (€623m) portfolio and targeting up to C$2bn in gross asset value.
The initial seed portfolio comprises five income-producing properties totalling over 2.5m sqft of leasable space across Metro Vancouver, Calgary and Toronto, along with a development site expected to deliver a further 200,000sqft.
Beedie will manage the venture, which plans to deploy additional capital into acquisition opportunities across British Columbia, Alberta, Ontario and Québec.
Rana Ghorayeb, EVP and head of real estate at La Caisse, said: “By combining our capital and investment expertise with Beedie’s proven operating capabilities and deep market knowledge, we have created a scalable investment vehicle to build a portfolio of quality industrial assets in some of Canada’s most strategic markets.”
Ryan Beedie, president, Beedie, said: “This partnership represents a major step forward in our long-term strategy to scale our real estate platform through aligned institutional capital.
“La Caisse and Beedie share a strong conviction in the long-term strength of the Canadian industrial real estate sector, and we are proud to build a partnership grounded in common values, disciplined execution, and a commitment to sustained growth.”
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