Canadian pension fund manager La Caisse is investing in US industrial outdoor storage (IOS) real estate through a new partnership with Sagard Real Estate.
The two firms have teamed up to launch the IOS investment venture targeting major US infill markets, with an initial gross asset value of C$490m (€312m), with an option to expand the platform.
The pair said the partnership has closed its first acquisition with the purchase of a fully leased operational hub in the Meadowlands sub-market.
Rana Ghorayeb, EVP and head of real estate at La Caisse, said: “Our partnership with Sagard enables us to create a dedicated IOS platform that strengthens our real estate portfolio construction strategy through diversification into alternative sectors.
“IOS is a critical supply chain asset class, benefiting from strong structural tailwinds – e-commerce growth, global trade and nearshoring. By leveraging Sagard’s fully integrated regional teams and proven off-market sourcing capabilities, we gain privileged access to high-quality opportunities.”
Mark Bigarel, president of Sagard Real Estate, said: ”This partnership brings together two like-minded organisations with aligned values and complementary strengths.
“With La Caisse’s scale and long-term vision, combined with our operator-driven expertise, we are well positioned to capture compelling opportunities in markets with strong fundamentals and durable demand drivers.”
Chad Messer, deputy CIO and portfolio manager at Sagard Real Estate, said: “Our IOS programme focuses on some of the most strategically important US logistics and trade markets, and this first closing directly advances our investment objectives.
“With limited supply and high demand for well-located outdoor storage facilities near major seaports and population hubs, we believe this strategy is uniquely positioned to generate attractive, risk-adjusted returns through disciplined sourcing, value creation and active management.”
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