CPP Investments, Dream Industrial REIT, and Dream Asset Management Corporation Form $3 Billion Joint Venture for Canadian Industrial Assets

Executive Summary

• CPP Investments, Dream Industrial REIT and Dream Asset Management have formed a new Canadian industrial joint venture with $1.1 billion of equity capital.
• The JV will have roughly $3 billion of acquisition capacity (including leverage) to target last‑mile industrial assets across Canada.
• It has agreed to acquire an initial portfolio of 12 properties totaling 3.6 million sq ft for a purchase price of $805 million.

Key Details

• Equity Allocation: $1.0 billion (≈90%) from CPP Investments; $0.1 billion (≈10%) from Dream Industrial.
• Acquisition Capacity: Approximately $3.0 billion of industrial assets, leveraging the equity base.
• Initial Portfolio: 12 Canadian industrial assets located in Ontario, Quebec and Alberta; total size 3.6 million sq ft.
• Purchase Price for Initial Portfolio: $805 million.
• Asset Management: A subsidiary of Dream will serve as asset manager; a Dream Industrial subsidiary will provide property management and leasing services.
• Strategic Rationale: Target “last‑mile” industrial properties with strong connectivity to population clusters and transport routes, capitalizing on resilient demand in the Canadian logistics sector.
• Advisors: TD Securities, RBC Capital Markets, Colliers Capital Markets and CBRE (financial); Stikeman Elliott LLP and King & Spalding LLP (legal).

Notable Quotes

• “The Canadian industrial sector continues to demonstrate resilient demand… we can efficiently scale our exposure in the Canadian market…” – Sophie van Oosterom, Managing Director, Head of Real Estate, CPP Investments.
• “We are excited to partner with CPP Investments… this new Joint Venture is highly complementary to the strategic direction of Dream Industrial.” – Alex Sannikov, CEO, Dream Industrial REIT.
• “With this partnership, we expect to surpass $30 billion of assets under management and increase our growth rate…” – Michael Cooper, Founder & Chief Responsible Officer, Dream.