CPP Investments, Dream Industrial REIT, and Dream Asset Management Corporation Form $3 Billion Joint Venture for Canadian Industrial Assets
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Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.TORONTO — Canada Pension Plan Investment Board (“CPP Investments”), Dream Industrial Real Estate Investment Trust (TSX: DIR.UN) (“Dream Industrial”), and Dream Asset Management Corporation (“Dream”) (collectively, the “Partners”) today announced the formation of a joint venture (the “Joint Venture”) to acquire last-mile industrial properties in major markets across Canada.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.The Partners have allocated $1.1 billion of equity capital, including $1.0 billion from CPP Investments (90%) and $0.1 billion from Dream Industrial (10%), allowing for the expected acquisition of approximately $3.0 billion of industrial assets strategically located in Canada’s major markets, offering excellent connectivity to population clusters and arterial transport routes.A subsidiary of Dream will be the asset manager for the Joint Venture and a subsidiary of Dream Industrial will provide property management and leasing services.As part of this Joint Venture, the Partners have agreed to acquire a portfolio of 12 Canadian industrial assets totaling 3.6 million square feet across Ontario, Quebec, and Alberta (the “Initial Portfolio”) from Dream Industrial.
The Joint Venture is acquiring the Initial Portfolio for a purchase price of $805 million.said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments.said Alex Sannikov, Chief Executive Officer of Dream Industrial REIT.said Michael Cooper, founder and Chief Responsible Officer of Dream.The Partners were advised by TD Securities, RBC Capital Markets, Colliers Capital Markets and CBRE. Stikeman Elliott LLP and King & Spalding LLP provided legal advice in connection with establishing the Joint Venture.Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totaled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.Dream Industrial is an owner, manager, and operator of a global portfolio of well-located industrial properties. As at September 30, 2025, Dream Industrial has an interest in and manages a portfolio comprising 340 industrial assets (552 buildings) totaling approximately 73.2 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial’s objective is to deliver strong total returns to its unitholders through secure distributions and growth in net asset value and cash flow per unit, underpinned by its high-quality portfolio and investment-grade balance sheet. Dream Industrial is an unincorporated, open-ended real estate investment trust. For more information, please visit www.dreamindustrialreit.ca.Dream Asset Management is the institutional asset management arm of Dream Unlimited Corp. (TSX: DRM) (“Dream Unlimited”) providing investment and asset management services to its publicly listed trusts and institutional partners. As at September 30, 2025, Dream manages $28 billion of assets across four Toronto Stock Exchange (“TSX”) listed entities, private funds and numerous private partnerships. Dream is a leading provider of real estate development, management, investment, and operational services across North America and Europe. For more information, please visit www.dream.ca. https://www.businesswire.com/news/home/20251216173765/en/ContactsFor further information, please contact:CPP Investments Frank Switzer Public Affairs & Communications (416) 523-8039 fswitzer@cppib.com Dream Industrial REIT Alexander Sannikov President & Chief Executive Officer (416) 365-4106 asannikov@dream.ca Lenis Quan Chief Financial Officer (416) 365-2353 lquan@dream.ca Dream Unlimited Corp.
Meaghan Peloso Chief Financial Officer (416) 365-6322 mpeloso@dream.ca Kim Lefever Director, Investor Relations (416) 365-6339 klefever@dream.ca#distroPostmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.