The $585.8 million deal adds five fully leased logistics buildings and lifts the venture’s capital deployed past $1.4 billion
A $585.8m industrial portfolio in the Greater Toronto Area (GTA) changed hands through the Canada Pension Plan Investment Board (CPP Investments) joint venture with Dream, with the completed purchase announced on Monday.
The portfolio holds five newly developed mid- and large-bay logistics assets totalling 2.1 million square feet of gross leasable area (GLA).
The properties are fully leased to national and international companies, the three partners said, generating in-place income with embedded mark-to-market rental growth potential.
Built between 2020 and 2024, the buildings feature 36- to 40-foot clear heights, trailer parking and a loading ratio of one door per 8,000 square feet.
CPP Investments holds 90 percent of the joint venture, which has now deployed more than $1.4bn of capital in Canadian industrial properties, nearly half of its $3bn investment target.
Sophie van Oosterom, managing director and head of real estate at CPP Investments in Toronto, said in the release that the acquisition adds a portfolio of logistics assets to the joint venture.
Van Oosterom said CPP Investments continues to work with Dream to scale the portfolio.
Bruce Traversy, chief investment officer at Dream Industrial REIT, said in the same release that the acquisition adds a logistics portfolio to the platform.
Traversy said the transaction fits the REIT’s strategy of investing in industrial real estate with stable cash flows, managed actively.
The partners allocated $1.1bn of equity capital to the joint venture when they formed it, CPP Investments said on December 17, 2025, including $1bn from CPP Investments for 90 percent and $0.1bn from Dream Industrial for 10 percent.
That release set acquisition capacity at approximately $3bn including leverage and described the mandate as last-mile industrial properties in major Canadian markets.
A Dream subsidiary acts as asset manager to the joint venture and a Dream Industrial subsidiary provides property management and leasing services, according to the December 2025 announcement, which also set out an initial portfolio of 12 Canadian industrial assets totalling 3.6 million square feet across Ontario, Quebec and Alberta, bought from Dream Industrial for $805m.
