The portfolio holds 5.3m square feet across Canada's largest urban logistics markets
A $1bn industrial real estate portfolio has changed hands through a partnership that pairs one of Canada's largest asset managers with a Vancouver-based developer.
Concert Properties Ltd has formed a joint venture with an affiliate of Brookfield Asset Management Ltd for a Canadian industrial portfolio valued at roughly $1bn, the companies said in a release.
The portfolio holds eight properties totalling 5.3 million square feet across some of Canada's largest urban logistics markets, including Toronto, Vancouver, Calgary and Ottawa.
Concert said the assets are fully leased to a "diverse roster of credit tenants" and represent stabilized industrial real estate with embedded income growth potential.
The properties benefit from "strong connectivity" to highway, airport and rail infrastructure, according to the company.
Concert is forming the partnership through Concert Income Properties, its open-ended real estate fund.
As reported by RENX, the Brookfield affiliate was unnamed, and the announcement did not disclose the investment each company is making in the joint venture or the addresses of the eight properties.
The investment "reflects Brookfield's conviction in high-quality logistics real estate in supply-constrained, high-barrier markets," said Andy Smith, managing partner of real estate at Brookfield.
He said the assets align with Brookfield's global logistics strategy.
Lindsay Brand, chief investment officer of Concert, said Brookfield brings global scale and a disciplined approach to real estate investment, and that the two companies will manage the portfolio on behalf of the joint venture.
