The developer manages 2.5m sq ft of leasable space as the partners chase up to $2 billion in assets
A $1bn seed portfolio of industrial properties in Metro Vancouver, Calgary, and Toronto will anchor a new joint venture between La Caisse and Beedie.
Each partner holds a 50 percent interest in that portfolio, according to the announcement from the two firms, with Beedie managing the enterprise and providing fully integrated services.
Five income-producing properties totalling more than 2.5m sq ft of leasable area make up the seed portfolio, the release said, along with one development project expected to deliver approximately 200,000 sq ft of leasable area.
Investment-grade tenants across diverse sectors occupy the properties.
The partners said they have set a deployment target of up to $2bn in gross asset value to pursue acquisitions across the full spectrum of risk profiles in key Canadian markets, including British Columbia, Alberta, Ontario, and Québec.
Their stated aim for the partnership is to acquire and develop industrial assets across major Canadian markets.
Rana Ghorayeb, executive vice-president and head of real estate at La Caisse, said in the announcement that the pension fund contributes capital and investment expertise while Beedie brings operating capabilities and market knowledge.
The two created "a scalable investment vehicle to build a portfolio of quality industrial assets," she said.
She added that the partnership strengthens the group's ability to capture compelling opportunities alongside one of Canada's leading operators.
Ryan Beedie, president of Beedie, said in the same release that the arrangement "represents a major step forward in our long-term strategy to scale our real estate platform through aligned institutional capital."
He also said both parties "share a strong conviction in the long-term strength of the Canadian industrial real estate sector, and we are proud to build a partnership grounded in common values, disciplined execution, and a commitment to sustained growth."
La Caisse, formerly CDPQ, held $552bn in net assets as at June 30, per the release.
The group invests under a dual mandate for 48 depositors representing more than 6 million Quebecers, generating long-term returns and contributing to Québec's economic development, and it is active in financial markets, private equity, infrastructure, real estate, and private credit.
