Beedie, La Caisse to jointly acquire $2B in industrial real estate

Key Takeaways:

• La Caisse and Beedie have established a 50/50 joint venture anchored by a $1-billion seed portfolio of industrial properties in Vancouver, Calgary, and Toronto.
• The partnership targets up to $2 billion in total acquisitions and developments across major Canadian industrial markets.
• The initial seed assets include five operating properties totaling 2.5 million square feet and a 200,000-square-foot development project managed by Beedie.

The Whole Story:

Global investment manager La Caisse (formerly CDPQ) and real estate developer Beedie have formed a strategic joint venture to acquire and develop industrial real estate assets across primary Canadian markets.

The partnership launches with a $1-billion seed portfolio of premier industrial assets located in Metro Vancouver, Calgary, and Toronto. La Caisse and Beedie each hold a 50 percent interest in the portfolio, with Beedie managing the enterprise and providing property management services. The initial seed portfolio comprises five income-producing properties totaling over 2.5 million square feet of leasable area, alongside one development project expected to deliver approximately 200,000 square feet.

To expand the venture, the partners established a deployment target of up to $2 billion in gross asset value to acquire and develop industrial properties across British Columbia, Alberta, Ontario, and Québec.

“By combining our capital and investment expertise with Beedie’s proven operating capabilities and deep market knowledge, we have created a scalable investment vehicle to build a portfolio of quality industrial assets in some of Canada’s most strategic markets,” said Rana Ghorayeb, Executive Vice-President and Head of Real Estate at La Caisse.

Ryan Beedie, President of Beedie, noted the alignment behind the strategic platform: “This partnership represents a major step forward in our long-term strategy to scale our real estate platform through aligned institutional capital. La Caisse and Beedie 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.”

Financial advisory services for Beedie were provided by RBC and CBRE, with legal counsel delivered by McCarthy Tétrault for Beedie and Blake, Cassels & Graydon LLP for La Caisse.