Canada Pension Plan Investment Board (“CPP Investments”), Dream Unlimited Corp. (“Dream”) (TSX: DRM) and Dream Industrial Real Estate Investment Trust (“Dream Industrial REIT”) (TSX: DIR.UN) recently announced that they have completed the acquisition of an industrial portfolio in the Greater Toronto Area (GTA) for USD 585.8 million through the joint venture formed in December 2025.
The portfolio comprises five newly developed mid- and large-bay logistics assets totaling 2.1 million square feet of gross leasable area (GLA). The portfolio is fully leased to a roster of strong national and international companies, generating stable in-place income, with the opportunity to drive value through executing on embedded mark-to-market rental growth potential. Built between 2020 and 2024, the properties feature 36- to 40-foot clear heights, ample trailer parking and a loading ratio of one door per 8,000 square feet, positioning them to accommodate both mid- and large-bay occupiers.
The portfolio was acquired through the joint venture that CPP Investments, Dream Asset Management Corporation and Dream Industrial REIT formed in 2025 to invest in industrial properties in major Canadian markets. Including this transaction, the joint venture, in which CPP Investments holds a 90% stake, has deployed more than USD 1.4 billion of capital in Canadian industrial properties, nearly half of its USD 3 billion investment target.
“This acquisition builds on our conviction in the long-term fundamentals of Canada’s industrial sector and adds a high-quality portfolio of well-located logistics assets to the joint venture,” said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments. “Together with Dream, we continue to identify attractive opportunities to scale the portfolio and generate long-term value for the CPP Fund.”
“This acquisition adds a best-in-class logistics portfolio to our platform in one of North America’s strongest industrial markets. The transaction aligns with Dream Industrial REIT’s strategy of investing in high-quality industrial real estate that offers stable cash flows and opportunities for value creation through active asset management. We see a strong pipeline of further opportunities across Canada and look forward to continuing to build our partnership with CPP Investments,” said Bruce Traversy, Chief Investment Officer, Dream Industrial REIT.
