Canada Pension Plan Investment Board (CPP Investments), Dream Unlimited Corp. and Dream Industrial REIT have finalised the purchase of a CAD 585.8 million industrial property portfolio in the Greater Toronto Area (GTA).

The transaction was executed through the Canadian industrial joint venture established in December 2025 by CPP Investments, Dream Asset Management Corporation and Dream Industrial REIT. CPP Investments maintains a 90 per cent majority stake in the vehicle. Following this acquisition, the partnership has committed more than CAD 1.4 billion to Canadian industrial real estate, taking it close to half of its overall CAD 3 billion investment goal.

The acquired assets comprise five newly built mid- and large-bay logistics properties providing 2.1 million square feet of gross leasable area (GLA). Built between 2020 and 2024, the sites feature clear heights ranging from 36 to 40 feet, generous trailer parking spaces and a loading ratio of one door per 8,000 square feet. All five properties are fully leased to prominent national and international businesses, delivering immediate income stability alongside opportunities for future rent growth through market adjustments.

Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments, said:

“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. Together with Dream, we continue to identify attractive opportunities to scale the portfolio and generate long-term value for the CPP Fund.”

Bruce Traversy, Chief Investment Officer, Dream Industrial REIT, said:

“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.”