La Caisse and Beedie are partnering with the aim of acquiring up to $2 billion worth of Canadian industrial properties. The newly launched joint venture sees the Quebec pension fund and British Columbia-based real estate developer/owner start with a $1 billion seed portfolio of five income-producing assets and one development project.

“We have created a scalable investment vehicle to build a portfolio of quality industrial assets in some of Canada’s most strategic markets,” reports Rana Ghorayeb, executive vice president and head of real estate at La Caisse.

The five properties, located in Vancouver, Calgary and Toronto, collectively encompass 2.5 million square feet of leasable space, while the development project will add another 200,000 square feet. La Caisse and Beedie each hold a 50 per cent interest, with Beedie additionally providing property management services.

“La Caisse and Beedie share a strong conviction in the long-term strength of the Canadian industrial real estate sector,” observes Beedie’s president, Ryan Beedie. “This partnership represents a major step forward in our long-term strategy to scale our real estate platform through aligned institutional capital.”