Beedie and Caisse de dépôt et placement du Québec Launch $1 Billion Canadian Industrial Joint Venture

Beedie and Caisse de dépôt et placement du Québec have formed a strategic joint venture to acquire and develop industrial real estate across Canada's major markets, the partners announced Sept. 10, 2026. The venture launches with a $1 billion seed portfolio and a deployment target of up to $2 billion in gross asset value.

The two partners each hold a 50% interest in the portfolio, with Beedie serving as operating and asset manager. The seed portfolio comprises five income-producing properties totalling more than 2.5 million square feet of leasable area, plus one development project expected to deliver approximately 200,000 square feet upon completion. In aggregate, the portfolio spans roughly 2.7 million square feet, with four assets in Metro Vancouver, one in Calgary and one under construction in the Toronto area.

Seed Portfolio: Assets, Tenants and Implied Pricing

The income-producing properties are occupied by investment-grade tenants across diverse sectors. Among the occupiers are Sobeys, Aritzia and Amazon, representing grocery distribution, apparel logistics and e-commerce fulfillment demand. Beedie sold a 50% stake in the six warehouses and distribution centres to Caisse de dépôt et placement du Québec for $500 million, implying a gross portfolio value of $1 billion — or roughly $185 per square foot across the combined 2.7 million square feet.

The development asset under construction is located in the Toronto area and is expected to contribute approximately 200,000 square feet of leasable area to the portfolio upon delivery.

Capital Structure and Future Deployment

Caisse de dépôt et placement du Québec has committed $500 million of equity for expansion beyond the seed portfolio, with Beedie contributing between 25% and 50% of equity on a deal-by-deal basis. Remaining capital is expected to be debt financed. The JV's $2 billion deployment target encompasses British Columbia, Alberta, Ontario and Québec, with a strategy focused on larger-scale existing assets or land where a building can be constructed within three years — a mix of core-plus and development risk profiles.

"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. "This partnership strengthens our ability to capture compelling opportunities alongside one of Canada's leading operators."

"This partnership represents a major step forward in our long-term strategy to scale our real estate platform through aligned institutional capital," said Ryan Beedie, President, Beedie. "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. We look forward to working with La Caisse to build a portfolio that reflects the highest standards of quality, location, and operational performance."

Market Context: Canadian Industrial Fundamentals

The joint venture is being formed as national industrial vacancy has stabilized around 5.4% to 5.5% in early 2026 after 14 consecutive quarters of increases, signaling a transition from the hyper-tight conditions of recent years toward a more balanced market. Key gateway markets where the JV is concentrated remain relatively constrained. Toronto's industrial vacancy stands at approximately 2.2% to 5.1%, making it the tightest major industrial market in the country. Metro Vancouver's vacancy is in the range of 4.4% to 4.5%, with availability in the 6% to 6.4% range as new supply enters the market. Calgary's vacancy is around 4.7%, with recent positive absorption of more than 1.5 million square feet as demand catches up to earlier supply additions.

The partnership fits within Caisse de dépôt et placement du Québec's broader strategy of building platform-style relationships with specialized operators. The Montreal-based institution, which manages CAD 552 billion in net assets as of June 30, 2026, has pursued similar structures in other asset classes and geographies, including a pan-European logistics joint venture with Prologis.

Advisors

RBC and CBRE acted as advisors to Beedie on the transaction. McCarthy Tétrault served as legal counsel to Beedie, and Blake, Cassels & Graydon LLP acted as legal counsel to Caisse de dépôt et placement du Québec.

Beedie is headquartered in Burnaby, British Columbia, and was founded in 1954. Caisse de dépôt et placement du Québec, which operates under the brand La Caisse, has invested for more than 60 years on behalf of 48 depositors representing more than 6 million Quebecers.

Sources

• La Caisse – Official Press Release