KingSett Capital and UPP Form Joint Venture to Acquire Canadian Industrial Real Estate

KingSett Capital and Healthcare of Ontario Pension Plan (UPP) announced May 7, 2026, a strategic joint venture targeting the acquisition and active management of light industrial real estate assets across Canada's major urban markets, the firms said in a joint statement.

The partnership will focus on multi-tenant, light industrial buildings — including warehousing and light manufacturing facilities — in supply-constrained markets, with an emphasis on assets where active management can enhance long-term value. The announcement marks the first joint venture of this kind for KingSett Capital and builds on UPP's existing exposure to the industrial sector.

Partnership Structure and Strategic Rationale

KingSett Capital will serve as the general partner and active manager of the venture. The Toronto-based firm reported total industrial transaction volume exceeding $13 billion over the past 24 years since its founding in 2002. UPP, a jointly sponsored defined benefit pension open to Ontario university sector employers and employees, is participating as the institutional capital partner.

"We are thrilled to partner with KingSett to establish a dedicated Canadian industrial strategy aligned with our goal of building a resilient real estate portfolio focused on value creation over the long term," said Peter Martin Larsen, Senior Managing Director and Head of Private Markets at UPP. "This investment is designed to provide exposure to industrial assets, such as warehousing and light manufacturing facilities in close proximity to urban centres, underpinned by strong domestic demand and attractive inflation protection."

Larsen added that the partnership is intended to deepen UPP's position in a sector supported by strong fundamentals while enhancing the plan's ability to deliver secure, stable pensions for its more than 46,000 members across six universities and 19 sector organizations. UPP manages $12.8 billion in pension assets as of December 31, 2024.

KingSett Capital's Industrial Platform

Rob Kumer, CEO of KingSett Capital, described the Canadian industrial sector as being at an inflection point, citing evolving trade relationships with the United States, shifting supply chains, and the need for tenants to improve operational efficiencies.

"KingSett is well positioned to leverage our relationships, scale and platform to navigate this environment and build a portfolio of industrial properties designed to deliver sustainable premium risk-weighted returns for UPP," Kumer said.

Kumer also characterized the venture as a template for future institutional partnerships. "This partnership, which complements the balance of our existing fund strategies, marks an important milestone for KingSett. We are introducing a highly customized investment solution that is designed to meet the specific needs and objectives of an institutional investor like UPP. We are aiming to expand on this type of program as an important differentiator for our investor-partners and as a driver of growth for KingSett in the years to come," he added.

KingSett Capital currently manages more than $19 billion in assets under management and employs over 170 professionals across offices in Toronto, Montreal, and Vancouver.

Canadian Industrial Market Context

The firms cited structural tailwinds supporting the sector, including evolving supply chains, population growth, and limited land availability in major urban centres. Industrial assets also play a role in enabling distribution and logistics networks across Canada, the companies noted.

UPP's Broader Real Estate Strategy

For UPP, the joint venture represents a continuation of the pension plan's effort to diversify its real estate portfolio and increase allocation to income-generating assets. As a jointly sponsored defined benefit pension open to all Ontario university sector employers and employees, UPP has emphasized investments that enhance diversification, manage risk, and deliver durable returns to support long-term pension obligations.

The partnership with KingSett Capital is structured to provide UPP with targeted exposure to light industrial assets in proximity to Canada's largest urban centres, with inflation-protection characteristics that align with the plan's long-term liability profile.

No specific properties, transaction sizes, or deployment timelines were disclosed in connection with the announcement. The venture is structured as a platform for future acquisitions rather than a single-asset transaction.