Nicola Wealth's Real Estate Arm Brings iA Financial Group Into Whitby Industrial Joint Venture

Nicola Real Estate, the in-house real estate team of Nicola Wealth, announced a joint venture with iA Financial Group on Oct. 27 for 901 Hopkins Street, a fully leased, 293,000-square-foot industrial building in Whitby, Ontario. The property is the first investment between the two firms and marks another institutional investor joining Nicola Real Estate, the firm said.

The partnership pairs Nicola Real Estate's vertically integrated platform with the institutional investment capabilities of iA Financial Group, according to the announcement.

901 Hopkins Street: Property Details

Completed in 2024, 901 Hopkins Street sits on a 13-acre site in the Greater Toronto Area with access to Highways 401 and 412. The building has a 40-foot clear height and modern loading infrastructure, and its specifications are designed for contemporary warehousing and distribution, the firm said.

The property reached full occupancy with two tenants in 2025. Nicola Real Estate acquired the property in 2021, before construction was completed in 2024. The building also features multiple dock doors, drive-in access, trailer parking, ESFR sprinklers and LED lighting.

Highways 401 and 412 connect the site through the eastern GTA and to broader regional logistics infrastructure. The GTA is one of Canada's principal industrial and logistics markets.

Statements From Nicola Real Estate and iA Financial Group

"This partnership speaks to the strength of the property and iA's confidence in our real estate team," said Ron Bastin, Managing Director, Nicola Real Estate. "We are pleased to welcome iA, whose standards align closely with our own, and look forward to growing this relationship in the years ahead."

Claude Sirois, Managing Director, Real Assets and Private Equity, iA Global Asset Management, said the property offers an opportunity to invest alongside an experienced real estate partner in a modern industrial facility in an important Canadian market. He said the investment aligns with iA's real estate portfolio diversification strategy.

Nicola Real Estate's Institutional Partnership Strategy

The joint venture continues Nicola Real Estate's strategy of partnering with Canadian institutions, pension funds and family offices. The firm said these relationships span asset classes, markets and stages of the real estate investment lifecycle, from acquiring and managing established income-producing assets to developing new properties where long-term demand fundamentals support investment.

In addition to industrial properties such as 901 Hopkins Street, Nicola Real Estate partners with institutional capital on purpose-built rental developments in Vancouver and Victoria, British Columbia.

Nicola Real Estate reports approximately $10 billion in real estate assets under management, 336 properties and value-add projects, and more than 30 million square feet across Canada and the United States as of June 30, 2026. Its portfolio includes industrial, self-storage, multifamily rental apartments, retail, seniors housing and office assets.

Nicola Wealth, the parent firm, reported $17.8 billion in assets under management as of Sept. 30, 2026. The firm has advisors in British Columbia, Alberta and Ontario and offers access to public and private asset classes including real estate, private equity, private debt and commercial mortgages.

Portfolio and Market Context

For the quarter ended March 31, 2026, the Nicola Canadian Real Estate Limited Partnership reported net asset value of $1.270 billion, total asset value of $2.706 billion, 94 assets and 5.604 million square feet of total area. Portfolio occupancy was 91.7%, the average capitalization rate was 5.5%, the debt leverage ratio was 49.8% and the average cost of debt was 4.2%. Industrial assets represented 42% of gross asset value, the largest sector exposure reported.

Against that backdrop, the fully leased status of 901 Hopkins Street compares with the partnership's overall portfolio occupancy of 91.7%.

Nicola has acknowledged that interest rates and immigration-related repricing have affected real estate market values, while portfolio occupancy and rental income have remained comparatively resilient. The firm says capital is being directed toward sectors with durable demand, including industrial, multifamily and self-storage.

Outlook

The 901 Hopkins Street joint venture adds iA Financial Group to Nicola Wealth's roster of institutional real estate partners. Bastin said Nicola Real Estate looks forward to growing the relationship in the years ahead.

Sources

• Nicola Wealth: Nicola Real Estate welcomes iA Financial Group as partner in fully leased GTA industrial property