The Canada Pension Plan Investment Board (CPPIB), WAM Development Group and Walton Group of Companies have formed a joint venture to develop a 250-acre industrial site in northwest Edmonton.
The three will share in the ownership of the development project, with the CPPIB committing to about $200 million for Phase 1, representing an 85% interest in the joint venture.
The development project will transform the current land into approximately four million square feet of distribution and logistics warehousing.
Henday Industrial Park will be developed in two phases, with Phase 1 expected to break ground in summer 2014. WAM and Walton will jointly develop the property.
“We are pleased to complete our first real estate investment in the Canadian industrial sector and to be partnering with WAM and Walton on this opportunity to expand Edmonton’s industrial market,” says Peter Ballon, CPPIB’s vice-president and head of real estate investments. “We look forward to partnering with them to develop a prime industrial development in one of North America’s strongest industrial markets.”
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