The Public Sector Pension Investment Board (PSP Investments) and Crestpoint Real Estate Investments, which is part of the Connor, Clark & Lunn Financial Group, have formed a joint venture to buy industrial properties for $731 million.
The joint venture will acquire a 50% interest in a portfolio of Canadian industrial properties and a 49.5% interest in a portfolio of American industrial properties from H&R Real Estate Investment Trust.
Read: CC&L launches private real estate unit
The portfolio to be acquired consists of more than 100 properties, comprising approximately 19.5 million square feet of industrial space and 1,465 acres of land.
“We are very excited about this opportunity to invest in an industrial portfolio of this quality and to further expand our relationships with both H&R and PSP Investments,” explains Kevin Leon, president of Crestpoint. “The Canadian and U.S. industrial real estate sector is performing well, and the combined strengths and expertise of our respective institutions will allow us to continue our expansion in this sector.”
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