On December 17, 2025, Canada Pension Plan Investment Board (CPP Investments), Dream Industrial Real Estate Investment Trust and Dream Asset Management Corporation have formed a joint venture to acquire last-mile industrial properties in major Canadian markets, supported by $1.1 billion of equity capital, including $1.0 billion from CPP Investments (90%) and $0.1 billion from Dream Industrial (10%), enabling the expected acquisition of approximately $3.0 billion of industrial assets. As part of the venture, the partners agreed that the joint venture will acquire from Dream Industrial an initial portfolio of 12 Canadian industrial assets totaling 3.6 million square feet across Ontario, Quebec and Alberta for a purchase price of $805 million, with the assets to be sold on an unencumbered basis. A subsidiary of Dream will act as asset manager to the joint venture, while a subsidiary of Dream Industrial will provide property management and leasing services; Dream Industrial will own 10% of the joint venture and CPP Investments 90%. Dream Industrial expects to receive over $730 million in net proceeds following new debt financing within the joint venture, to be allocated between unit buybacks and strategic growth initiatives.

The partners were advised by TD Securities, RBC Capital Markets, Colliers Capital Markets and CBRE, with Stikeman Elliott LLP and King & Spalding LLP providing legal advice; National Bank and Goodmans LLP advise the REIT’s Special Committee.