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Don Wilcox, RENX, June 1, 2022

Slate Asset Management has closed on the acquisition of approximately 800 acres of industrial development land and buildings from Stelco Inc. in Hamilton. The firm said it plans to develop up to 12 million square feet of new industrial on the lands, which is already zoned for a wide range of uses.

The industrial park could create up to 23,000 new jobs across the Greater Toronto and Hamilton area, and inject up to $3.8 billion into the economy according to an economic study conducted by Ernst & Young.

The sale closed this morning, although local media reports disclosed several months ago Slate would become the new owner. Financial details were not immediately disclosed.

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