Industrial real estate markets continue to experience strong demand, as evidenced by these recent news reports:
CanFirst acquires $222.6M GTA industrial portfolio
RENX, November 11, 2022
The CanFirst Industrial Realty Fund VII LP has acquired a 13-property, 710,389-square-foot portfolio in Vaughan, Ont. from IG Investment Management for $222.6 million.
“We’re excited to be able to acquire assets in this node in Vaughan,” CanFirst Capital Management executive vice-president Mark Braun told RENX. “It’s always been a challenge to find properties in the area, certainly at a price point that’s competitive or allows us to transact.”
The portfolio encompasses 38.9 acres of land. The deal was brokered by CBRE and attracted interest from several potential purchasers.
The transaction, which closed Monday, represents a price of $313 per square foot.
All of the properties are located within about a kilometre of each other in Vaughan, and CanFirst is interested in acquiring more such locations in the city of approximately 340,000 people located directly north of Toronto. READ MORE >>
Dream, Singapore’s GIC to acquire Summit industrial for $5.9B
RENX, November 7, 2022
Dream Industrial REIT (DIR-UN-T) and Singapore-based investment manager GIC have formed a joint venture to acquire Summit Industrial Income REIT (SMU-UN-T) in an all-cash transaction that values the trust at approximately $5.9 billion. READ MORE >>
Artis sells Minnesota industrial portfolio for $335M
RENX, November 4, 2022
Artis Real Estate Investment Trust has closed the sale of 17 industrial properties in the Twin Cities area of Minnesota for a total of $335 million Cdn.
The properties, together known as the Minnesota Industrial Portfolio I, cover 2.5 million square feet.
After mortgage financing and other closing costs, the profit from the transaction stood at $199.4 million. READ MORE >>
Skyline acquires $309M industrial portfolio in Calgary, Edmonton
RENX, September 12, 2022
Skyline Industrial REIT has completed its largest-ever transaction, entered the City of Edmonton and expanded its holdings in Calgary with the acquisition of a $309.25 million portfolio comprising more than two million square feet of space.
Skyline said the vendor is a “major Canadian pension plan” but did not identify the former owner. READ MORE >>