Concert Properties Ltd. has announced the formation of a joint venture with a Brookfield affiliate for a Canadian industrial portfolio valued at approximately C$1 billion.
The deal brings together eight properties totalling roughly 5.3 million sq. ft across Vancouver, Toronto, Calgary, and Ottawa. The mix includes single-tenant and multi-tenant industrial properties, all fully leased to a diverse roster of credit tenants and positioned near highway, airport, and rail infrastructure.
Concert will continue to actively manage the portfolio on behalf of the joint venture.
"We are pleased to be partnering with Brookfield, a globally recognized firm with deep expertise and a strong track record in real estate," said Lindsay Brand, Chief Investment Officer of Concert Properties Ltd.
"Concert has a history of building partnerships defined by shared alignment and a long-term view, and this one is no different. Brookfield brings global scale and a disciplined approach to real estate investment, and we are excited about what we can build together."
According to Andy Smith, Managing Partner, Real Estate, Brookfield, the investment fits within the company's broader global logistics strategy centred on high-quality assets in supply-constrained markets.
"Concert has assembled and managed a strong Canadian industrial portfolio, and we are pleased to partner with them on assets that align well with our global logistics strategy," Smith said.
"We look forward to working together to create long-term value across the portfolio."
Concert Properties was founded in 1989 and is owned by 49 union and management pension plans and institutional investors representing over 200,000 Canadians. The company develops, owns, and manages rental apartments, condominium homes, and industrial and office properties across the country. The industrial portfolio in question is held through Concert Income Properties, an open-ended limited partnership fund formed in 2016 to acquire, develop, and manage income-producing real estate on behalf of Canadian pension funds and institutional investors.
Brookfield Asset Management is one of the largest alternative asset managers in the world with over $1 trillion in assets under management spanning infrastructure, energy, private equity, real estate, and credit. Brookfield is dual-listed on the NYSE and TSX and is headquartered in New York, though its roots — and much of its real estate portfolio — are Canadian.
CIBC and CBRE acted as advisors to Concert on the transaction.
