La Caisse is teaming up with Canadian developer Beedie on a C$1 billion ($720 million) portfolio of industrial properties, with plans to deploy as much as C$2 billion ($1.44 billion) in gross asset value on additional investments as the pension fund manager reshapes a real estate portfolio that has been weighed down by other property sectors.
The 50-50 joint venture will start with five income-producing properties in Metro Vancouver, Calgary, and Toronto, totaling more than 2.5 million square feet of leasable space. It also includes a development project expected to add about 200,000 square feet. Future acquisitions could span a range of risk profiles in British Columbia, Alberta, Ontario, and Quebec.
Beedie will manage the venture and provide property and other services. The existing properties are leased to investment-grade tenants across several sectors.
The industrial venture hints at a shift in emphasis for La Caisse as it continues a broader transformation of its real estate holdings, which have been hurt by exposure to property classes facing pressure.
La Caisse’s real estate portfolio returned 2.7% in the first six months of 2026, trailing its benchmark’s 3.2% return. The investment manager said property values were stabilizing after several years of challenges, with most sectors delivering positive performance and the office and shopping center segments showing signs of recovery. Life sciences funds contributed to the portfolio’s underperformance against its benchmark.
The longer-term record reflects the effect of the property downturn. La Caisse’s real estate investments generated an annualized return of 0.9% over the five years through June, compared with 2.2% for the benchmark. The investor said its historical overexposure to U.S. offices continued to weigh on results, even as logistics properties performed favorably.
Against that backdrop, the Beedie partnership gives La Caisse a vehicle for adding Canadian industrial properties while pursuing its plan to move its real estate business from an operator model toward an investor model.
“By combining our capital and investment expertise with Beedie’s proven operating capabilities and deep market knowledge, we have created a scalable investment vehicle to build a portfolio of quality industrial assets in some of Canada’s most strategic markets,” said Rana Ghorayeb, La Caisse’s executive vice president and head of real estate.
La Caisse, formerly known as CDPQ, invests across public markets, private equity, infrastructure, real estate, and private credit. The Quebec pension manager has C$552 billion ($388 million) in net assets as of June 30.
Vancouver-based Beedie, founded in 1954, owns and develops industrial, commercial, and residential property. The company has completed more than 35 million square feet of construction in Canada and Las Vegas and is among Canada’s largest private industrial landowners, developers, and property managers.
“This partnership represents a major step forward in our long-term strategy to scale our real estate platform through aligned institutional capital,” said Ryan Beedie, the company’s president.
Advisors
RBC and CBRE advised Beedie on the transaction. McCarthy Tétrault served as legal counsel to Beedie, while Blake, Cassels & Graydon represented La Caisse.
