Dream Industrial REIT has acquired seven Greater Toronto Area industrial properties, along with a Brampton, Ont., development site.

In its latest quarterly report, the REIT said it bought the assets through Dream Summit, its joint-venture with Singapore’s GIC sovereign-wealth fund.

The Dream Summit JV acquired the seven industrial properties in the GTA for $258 million, the REIT said. The portfolio comprises a mix of single- and multi-tenant buildings along the Highway 401 corridor, providing strong connectivity to key markets such as Ottawa and Montreal.

The assets include about 21 acres of excess land, presenting opportunities for industrial outside storage activation, intensification, or redevelopment.

Dream Industrial also confirmed the acquisition of the 32-acre infill development site in Brampton for $80 million. The property, which Stellantis sold, consists of a parking lot adjacent to the Netherlands-based global automaker’s Brampton manufacturing plant.

Dream Industrial identified Dream Summit as the buyer and disclosed the purchase price after the deal had been announced previously without disclosure of the buyer and financial terms. The REIT said that Dream Summit will develop a 680,000-square-foot logistics facility for multiple users on the shovel-ready site.

“The site offers strong connectivity to regional and global supply chain in close proximity to 400-series highways, Toronto Pearson Airport and multiple nearby intermodal rail terminals,” said the REIT.

Construction is expected to commence in 2026.

Avison Young previously announced that it facilitated the sale of the property at 2000 Williams Parkway. Sanjiv Chadha and Jeff Flemington, who are principals of Avison Young, acted as exclusive advisors and agents for Stellantis.

The Amsterdam-based giant (formerly known as Chrysler), ranks among the world’s Big Three automakers.

Pictured: Future Dream Summit logistics centre in Brampton, Ont., on site formerly owned by Stellantis.

Rendering: Business Wire