Dream Industrial has transferred two Vaughan industrial properties valued at $115M into its joint venture with CPP Investments, completing a property-level step in a recapitalization announced eight months ago.

The buildings at 750 Creditstone Rd. and 121 Pippin Rd. total 346,000 SF. They are occupied by building-products manufacturer Westlake Royal Building Products and PVC manufacturer Concord Compounding.

CPP Investments owns 90% of the venture, while Dream retains 10% and continues providing property management, capital expenditure management and leasing services.

The properties were identified when the partners announced the venture on Dec. 17, 2025. The broader $805M transaction covered 11 Canadian industrial assets comprising 27 buildings and 3.6M SF across Ontario, Quebec and Alberta.

“This transaction is a testament to the quality of our assets, the strength of our platform, and the opportunities in the Canadian industrial market,” Dream Industrial CEO Alexander Sannikov said at the time.

The first tranche, comprising six assets valued at $435.9M, closed Feb. 5. Five remaining assets valued at $369.1M transferred June 29.

Dream monetized most of its interest in the Vaughan properties while retaining minority ownership and its management role.

Pictured: The 346,000-SF industrial portfolio at 750 Creditstone Rd. and 121 Pippin Rd. in Vaughan, Ont.