La Caisse and Beedie have launched a 50-50 industrial real estate venture with a $1-billion portfolio spanning Metro Vancouver, Calgary and Toronto, creating a new platform for acquisitions and development across Canada.

The seed portfolio includes five income-producing properties totalling more than 2.5 million SF — four in Metro Vancouver and one in Calgary — along with a roughly 200,000-SF Toronto development now under construction.

Beedie will manage the venture and provide development, asset and property management services.

The partners are also targeting up to $2 billion in additional gross asset value through acquisitions across B.C., Alberta, Ontario and Quebec, potentially tripling the size of the initial platform.

Ryan Beedie, president of Beedie, said the partnership marks “a major step forward” in the company’s strategy to scale its real estate business with institutional capital.

La Caisse real estate head Rana Ghorayeb said the venture combines the pension manager’s capital and investment expertise with Beedie’s operating capabilities and market knowledge.

The strategy will cover industrial investments across a range of risk profiles as the partners look for well-located assets in Canada’s major markets. Beedie will retain a 50% interest alongside La Caisse.