Vancouver-based Beedie, owned by the Beedie family, is partnering with Québec-based investment group La Caisse to invest in Canadian industrial real estate.

The joint venture has a $1-billion seed portfolio of industrial assets and a target of up to $2 billion in gross asset value, as the partners look to acquire and develop industrial properties across major Canadian markets, according to an announcement Thursday.

The companies said the partnership will seek to “capitalize on evolving market conditions and favourable long-term demand drivers for well-located industrial space.”

“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, president of Beedie, in a news release.

Beedie and La Caisse will each hold a 50 per cent interest in the $1-billion seed portfolio, which includes five leased properties in Metro Vancouver, Calgary and Toronto totalling more than 2.5 million square feet, and a 200,000-square-foot-project under development.

The joint venture will also pursue acquisition opportunities across different risk profiles in key Canadian markets, including B.C., Alberta, Ontario and Québec, according to the companies.

Beedie will manage the joint venture.

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