TORONTO — Alternative asset management firm TPG has acquired a 75 per cent stake in two Greater Toronto Area industrial business parks from developer Oxford Properties Group for $1 billion.
Oxford will continue to manage the two properties, located in Brampton and Vaughan, spanning a combined 5.1 million square feet, and maintain a 25 per cent interest in the portfolio.
Tenants include Mondelez, Best Buy, Campbells, and Olympia Tile.
The companies say the deal is one of the largest private industrial real estate transactions in Canada.
TPG partner Jacob Muller says his firm sees the Toronto area "as one of the most attractive industrial markets globally, with strong real estate fundamentals and population and employment growth outpacing many major U.S. markets."
Jeff Miller, head of North American Industrial at Oxford Properties, says the developer plans to reinvest money from the transaction back into Ontario, including three million square feet of new GTA industrial developments by 2026.
This report by The Canadian Press was first published Dec. 18, 2023.
The Canadian Press
