Global alternative asset firm TPG and real estate investing firm Oxford Properties Group partnered on Monday when TPG acquired a 75% interest in Oxford’s two Class-A industrial business parks, Brampton Business Park and Vaughan Business Park, for approximately 1 billion Canadian dollars ($746.7 million).
Oxford said the properties are accessible by several highways and close to intermodal yards, labour, and airports. The fully leased portfolio is reinforced by a roster of high-quality tenants, including Mondelez, Best Buy, Campbells, and Olympia Tile, and benefits from longer-term leases, the company added.
Jacob Muller, partner at TPG stated, “We have followed the Canadian industrial sector for several years and believe this joint venture provides a unique opportunity to enter the market at scale through the acquisition of some of the highest quality industrial assets in all of Toronto.”
Jeff Miller, head of North American Industrial at Oxford Properties stated, “With this transaction, we generate significant capital to reinvest back into Ontario, which includes 3 million square feet of new GTA industrial developments we are scheduled to deliver by 2026.”
The company also said TPG has invested over 1.6 billion Canadian dollars of equity in industrial real estate over the past decade, primarily in scaled portfolios and platforms in the U.S. and Europe.
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