LaSalle Investment Management has sold a large Canadian industrial portfolio comprised of seventeen light industrial assets.
Located across Ontario, Alberta and Quebec, the properties total a net rentable area of about 1.5 million square feet, 90 per cent of which is leased.
The portfolio includes the Thimens industrial property in Montreal and the 54th street industrial property in Calgary.
Sold on behalf of LaSalle’s Canadian Income & Growth Fund III and Lotus Pacific Investments Inc., the partnership created value through steadying occupancy, gaining higher rents and capitalizing on improving market conditions.
Greg Spafford, portfolio manager at LaSalle, said during the company’s ownership, significant value was added through new leasing across the portfolio at rates exceeding “pro-forma expectations.”
“The strategic sale of this national industrial portfolio reflects strong demand for quality industrial properties throughout Canada, and highlights LaSalle’s ability to provide value to our investors,” he said.
Shenoor Jadavji, president of Lotus Pacific Investments, added that Lotus has achieved its value targets well ahead of schedule.
Industrial real estate is currently the strongest of all Canadian property types, according to Chris Langstaff, senior vice-president of research & strategy at LaSalle. He says economic drivers such as exports and manufacturing output continue to build momentum and drive space demand.
