EDMONTON, ALBERTA--The Canada Pension Plan Investment Board (CPPIB), WAM Development Group (WAM) and Walton Group of Companies (Walton) announced a joint venture to develop a 250 acre industrial site in northwest Edmonton, Alberta. The development project will transform the current land into approximately four million square feet of distribution and logistics warehousing.
The property is located within the Winterburn Industrial Park, a full-service industrial development comprised of approximately 2,500 acres with access to Yellowhead Trail, the major east/west transportation corridor in Edmonton and Anthony Henday Drive, which is the ring road for the Edmonton market.
Henday Industrial Park will be developed in two phases, with phase one expected to break ground in summer 2014. WAM and Walton, through Walton Development and Management (Alberta) LP, will jointly develop the property. CPPIB, Walton and WAM Development Group will share in the ownership structure of the development project, with CPPIB initially committing to approximately $200 million for phase one representing an 85% interest in the joint venture.
"We are pleased to complete our first real estate investment in the Canadian industrial sector and to be partnering with WAM and Walton on this opportunity to expand Edmonton's industrial market," said Peter Ballon, Vice-President & Head of Real Estate Investments - Americas, CPPIB. "We look forward to partnering with them to develop a prime industrial development in one of North America's strongest industrial markets."
"WAM is always looking for opportunities to enhance and support the communities we work in," said Darren Durstling, President & CEO, WAM Development Group. "We look forward to working with CPPIB and Walton, two forward-thinking companies that will help grow Edmonton's industrial sector."
"We look forward to a very productive and successful partnership with CPPIB and WAM Development Group," said Bill Doherty, CEO of the Walton Group of Companies. "The property is strategically located within an existing full-service industrial development and in close proximity to major transportation corridors servicing Edmonton's growing industrial market."