Canada Pension Plan Investment Board (CPPIB), WAM Development Group (WAM) and Walton Group of Companies (Walton) announced today 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.
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 per cent 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.”
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.