Mr. Alexander Sannikov reports

CPP INVESTMENTS, DREAM INDUSTRIAL REIT, AND DREAM ASSET MANAGEMENT CORPORATION FORM $3 BILLION JOINT VENTURE FOR CANADIAN INDUSTRIAL ASSETS

Canada Pension Plan Investment Board (CPP Investments), Dream Industrial Real Estate Investment Trust and Dream Asset Management Corp. have formed a joint venture to acquire last-mile industrial properties in major markets across Canada.

The partners have allocated $1.1-billion of equity capital, including $1.0 billion from CPP Investments (90 per cent) and $100-million from Dream Industrial (10 per cent), allowing for the expected acquisition of approximately $3.0-billion of industrial assets strategically located in Canada's major markets, offering excellent connectivity to population clusters and arterial transport routes.

A subsidiary of Dream will be the asset manager for the joint venture and a subsidiary of Dream Industrial will provide property management and leasing services.

As part of this joint venture, the partners have agreed to acquire a portfolio of 12 Canadian industrial assets totalling 3.6 million square feet across Ontario, Quebec and Alberta (the initial portfolio) from Dream Industrial. The joint venture is acquiring the initial portfolio for a purchase price of $805-million.

"The Canadian industrial sector continues to demonstrate resilient demand and meaningful long-term growth drivers, supported by a structurally high need for well-located space as supply chains and logistics continue to evolve," said Sophie van Oosterom, managing director, head of real estate, at CPP Investments. "By partnering with Dream, a leading institutional asset manager and operating platform, we can efficiently scale our exposure in the Canadian market to capture this growth and drive long-term value for the benefit of CPP contributors and beneficiaries."

"We are excited to partner with CPP Investments to continue to expand our presence in the Canadian industrial market," said Alex Sannikov, chief executive officer of Dream Industrial REIT. "This new joint venture is highly complementary to the strategic direction of Dream Industrial and our existing private capital partnerships. We look forward to growing this partnership with CPP Investments."

"This new venture with one of the largest and most respected institutional investors globally is a testament to the strength of our platform, our reputation in the sector, and our asset and property management capabilities," said Michael Cooper, founder and chief responsible officer of Dream. "With this partnership, we expect to surpass $30-billion of assets under management and increase our growth rate as we continue to build out our institutional asset management business."

The partners were advised by TD Securities, RBC Capital Markets, Colliers Capital Markets and CBRE. Stikeman Elliott LLP and King & Spalding LLP provided legal advice in connection with establishing the joint venture.

About CPP Investments

Canada Pension Plan Investment Board is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, CPP makes investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, Sao Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At Sept. 30, 2025, the fund totalled $777.5-billion.

About Dream Industrial Real Estate Investment Trust

Dream Industrial is an owner, manager and operator of a global portfolio of well-located industrial properties. As at Sept. 30, 2025, Dream Industrial has an interest in and manages a portfolio comprising 340 industrial assets (552 buildings) totalling approximately 73.2 million square feet of gross leasable area in key markets across Canada, Europe and the United States. Dream Industrial's objective is to deliver strong total returns to its unitholders through secure distributions and growth in net asset value and cash flow per unit, underpinned by its high-quality portfolio and investment-grade balance sheet. Dream Industrial is an unincorporated, open-ended real estate investment trust.

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