A large warehause

Mississauga, Ontario | Industrial | May 2022

Toronto Industrial Portfolio

Strategically located warehouse facilities serving the Greater Toronto Area.

Amazon warehouse

Lear warehauses

About the building

Purchased as part of a joint-venture agreement, LaSalle’s Toronto Industrial Portfolio is comprised of 21 mid-bay industrial properties totalling nearly 810,000 square feet in Mississauga’s industrial note and a short drive to Toronto’s Pearson International Airport.

Investment rationale

Purchased as part of a joint venture, the LaSalle Canada Property Fund’s Toronto Industrial Portfolio represents a compelling investment opportunity given current rents in the facilities are well below current market rates and weighted average lease terms are quite short.

The Greater Toronto Area (GTA) stands out as one of North America’s top industrial markets, driven by high population growth through immigration and exceptional rent growth. LaSalle’s investment management team believes that sustained population growth should continue to drive e-commerce demand which relies on well-located mid-bay industrial facilities such as the ones purchased as part of this deal. Through the last three years, the GTA’s industrial market rents have experienced a compound annual growth rate of 20%, meaningfully outpacing the 8-12% growth seen in top US markets over that same period.

Additionally, rental growth should also increase owing to the fact that land in and around the GTA is constrained due to protective zoning in the surrounding “Greenbelt” area. Historically, these factors have created strong tenant demand for industrial property, driving vacancy for industrial product in the Greater Toronto Area to less than 1%, the lowest of any North American market.

Two skyscrapers and blue sky

The Toronto Industrial Portfolio is part of the LaSalle Canada Property Fund

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Important information

The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.