OMERS, CPPIB, BCI and OTPP Beef Up Their Logistics Portfolios
M7 Real Estate (“M7”), a market leading investor and operator of European industrial and logistics properties, announces that it has completed the acquisition of 13 high-quality, strategically located Spanish logistics assets comprising 138,411 sq m, in two separate transactions from an Aristeas & Partners Group JV and Patrizia. The acquisitions were undertaken on behalf of the European Supply Chain Investment Partnership (“ESCIP”), a joint venture between AustralianSuper and Oxford Properties Group (“Oxford”), managed by M7.
The first transaction comprises the purchase of 11 prime modern logistics assets in Madrid and one in Barcelona, from a JV between the Mazin family backed Aristeas Group and Partners Group. Spanning 108,115 sq m and situated in established logistics markets, the 12-asset portfolio is 88% let to 14 occupiers. The properties comprise a mix of mid-box and urban logistics assets developed during the last 10 years, ranging in size from 4,750 sq m to 13,950 sq m, with the majority of the assets either holding or targeting a BREEAM “Very Good” certification. The portfolio is located within prime logistics corridors, enabling efficient last-mile distribution through its proximity to dense population centres and critical transport infrastructure.
The second acquisition comprises a multi-let urban logistics park in Southern Madrid, which was constructed in 2022 and is fully occupied by three tenants. Purchased from Patrizia, it provides c. 30,296 sq m of modern logistics space across three well specified individual buildings. Located in Southern Madrid, the property benefits from direct access to the A-4 corridor, one of southern Spain’s primary motorways, providing access to nationwide distribution channels and the ability to service the Spanish capital.
With a predominant weighting towards inner-Madrid locations, these high-quality Spanish assets benefit from strong underlying fundamentals with population growth and urbanisation continuing to drive demand for modern and well-located assets in a growing market. Madrid, as Spain’s largest logistics hub, is critical for domestic and pan-European distribution, while in Barcelona, limited availability of centrally located assets reinforces the strong supply-demand for industrial and logistics assets.
These transactions more than double ESCIP’s Spanish portfolio to over 225,000 sq m and are in line with its ambition to build a portfolio of scale across Europe’s highest-growth logistics markets.
M7 has now executed eleven investments across the UK and Europe on behalf of ESCIP, bringing total assets under management to more than €1.7 billion GAV comprising a portfolio of over 1.31 million sq m, across 132 European logistics assets.
John Pow, Managing Director at M7 Real Estate, commented: “We are proud to expand our presence in the Spanish logistics market with the deployment of €181 million across two acquisitions, marking a significant milestone in our growth of ESCIP. Securing this high-quality portfolio of assets reflects our conviction in the industrial and logistics sector and the value of strategic locations such as Spain, where we’re seeing strong urban domestic growth continue to drive rental and investment demand.”
This is another high-quality logistics acquisition in Spain from M7 Real Estate on behalf of the European Supply Chain Investment Partnership (ESCIP), a joint venture between AustralianSuper and Oxford Properties Group, which is managed by M7.
The demand for logistics properties in top European cities is heating up and Canadian pension funds are engaging in deals.
Last month, CPP Investments co-invested alongside Blackstone in Proudreed, one of France’s largest and most established last-mile urban logistics platforms:
Co-investment alongside Blackstone provides CPP Investments exposure to France’s supply-constrained last-mile urban logistics market at scale
LONDON, UK – May 14, 2026 – Canada Pension Plan Investment Board (CPP Investments) today announced a €400 million co-investment in Proudreed, one of France’s largest and most established last-mile urban logistics platforms, alongside funds managed by Blackstone, a global leader in real estate investing. The investment provides CPP Investments with a significant minority interest in the platform.
Proudreed owns and manages a portfolio of approximately 1.6 million square meters of high-quality, multi-let logistics and light industrial assets, focused primarily on last-mile urban locations. The sites are located across France, with nearly 50% concentrated in Paris, Lyon and Marseille, and serve a diversified tenant base. The platform also includes the potential for future development of more than 500,000 square meters, bringing the total square meters to 2.2 million, that is fully supported by Proudreed’s experienced and highly specialised in-house management team.
“This investment gives us immediate scale in one of Europe’s most supply-constrained last-mile urban logistics markets,” said Thomas Jackson, Head of Real Estate Europe at CPP Investments. “Proudreed combines a high-quality, diversified portfolio with strong embedded rental growth potential. Our longstanding partner Blackstone brings strong experience supporting the building and scaling of logistics platforms across Europe, contributing to our strategy to access high conviction, thematic sectors, at scale. This investment will help deliver long-term, risk-adjusted returns to the CPP Fund for the benefit of CPP contributors and beneficiaries.”
“Proudreed’s exceptional management team have built a high-quality portfolio and one of France’s leading logistics platforms, and we are pleased to partner with CPP Investments to continue scaling the business and capturing the strong demand for last‑mile logistics across the country,” said James Seppala, Head of European Real Estate at Blackstone.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) 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, we make 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, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2025, the Fund totaled C$780.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.
At the end of April, BCI's real estate subsidiary, QuadReal Property Group, completed a deal with Valor Real Estate Partners, Europe’s fastest-growing last-mile specialist:
€113 million facility completed on behalf of joint venture with QuadReal Property Group, and €35 million facility on behalf of joint venture with RSF Partners
Transactions reflect continued institutional demand for high-quality, ESG-compliant urban logistics assets in supply-constrained French submarkets
Valor Real Estate Partners (“Valor”), Europe’s fastest-growing last mile specialist, has completed two separate financings totalling approximately €148 million across two urban logistics portfolios, spanning Paris and Lyon, both provided by Deutsche Pfandbriefbank AG (“pbb”). The first transaction, a €113 million facility, was completed on behalf of Valor’s joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company. The second, a €35 million facility, was completed on behalf of Valor’s joint venture with RSF Partners.
The €113 million facility is secured against a nine-asset last-mile logistics portfolio totalling approximately 63,400 sqm across the Paris and Lyon metropolitan regions, with direct access to the A1, A3, A6, A86 and A104 motorway network in Paris, and the A7, A43 and A46 in Lyon. The let assets are secured to high-quality tenants across the construction, healthcare, automotive distribution and third-party logistics sectors. The Mitry-Mory and Aulnay-sous-Bois assets, totalling 17,481 sqm, are urban distribution parks under development for practical completion in May 2026 and will boast best-in-class ESG credentials, while the 10,156 sqm Fleury-Mérogis cross-dock will shortly begin a comprehensive refurbishment and extension programme delivering equivalent standards – each featuring BREEAM certifications, rooftop solar PV, LED lighting, EV charging and integrated Building Management Systems. The remaining six assets are either fully let or actively being marketed to let, with the 6,026 sqm Villeneuve-la-Garenne asset pre-let on a ten-year lease following a Class A refurbishment completed in 2025.
The €35 million facility is secured against a two-asset, 100%-let last-mile logistics portfolio totalling approximately 30,900 sqm in north Paris, comprising assets in Roissy-en-France and Dugny – both with direct access to the A1, A3, A86 and A104 motorway network. The portfolio is let to two high-quality tenants on long leases with an 8.74-year weighted average lease term. The Dugny asset, a 25,832 sqm warehouse comprehensively refurbished between 2021 and 2023, holds an EPC ‘A’ rating and features EV charging stations, LED lighting, smart metering technology and high-efficiency thermal cladding. The Roissy-en-France asset, a 5,090 sqm last-mile facility refurbished in 2024, is EPC ‘B’ rated with Class A greenhouse gas emissions credentials.
pbb was selected following a highly competitive process in which Valor engaged both banks and debt funds, attracting strong interest and meaningful competitive tension. Its proposal stood out on structure, pricing and the strength of its existing relationship with Valor.
Miles Muthu, Senior Vice President at Valor, commented: “Completing two financings of this scale simultaneously with pbb is a strong reflection of the quality of these two portfolios and the depth of our relationship with a lender that knows our platform well. Both portfolios are anchored by best-in-class, ESG-compliant assets in supply-constrained urban submarkets, let to, or being repositioned for, strong occupiers. We are delighted to have delivered compelling outcomes for both RSF Partners and QuadReal, and we remain highly active and conviction-led in French urban logistics.”
Olivier Katan, Head of Real Estate Finance France at pbb, added: “We are delighted to continue supporting Valor in France on both their core and value-added strategies, together with the Paris team, notably Johann Demazel and Nicolas Rousseau. These simultaneous sizable transactions illustrate pbb’s ability to underwrite and execute complex transactions within tight time frames in a highly competitive environment. They also demonstrate the reliability and efficiency of the bank’s new operational model and strategy.
“We would therefore like to thank Valor, particularly M Miles Muthu and M Matthew Phillips, for their continuous trust and professionalism, which establishes pbb as one of Valor’s top relationship banks in Europe.”
Thomas Blangy, Senior Vice President at QuadReal, said: “Together with Valor, we have built a compelling portfolio of well-located and top quality last mile logistics assets. In particular, the regions around Greater Paris and Lyon, which represent some of Europe’s most important logistics markets, represent key areas of strength. This financing is a clear vote of confidence in our global investment strategy of targeting quality assets in high growth urban logistics hubs across Europe and the UK.”
About QuadReal Property Group
QuadReal Property Group is a global real estate investment, development and operating company headquartered in Vancouver, British Columbia. Its assets under management are $98.5 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities globally for investments in equity and debt in both the public and private markets. QuadReal invests directly through operating platforms in which it holds an ownership interest and via programmatic partnerships.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
And it's not just in Europe. Ontario Teachers' Pension Plan, alongside Equus Capital Partners, just acquired an industrial portfolio in Richmond, Virginia:
Richmond, Virginia – June 10, 2026 – Equus Capital Partners, Ltd. (“Equus”) and Ontario Teachers’ Pension Plan (“Ontario Teachers’”) announced today that they have completed the acquisition of Ashton Logistics Park, a two-building 523,407 square foot Class A industrial portfolio located in Chesterfield County, Virginia. The property sits in the Richmond metropolitan area and is fully leased to two institutional-quality tenants with a weighted average lease term of approximately 8.5 years.
The acquisition marks the inaugural transaction under a new joint venture between Equus and Ontario Teachers’, targeting core and core-plus assets in key markets across the U.S. that have consistently demonstrated resilience through economic cycles and delivered consistent, long-term performance.
Located within Richmond’s I-95 South industrial submarket near the Ruffin Mill interchange, Ashton Logistics Park is positioned along one of the East Coast’s primary distribution corridors, with access to major interstate networks serving the Mid-Atlantic and Southeast regions. Richmond continues to benefit from strong population growth, an expanding labor pool, and significant recent investment activity from leading global organizations, which further reinforces the market’s long-term industrial demand drivers.
Constructed in 2024, the portfolio consists of two adjacent Class A logistics properties. The larger building at 1660 Ashton Park Drive totals 437,657 square feet and features cross-dock loading, 36-foot clear heights, and substantial trailer storage capacity. The second building at 1630 Ashton Park Drive totals 85,750 square feet with rear-load configuration, 32-foot clear heights, and dedicated outdoor storage. Both buildings feature modern industrial specifications including tilt-wall construction, ESFR sprinkler systems, LED lighting, and heavy power infrastructure.
“Richmond continues to emerge as a key distribution hub along the Eastern seaboard, supported by population growth, infrastructure investment, and proximity to the Port of Virginia,” said Tim Feron, Senior Vice President of Equus, who along with Tucker Scaringe, Associate, oversaw the acquisition for the firm. “Ashton Logistics Park benefits directly from these dynamics, offering modern, well-leased facilities with strong connectivity to regional and national supply chains.”
“The acquisition of Ashton Logistics Park builds on our strategy to gain exposure to the U.S. industrial sector. This asset provides us with a strategic entry point into the East Coast logistics market while delivering stable cash flows and offering long-term growth potential. Working with the Equus team, we have an opportunity to create additional value through active management,” said Karl Kreppner, Senior Managing Director, Real Estate, Ontario Teachers’.
About Equus Capital Partners, Ltd.
Equus Capital Partners, Ltd. is a national real estate investment manager with a diversified portfolio spanning industrial, multi-family, and office assets. The firm is headquartered in the Philadelphia area with regional offices in Marina Del Rey, CA, Washington D.C., Atlanta, Arizona, Raleigh-Durham, and South Florida. For more information, please visit www.equuspartners.com.About Ontario Teachers’
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $279.4 billion as of December 31, 2025. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.
As you can read, demand for high-quality logistics assets remains very strong because the fundamentals continue to support these assets.
That's pretty much what I wanted to cover on Wednesday.
Lastly, I know the Globe and Mail published an article that OMERS CIO Ralph Berg is leaving the organization on July 1st to join Temasek Holdings, the Singaporean state-owned investment firm that manages more than US$520-billion of assets, in a leadership role overseeing private-market investments.
The article also states that CEO Blake Hutcheson is taking over CIO duties "effective immediately".
What else? Oxford Properties lost one of its superstars.
Joanne McNamara is leaving that organization to assume the role of CEO at British Land.
I wish both her and Ralph much success in their new roles.
Below, in this exclusive interview during España GRI 2025, Malgorzata de la Torre, Head of Spain at Arrow Capital Partners, joins Gustavo Favaron, CEO & Managing Partner of GRI Institute, to share expert insights into Spain’s logistics real estate market (May, 2025).
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