Crestpoint Real Estate Investments Ltd. has bought a 90 percent stake in the Amazon distribution centre in the Ottawa suburb of Barrhaven.
The 2.8 million square foot Amazon fulfillment centre is the largest ever built in Canada. It is equipped with robotics and automation, and can process more than 100,000 packages a day.
Constructed in 2021, the project is 100 percent leased to Amazon for 20 years.It was built by developer Broccolini.
It created 1,000 full-time jobs, Amazon said when it announced the facility in 2020. It is Amazon’s eighth facility in Ontario and its 14th fulfillment centre in Canada.
Crestpoint acquired a 90 percent interest in the property on behalf of its clients including the Crestpoint Core Plus Real Estate Strategy, Vestcor Inc., and Kiwoom Securities and Hangang Asset Management, a South Korean investment consortium.
With this acquisition Crestpoint’s assets under management are now valued at over $7.5 billion. In the past 13 months the company completed over $1.9 billion of acquisitions involving office, industrial, retail and multi-family opportunities, and added over 6.5 million square feet to its portfolio.
It made over $950 million of transactions in the industrial sector, including the acquisition of 4.25 million square feet of existing properties, along with over 260 acres of development land, which can support the future development of over 4.5 million square feet of industrial space.
Crestpoint is part of the Connor, Clark & Lunn Financial Group, an asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, London, and Gurugram, India, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of approximately $100 billion in assets.