CPP Investments and Dream Complete $585.8 Million Acquisition of GTA Industrial Portfolio

TORONTO--(BUSINESS WIRE)--Nov 2, 2026--

Canada Pension Plan Investment Board ("CPP Investments"), Dream Unlimited Corp. (“ Dream ”) (TSX: DRM) and Dream Industrial Real Estate Investment Trust (“ Dream Industrial REIT ”) (TSX: DIR.UN) today announced that they have completed the acquisition of an industrial portfolio in the Greater Toronto Area (GTA) for $585.8 million through the joint venture formed in December 2025.

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The portfolio comprises five newly developed mid- and large-bay logistics assets totaling 2.1 million square feet of gross leasable area (GLA). The portfolio is fully leased to a roster of strong national and international companies, generating stable in-place income, with the opportunity to drive value through executing on embedded mark-to-market rental growth potential. Built between 2020 and 2024, the properties feature 36- to 40-foot clear heights, ample trailer parking and a loading ratio of one door per 8,000 square feet, positioning them to accommodate both mid- and large-bay occupiers.

The portfolio was acquired through the joint venture that CPP Investments, Dream Asset Management Corporation and Dream Industrial REIT formed in 2025 to invest in industrial properties in major Canadian markets. Including this transaction, the joint venture, in which CPP Investments holds a 90% stake, has deployed more than $1.4 billion of capital in Canadian industrial properties, nearly half of its $3 billion investment target.

“This acquisition builds on our conviction in the long-term fundamentals of Canada’s industrial sector and adds a high-quality portfolio of well-located logistics assets to the joint venture,” said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments. “Together with Dream, we continue to identify attractive opportunities to scale the portfolio and generate long-term value for the CPP Fund.”

“This acquisition adds a best-in-class logistics portfolio to our platform in one of North America's strongest industrial markets. The transaction aligns with Dream Industrial REIT's strategy of investing in high-quality industrial real estate that offers stable cash flows and opportunities for value creation through active asset management. We see a strong pipeline of further opportunities across Canada and look forward to continuing to build our partnership with CPP Investments,” said Bruce Traversy, Chief Investment Officer, Dream Industrial REIT.

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 June 30, 2026, the Fund totalled $863.6 billion.

About Dream Asset Management Corporation

Dream Asset Management Corporation is the institutional asset management arm of Dream providing investment and asset management services to its publicly listed trusts and institutional partners. As at June 30, 2026, Dream manages $28 billion of assets across listed entities, private funds and private partnerships in North America and Europe. Dream is a leading provider of real estate development, management, investment, and operational services. For more information, please visit www.dream.ca.

About Dream Industrial REIT

Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties. As at June 30, 2026, the REIT has an interest in and manages a portfolio which comprises 348 industrial assets (565 buildings) totalling approximately 75.7 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s objective is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet.

Forward Looking Information

This press release contains forward-looking information within the meaning of applicable securities legislation, including statements regarding: the stability of the portfolio’s in-place income; the opportunity to drive value through the realization of embedded mark-to-market rental growth potential and active asset management; the portfolio’s positioning to accommodate both mid- and large-bay occupiers; the joint venture’s $3 billion investment target, including the anticipated deployment of its remaining capital and the timing thereof; the pipeline of further acquisition opportunities across Canada and the ability to scale the portfolio; the expectation that the joint venture and its portfolio will generate long-term value; Dream Industrial REIT’s strategy of investing in high-quality industrial real estate that offers stable cash flows and opportunities for value creation; the continued development of the partnership among CPP Investments, Dream and Dream Industrial REIT; the beliefs of CPP Investments, Dream and Dream Industrial REIT regarding the long-term fundamentals of the Canadian industrial sector; and Dream Industrial REIT’s objective to deliver strong total returns to its unitholders through secure distributions and growth in net asset value and cash flow per unit. There can be no assurance that the joint venture will deploy its remaining investment capital, that any further acquisitions will be identified or completed on acceptable terms or within the anticipated timeframe, or that the anticipated benefits of the acquisition and of the joint venture will be realized.

Forward-looking information generally can be identified by the use of forward-looking terminology such as “objective”, “will”, “expect”, “intend”, “believe”, “should”, “plans”, “allow”, “continue”, “opportunity”, “potential”, “target” or “look forward”, or similar expressions suggesting future outcomes or events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the control of Dream and Dream Industrial REIT, which could cause actual results to differ materially from those disclosed or implied. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; employment levels; mortgage and interest rates and regulations; inflation; risks related to a potential economic slowdown in certain of the jurisdictions in which Dream and Dream Industrial REIT operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates; risks that operations may be affected by adverse global market, economic and political conditions and other events beyond their control, including risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; uncertainties around the timing and amount of future financings; geopolitical events, including disputes between nations, war and international sanctions; the financial condition of tenants; leasing risks, including those associated with the ability to lease vacant space; rental rates and the strength of rental rate growth on future leasing; lease expiry, renewal and re-leasing risk, including the ability to renew or re-lease space at rents at or above in-place rents; the extent to which market rents exceed in-place rents and the ability to realize mark-to-market rental growth; the availability of suitable acquisition opportunities and competition for such opportunities, and the joint venture’s ability to identify, negotiate and complete further acquisitions and deploy its remaining investment capital on acceptable terms and within the anticipated timeframe; the availability of capital and financing to the joint venture and its participants; and the terms of the joint venture arrangements, including investment criteria, governance and approval requirements, and the continuation of the partnership among CPP Investments, Dream and Dream Industrial REIT. The objectives and forward-looking statements of Dream and Dream Industrial REIT are based on certain assumptions, including that the general economy remains stable, including that future market and economic conditions will occur as expected and that geopolitical events, including disputes between nations or the imposition of duties, tariffs, quotas, embargoes or other trade restrictions (including any retaliation to such measures), will not disrupt global economies; inflation and interest rates will not materially increase beyond current market expectations; conditions within the real estate market remain consistent; competition for acquisitions remains consistent with the current climate; tenants will continue to perform their lease obligations and renew or be replaced on expected terms; market rents for comparable industrial space in the GTA will remain at or above in-place rents; suitable acquisition opportunities will continue to be available to the joint venture on acceptable terms; the joint venture will continue to be funded and operated in accordance with its terms; and the capital markets continue to provide ready access to equity and/or debt.

All forward-looking information in this press release speaks as of the date of this press release. Dream and Dream Industrial REIT do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions, risks, and uncertainties is contained in the filings of Dream and Dream Industrial REIT with securities regulators, including their respective latest annual information forms and MD&As, available at www.dream.ca, www.dreamindustrialreit.ca and www.sedarplus.ca.

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WASHINGTON (AP) — The United States has conducted defensive strikes on some Iranian targets in the Strait of Hormuz, a U.S. official said Monday, on the eve of crucial midterm elections.

Iranian state television reported that explosions were heard on Qeshm Island. The official, who wasn’t authorized to comment publicly and spoke on condition of anonymity, said that “Iranians using surface to air missiles against U.S. assets” had been targeted.

The strikes appeared to be limited as opposed to a return to full hostilities but followed President Donald Trump previously saying the U.S. would not launch new strikes on Iran before Tuesday's midterms. The unpopular war and the resulting impact on U.S. gasoline prices and other parts of the economy have been a vulnerability for Republicans as they try to keep control of Congress.

The region is on edge about the prospects of the U.S. resuming full-scale operations against Iran, and the new strikes, which were reported earlier by The Wall Street Journal, are certain to raise fresh concerns. Backchannel negotiations also are playing out as Israel and some Middle East allies lobby Trump on the way ahead in the more than 8-month-old war that’s rattled global markets and wreaked havoc on Iran.

The Trump administration was last known to have carried out attacks in early September, but thousands of U.S. troops remain in the waters off Iran to maintain a naval blockade aimed at preventing tankers hauling Iranian oil from getting to the global market. Plus, a third aircraft carrier and thousands of additional troops are on their way to the Middle East.

Before the strikes were confirmed, U.S. Vice President JD Vance offered measured optimism that a deal could still be struck. Vance sent a letter to Iran’s security chief, Mohsen Rezaei, last week, but the White House has offered scant details. Trump told reporters that letter was focused on assisting Iran with “medical supplies and various things.”

“We’ve had a number of good conversations with the Iranians,” Vance told reporters Monday when asked about the letter. “I actually just spoke with the president of the United States about an hour ago about this. Look, the president and I both feel pretty good about the prospects for potentially coming to a negotiated settlement. We’re going to keep on working at it.”

Israeli Prime Minister Benjamin Netanyahu has pushed for another wave of strikes on Iran after the U.S. elections, according to two regional officials and a third person familiar with the matter.

A return to full-scale war with Iran could help Netanyahu to form an emergency government after he and his far-right allies lost their parliamentary majority in last week's elections. Trump has alternated between threatening major strikes and pushing for a deal with Iran.

The two officials said diplomatic efforts have made progress, with Qatari mediators holding two rounds of talks last week with Iranian officials. The two officials said the mediators are trying to advance a framework for Iran to cease its attacks in the Strait of Hormuz in return for the U.S. lifting its blockade on Iran's ports.

They said more talks are planned for this week. The two officials spoke on condition of anonymity because they were discussing classified briefings they had received from American, and in one case Israeli, officials.

One official said Netanyahu was working with senior officials in the U.S. administration to persuade Trump to launch a quick but extensive air campaign and that the president does not appear to have made a decision.

Netanyahu pressed for strikes during a call over the weekend with Trump, who would not commit to taking military action, according to a person who was briefed on it.

Other U.S. allies in the Middle East are warning against more strikes, saying that would destabilize the region and could lead Iran-allied Houthi rebels in Yemen to step up their attacks on Saudi Arabia and Red Sea shipping, a third regional official said. Iran-backed militias in Iraq could also get involved.

The Israeli government did not immediately comment. The White House did not directly respond to questions about Netanyahu and Trump’s discussion of potential new strikes during the weekend call.

Saudi Defense Minister Prince Khalid bin Salman said he spoke by phone Monday with U.S. Secretary of Defense Pete Hegseth about “the latest regional and international developments” and the Houthis’ continued attacks on Saudi Arabia.

Oil prices dropped sharply Monday as renewed diplomatic efforts in the Iran war appeared to show signs of headway.

Trump noted the drop in a speech in Washington on Monday, which was billed as his closing argument to Americans, and sought to minimize the scale of the conflict, which has cost U.S. taxpayers at least $47 billion.

“I don’t know if you even call it a war, because we haven’t been doing any fighting for months,” Trump said.

Iran wants guarantees that the U.S. will implement its side of any agreement. The U.S. and Israel have twice attacked Iran while it was engaged in negotiations over its disputed nuclear program.

Iranian officials say publicly they are prepared for war or diplomacy.

The new supreme leader, Ayatollah Mojtaba Khamenei, met with Iran’s military chiefs and said the response to “any kind and level of threat” from the U.S. or Israel should be immediate and without “geographic limits,” urging an expansion of the list of potential targets.

A recent analysis by The Associated Press found that Iranian strikes on more than two dozen U.S. bases since the start of the war have caused billions of dollars in equipment damage.

Rezaei, the Iranian security chief, told state television that “the tone has completely changed” from the U.S. and called it a “very good sign.” He gave no details about the letter from Vance and said he had not responded.

October saw the most attacks on commercial ships in the Strait of Hormuz since March, as Iran has tried to ramp up economic pressure on the U.S. to get it to lift its blockade.

The mood was grim at the Manama Dialogue, an annual security summit in Bahrain organized by the International Institute for Strategic Studies.

United Arab Emirates presidential adviser Anwar Gargash told attendees the U.S. and Iranian stances are far apart, and “if these positions are not bridged, then we have to worry about the worst.”

Gulf nations have spent billions of dollars to boost their defense capabilities since the war began. Egypt’s Foreign Minister Badr Abdelatty told the gathering in Bahrain that the next escalation “will be more dangerous, more destructive, and it will lead to nowhere.”

China will send a special envoy to Iran, Oman and Saudi Arabia in early to mid-November, Foreign Ministry spokesperson Mao Ning told reporters Monday.

Magdy reported from New York, and Anna from Jerusalem. Victoria Eastwood in Cairo, Kanis Leung in Hong Kong and Katie Marie Davies in London contributed to this report.

AP STANDARDS: The AP uses anonymous sources only when the information is vital to the news report and not opinion or speculation. The information must be unavailable except under the conditions of anonymity imposed by the source. The source must be reliable, in a position to have accurate information and approved by news managers.

President Donald Trump speaks at the Lincoln Memorial Reflecting Pool, Monday, Nov. 2, 2026, in Washington. (AP Photo/Alex Brandon)

Vice President JD Vance talks with reporters after arriving on Air Force Two, Monday, Nov. 2, 2026, at Joint Base Andrews, Md. (Tom Brenner/Pool via AP)

Supporters of Prime Minister Benjamin Netanyahu protest against left-wing activists calling for the formation of a government that includes Arab parties, following Israel's general election, in Tel Aviv, Israel, Saturday, Oct. 31, 2026. (AP Photo/David Goldman)

President Donald Trump walks across the South Lawn of the White House after stepping off Marine One, Monday, Nov. 2, 2026, in Washington. (AP Photo/Allison Robbert)

Posters of the Iranian Supreme Leader Ayatollah Mojtaba Khamenei, center, and his father, the late Supreme Leader Ayatollah Ali Khamenei are seen alongside dried flowers on a barricade placed on the street leading to their residence compound where the late Ayatollah Ali Khamenei was killed during the U.S. and Israel strike on Feb. 28, in Tehran, Iran, Friday, Oct. 30, 2026. (AP Photo/Vahid Salemi)