New programme gives pension investors a foothold in US industrial outdoor storage
A new $490m Industrial Outdoor Storage (IOS) push is giving Québec capital deeper exposure to US port logistics real estate.
La Caisse (formerly CDPQ) and Sagard Real Estate (SRE), a US-based real estate investment advisor and Sagard subsidiary, have launched an IOS partnership in major US infill markets with an initial gross asset value of $490m and the ability to scale through further commitments.
The strategy concentrates on key US seaport markets where tenant demand hinges on proximity to major ports, population centres, and trade infrastructure.
Priority markets include Southern California, the greater New York City/northern New Jersey region, the San Francisco Bay Area, Houston, and the Baltimore/Washington, DC, metropolitan area.
Rana Ghorayeb, executive vice-president and head of Real Estate at La Caisse, said the Sagard partnership will create a dedicated IOS platform and add an alternative sector to its real estate portfolio.
She called IOS “a critical supply chain asset class” that benefits from “e-commerce growth, global trade, and nearshoring” and said Sagard’s regional teams and off-market sourcing will be used to find new assets.
The partners have already closed their first acquisition: an IOS asset in the highly infill Meadowlands sub-market serving the greater New York City area.
The fully leased operational hub offers connectivity to Manhattan and the Port of New York and New Jersey, supporting long-term structural demand.
Sagard Real Estate frames the partnership as a focused way to pursue logistics-linked income and growth in constrained markets.
Chad Messer, deputy CIO and portfolio manager at Sagard Real Estate, said the IOS program focuses on major US logistics and trade markets and that the first closing moves its investment objectives forward.
He said limited supply and high demand for outdoor storage near seaports and population centres support the approach, which targets risk-adjusted returns through disciplined sourcing, value creation and active management.
