One of Us Is Lying PDF: A Comprehensive Article Plan

Numerous online platforms offer access to the “One of Us Is Lying” PDF, including AnyFlip and EALIB, providing free downloads and reading options for enthusiasts.

Karen M. McManus’s debut novel, “One of Us Is Lying,” quickly became a New York Times bestseller, captivating young adult readers with its thrilling mystery and compelling characters. The story’s popularity has led to widespread searches for a “One of Us Is Lying” PDF version, offering convenient access to the narrative. Platforms like AnyFlip host digital copies, while EALIB provides reading options. The book’s success stems from its blend of suspense, relatable teenage drama, and unexpected plot twists, making it a favorite among mystery enthusiasts.

The Novel’s Plot Summary

“One of Us Is Lying” centers around five Bayview High students who enter detention, but only four come out alive. Simon Kelleher, the creator of a gossip app, dies during detention, and suspicion falls upon the remaining four: Addy, Bronwyn, Nate, and Cooper. Each possesses secrets they desperately try to conceal, leading to a complex investigation. Readers seeking a “One of Us Is Lying” PDF will discover a narrative filled with red herrings, shifting alliances, and a quest for the truth.

Characters and Their Secrets

The core of “One of Us Is Lying” lies within its characters and their concealed truths. Addy, the popular girlfriend, hides a secret relationship; Bronwyn, the overachiever, risks her future; Nate, the criminal, faces a probation violation; and Cooper, the athlete, battles pressure. Simon’s death unravels these secrets, making each a suspect. Accessing a “One of Us Is Lying” PDF reveals how these intertwined lives and hidden pasts fuel the mystery.

Simon Kelleher: The Initial Victim

Simon, creator of the Bayview High gossip app, dies after an allergic reaction – or so it initially appears. However, his death quickly becomes suspicious, revealing he planned to expose damaging secrets about the “Bayview Four.” A “One of Us Is Lying” PDF download details how Simon’s manipulative nature and the information he possessed set the entire plot in motion, making him central to the unfolding mystery.

The Bayview Four: Addy, Bronwyn, Nate, and Cooper

Addy, Bronwyn, Nate, and Cooper – each with their own secrets and motives – become the prime suspects in Simon’s death. A “One of Us Is Lying” PDF reveals their complex backgrounds: Addy’s perfect facade, Bronwyn’s academic ambition, Nate’s criminal record, and Cooper’s athletic reputation. Their interconnected stories, explored within the PDF, drive the narrative’s suspense and deception.

Themes Explored in the Book

“One of Us Is Lying” PDF versions highlight central themes of truth versus deception, as characters navigate a web of lies following Simon’s death. The narrative also dissects social class and stereotypes, revealing prejudices within Bayview High. Examining the PDF reveals how these themes intertwine, fueling suspicion and challenging perceptions of guilt and innocence among the suspects.

Truth vs. Lies and Deception

The “One of Us Is Lying” PDF showcases a core struggle with discerning truth from falsehoods. Each character harbors secrets, employing deception to protect themselves. Accessing the PDF allows readers to trace the intricate layers of lies, uncovering motivations and hidden agendas. The narrative expertly explores how easily perceptions can be manipulated, questioning the reliability of narratives presented.

Social Class and Stereotypes

The “One of Us Is Lying” PDF vividly portrays the impact of social class and pre-conceived stereotypes on the investigation. Characters are initially judged based on their social standing – the criminal, the brain, the beauty, and the athlete. The PDF reveals how these biases influence perceptions and complicate the search for truth, highlighting societal prejudices.

Availability of the “One of Us Is Lying” PDF

The “One of Us Is Lying” PDF is readily accessible through various online sources. Platforms like AnyFlip host digital versions for viewing and download. Readers can find and share the PDF freely, though legality varies. EALIB.COM also provides full book access. Be mindful of copyright when seeking a free PDF copy online.

Legal Sources for PDF Downloads

Obtaining the “One of Us Is Lying” PDF legally often involves purchasing the ebook through authorized retailers. While direct free legal downloads are limited, libraries frequently offer ebook lending services. Checking platforms like Penguin Random House’s website or legitimate ebook stores ensures compliance with copyright laws, supporting the author and publisher.

Free Online Reading Platforms

Several websites, such as AnyFlip, host publicly available PDF versions of “One of Us Is Lying,” though verifying their legitimacy is crucial. EALIB.COM also provides access. However, be cautious of unauthorized uploads, as these may infringe on copyright. Exploring these platforms requires diligence to ensure a safe and legal reading experience.

The Author: Karen M. McManus and Her Works

Karen M. McManus quickly gained recognition within the Young Adult genre, notably with “One of Us Is Lying.” Her writing style blends suspenseful mystery with relatable teenage experiences, captivating a broad audience. She’s become a prominent figure, offering compelling narratives. Her success has led to adaptations and a dedicated readership eager for her next novel.

McManus’ Writing Style and Genre

McManus masterfully crafts suspenseful Young Adult mysteries, often featuring unreliable narrators and intricate plot twists. Her stories delve into the complexities of teenage life, exploring themes of secrets, lies, and social dynamics. She expertly builds tension, keeping readers engaged until the final reveal. Her work frequently incorporates elements of psychological thriller, appealing to a wide readership seeking captivating narratives.

Other Novels by Karen M. McManus

Beyond “One of Us Is Lying,” Karen M. McManus has penned several other compelling YA thrillers. These include “Two Can Keep a Secret,” a suspenseful story set during a summer internship, and “Three of Us Together,” continuing characters from her previous works. “The Cousins” offers a locked-room mystery, while “You’ll Be the Death of Me” delivers another twisty narrative, solidifying her reputation within the genre.

“One of Us Is Lying” Adaptations

The novel gained further popularity with its adaptation into a Peacock TV series. While the core mystery remains, the show expands upon character backstories and relationships, offering a different perspective. Viewers can access episodes through Peacock’s streaming platform, though availability of a downloadable PDF of scripts isn’t readily available. The series diverges from the book in certain plot points and character arcs.

The Peacock TV Series Adaptation

Peacock’s adaptation of “One of Us Is Lying” brought the thrilling mystery to a visual medium, expanding on the novel’s premise. While a direct PDF download of the series isn’t available, episodes are accessible via subscription. The show delves deeper into character motivations, offering a broader exploration than the book allows. Fans can discuss episodes and theories online, supplementing the viewing experience.

Differences Between the Book and the Show

The Peacock series diverges from the original “One of Us Is Lying” PDF narrative in several key aspects. Character backstories are expanded, and certain plot points are altered for dramatic effect. While the core mystery remains, the show introduces new subplots and relationships. These changes offer a fresh perspective, though purists may prefer the original novel’s intricacies available in PDF format.

Critical Reception and Awards

“One of Us Is Lying,” readily available as a PDF download, garnered positive reviews for its compelling mystery and relatable characters. Readers praised Karen M. McManus’s skillful plotting and suspenseful narrative. While specific awards information isn’t prominently featured alongside PDF versions, the book’s widespread popularity and consistent presence on bestseller lists demonstrate its significant impact and critical acclaim within the young adult genre.

Reviews and Reader Responses

The “One of Us Is Lying” PDF sparked considerable online discussion, with readers captivated by its twists and turns. Many appreciated the accessible format for sharing and enjoying the story. Responses frequently highlight the book’s engaging plot and realistic portrayal of high school dynamics. Online forums and social media groups demonstrate a dedicated fanbase actively dissecting clues and theories, proving its enduring appeal as a downloadable read.

Awards and Nominations Received

While specific award details directly linked to the “One of Us Is Lying” PDF version are scarce, the novel itself garnered significant recognition. Karen M. McManus’ debut achieved widespread acclaim, boosting its popularity as a downloadable file. Though formal awards tied specifically to the PDF format aren’t readily available, the book’s success fueled its accessibility and readership through digital distribution channels.

The Impact of “One of Us Is Lying” on Young Adult Literature

The novel’s popularity, amplified by readily available PDF versions, significantly impacted the YA mystery genre. “One of Us Is Lying” revitalized interest in the “who-done-it” format, inspiring similar narratives. The ease of access through PDF downloads broadened its reach, fostering a larger fanbase and contributing to its cultural impact, influencing subsequent authors and captivating a new generation of readers.

Influence on the YA Mystery Genre

The widespread availability of the “One of Us Is Lying” PDF fueled its influence, popularizing fast-paced, character-driven mysteries. It demonstrated the demand for complex plots and unreliable narrators within YA fiction. This success encouraged publishers to seek similar stories, leading to a surge in comparable thrillers, often shared via digital PDF formats, reshaping the genre’s landscape.

Popularity and Cultural Impact

The easy access to the “One of Us Is Lying” PDF contributed significantly to its rapid popularity, fostering online discussions and fan communities. Its success extended beyond book sales, inspiring a Peacock TV adaptation and numerous book-related content creators. The story’s themes resonated with a young audience, solidifying its place in contemporary YA culture and driving further PDF sharing.

Where to Find Discussion and Fan Communities

Readers seeking community around “One of Us Is Lying” and its readily available PDF versions can find vibrant discussions on online forums and social media groups. Book clubs frequently feature the novel, and reading challenges often include it. These platforms allow fans to share theories, analyze plot twists, and connect over their shared love for the story, fueled by easy PDF access.

Online Forums and Social Media Groups

Dedicated online spaces thrive with discussions surrounding “One of Us Is Lying,” particularly concerning accessible PDF copies. Fans dissect characters and plot points, often referencing readily available digital versions. Platforms like Reddit and Goodreads host active threads, while Facebook groups provide spaces for sharing theories and fan content related to the novel and its PDF distribution.

Book Clubs and Reading Challenges

“One of Us Is Lying” frequently appears in book club selections, often utilizing easily shared PDF versions for accessibility. Reading challenges centered around YA mysteries commonly include McManus’s novel, prompting wider discussion and PDF sharing amongst participants. These groups foster engaging conversations about the plot twists and character motivations, enhancing the reading experience through collective analysis.

Related Books and Authors

Readers who enjoyed the suspense of “One of Us Is Lying” and sought accessible PDF copies might also appreciate Karen M. McManus’s other works. Authors like Maureen Johnson and Holly Jackson, known for their compelling YA mysteries and thrillers, offer similar reading experiences. Exploring these authors provides continued engagement with the genre’s captivating narratives.

Similar YA Mystery and Thriller Novels

If you’re searching for a “One of Us Is Lying” PDF and enjoy the genre, consider titles like “Truly Devious” by Maureen Johnson or “Good Girl, Bad Blood” by Holly Jackson. These novels deliver intricate plots, compelling characters, and suspenseful twists, mirroring McManus’s style and offering similar thrilling reading experiences for young adults.

Authors Comparable to Karen M. McManus

Readers captivated by the “One of Us Is Lying” PDF often appreciate authors who masterfully blend mystery and young adult themes. Consider exploring works by Maureen Johnson, known for her clever plotting, and Holly Jackson, celebrated for her suspenseful narratives. These authors, like McManus, deliver engaging stories with relatable characters and unexpected twists.

Potential Spoilers and Plot Twists

Discussing the “One of Us Is Lying” PDF necessitates a spoiler warning! Key reveals involve Simon’s fabricated secrets and the true killer’s identity. The narrative cleverly misdirects readers, and the ultimate motive is surprisingly complex. Be cautious when exploring online discussions, as plot twists are frequently dissected, potentially ruining the reading experience.

Discussion of Key Reveals (Spoiler Warning)

Analyzing the “One of Us Is Lying” PDF reveals Jake’s role as the perpetrator, driven by a desperate attempt to protect his girlfriend. Simon’s blog exposed damaging secrets, fueling the plot. The thumb drive download and Cooper’s past add layers of complexity. Discussions often center on the plausibility of Jake’s actions and the characters’ motivations.

The enduring appeal of “One of Us Is Lying,” readily available as a PDF, stems from its compelling mystery and relatable characters. Its success fueled a Peacock TV adaptation and a franchise. The book’s exploration of truth, lies, and social dynamics resonates with young adult readers, ensuring continued popularity and discussion online.

The Book’s Enduring Appeal

The readily accessible PDF version of “One of Us Is Lying” contributes to its lasting popularity. The novel’s captivating plot, filled with twists and turns, keeps readers engaged. Its exploration of complex themes like social class and deception, alongside relatable teenage experiences, ensures continued relevance and widespread appeal among young adult audiences.

Future of the Series and Franchise

The availability of the “One of Us Is Lying” PDF fuels ongoing interest in the franchise. With the success of the Peacock TV series, further adaptations and potential sequels seem likely. Continued digital accessibility, through free online platforms, will undoubtedly sustain readership and demand for related content, expanding the series’ reach.

The post one of us is lying pdf appeared first on Every Task, Every Guide: The Instruction Portal
.

Steve Randall of Wealth Professional reports CPP Investments, Goodman team up on a $14b European data centre push:

CPP Investments has entered a major European data centre partnership with Australia’s Goodman Group, committing to a A$14 development platform aimed at meeting accelerating demand for cloud computing and artificial intelligence.

The 50/50 joint venture, known as the Goodman European Data Centre Development Partnership, will focus on prime locations in Germany, the Netherlands and France. The strategy centres on building large-scale, high-quality facilities in some of Europe’s most sought-after digital infrastructure markets.

Initial equity commitments total A$3.9 billion (€2.2 billion), earmarked for four projects in Frankfurt, Amsterdam and Paris. Once completed, the developments are expected to deliver 435 megawatts of primary power capacity and 282 megawatts of IT load. All sites already have power secured, planning approvals in place and supporting infrastructure advanced, allowing construction to begin by mid-2026.

For CPP Investments, the deal marks its first dedicated data centre partnership in Europe and a further expansion of its global digital infrastructure strategy. The fund sees long-term opportunity in assets that support the backbone of the digital economy, particularly as AI adoption drives sustained demand for computing capacity.

Senior Managing Director and Global Head of Real Assets Max Biagosch said the venture builds on a longstanding relationship with Goodman and provides direct exposure to top-tier European markets.

“We are pleased to expand our longstanding partnership with Goodman Group and establish a strong European foothold in the data centre sector across key Tier 1 markets, aligned with our global data centre strategy,” he said. “By combining Goodman’s extensive development capabilities and powered landbank, with our global expertise in digital infrastructure investments, this partnership allows us to capitalise on a compelling growth opportunity for the long-term benefit of CPP contributors and beneficiaries.”

Goodman Group CEO Greg Goodman highlighted the scarcity and strategic value of the assets involved.

“A portfolio of this size and quality – located in Europe’s FLAP markets – is rare,” he said. “These powered locations are highly sought after to meet the rapidly growing requirement for cloud computing and AI adoption, particularly when they offer speed to market and delivery certainty. The quality and scale of this Partnership make it ideal for our long-term relationship with CPP Investments. We’re pleased to be investing alongside them for their entry into the European data centre market.”

The transaction is expected to complete in stages through March 2026, subject to standard closing conditions. The partnership adds to CPP Investments’ expanding exposure to global digital infrastructure as demand for data-intensive technologies continues to accelerate. 

Zachary Skidmore of Data Center Dynamics also reports Goodman, CPP Investments establish €8bn European data center platform:

Goodman Group has teamed up with the Canada Pension Plan Investment Board (CPP Investments) to establish a €8 billion (US$9.4bn) European data center partnership.

The 50/50 venture will see the companies commit an initial €2.2bn (US$2.59bn) to develop a portfolio of data center projects across Frankfurt, Amsterdam, and Paris.

The Goodman European Data Centre Development Partnership will comprise four projects totalling 435MW of primary power and 282MW of IT load, including two in Paris (PAR01 and PAR02), one in Frankfurt (FRA02), and one in Amsterdam (AMS01).

“We are pleased to expand our longstanding partnership with Goodman Group and establish a strong European foothold in the data center sector across key Tier 1 markets, aligned with our global data center strategy. By combining Goodman’s extensive development capabilities and powered landbank, with our global expertise in digital infrastructure investments, this partnership allows us to capitalise on a compelling growth opportunity for the long-term benefit of CPP contributors and beneficiaries,” said Max Biagosch, senior managing director and global head of real assets at CPP Investments.

According to the partners, all projects have secured power connections, planning permits, and have substantially progressed site infrastructure works, which they claim will enable construction commencement by 30 June 2026.

“A portfolio of this size and quality – located in Europe’s FLAP markets – is rare. These powered locations are highly sought after to meet the rapidly growing requirement for cloud computing and AI adoption, particularly when they offer speed to market and delivery certainty. The quality and scale of this partnership make it ideal for our long-term relationship with CPP Investments. We’re pleased to be investing alongside them for their entry into the European data center market,” said Greg Goodman, CEO of Goodman Group.

The transaction will follow a phased approach with completion expected by March 2026, subject to closing conditions. The two companies have had a relationship since 2009, with investments across Australia, Asia, the Americas, and Europe.

CPP has made several significant investments in the digital infrastructure space. Most recently, in August, it announced an investment of C$225m (US$160m) to facilitate the expansion of a data center in Cambridge, Ontario, Canada.

CPP Investments made its first direct data center investment in 2017. Last November, it invested KRW 1 trillion (US$711m) in a joint venture with Pacific Asset Management Company to develop hyperscale data centers in South Korea, adding to an existing portfolio of joint ventures and investments across Australia, Hong Kong, Japan, Malaysia, Singapore, the US, and Canada.

Goodman Group is an Australian commercial property firm. Over the past few years, it has steadily expanded its data center business. It now has data center projects in operation or development across Hong Kong, Australia, Germany, the US, France, and Japan. 

CPP Investments issued a press release stating it has partnered up with Goodman to establish a A$14 billion (€8 billion) European data centre partnership:

December 23, 2025. Canada Pension Plan Investment Board (CPP Investments) has signed an agreement to establish a A$14 billion (€8 billion) European data centre partnership with Goodman Group (ASX: GMG). The 50/50 Partnership involves an initial total capital commitment of A$3.9 billion (€2.2 billion) to develop a portfolio of data centre projects in Frankfurt, Amsterdam and Paris.

The Goodman European Data Centre Development Partnership (GEDCDP or the Partnership) is CPP Investments’ first data centre partnership in Europe, significantly adding to its data centre portfolio. The Partnership’s portfolio comprises four projects totalling 435 MW of primary power and 282 MW of IT load – Paris (PAR01 and PAR02), Frankfurt (FRA02) and Amsterdam (AMS01). All projects provide speed to market with secured power connections, planning permits and substantially progressed site infrastructure works, enabling construction commencements by 30 June 2026.

Max Biagosch, Senior Managing Director & Global Head of Real Assets for CPP Investments said “We are pleased to expand our longstanding partnership with Goodman Group and establish a strong European foothold in the data centre sector across key Tier 1 markets, aligned with our global data centre strategy. By combining Goodman’s extensive development capabilities and powered landbank, with our global expertise in digital infrastructure investments, this partnership allows us to capitalise on a compelling growth opportunity for the long-term benefit of CPP contributors and beneficiaries.”

Group CEO of Goodman Group, Greg Goodman said, “a portfolio of this size and quality – located in Europe’s FLAP markets – is rare. These powered locations are highly sought after to meet the rapidly growing requirement for cloud computing and AI adoption, particularly when they offer speed to market and delivery certainty. The quality and scale of this Partnership make it ideal for our long-term relationship with CPP Investments. We’re pleased to be investing alongside them for their entry into the European data centre market.”

CPP Investments has partnered with Goodman Group since 2009 across Australia, Asia, The Americas and Europe. GEDCDP follows the establishment of the Goodman Hong Kong Data Centre Partnership and other data centre partnerships in Europe and Japan.

The transaction will settle in phases and is expected to be completed by March 2026 subject to closing conditions.

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, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totalled C$777.5 billion.

For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About Goodman

Goodman Group is a provider of essential infrastructure. It owns, develops and manages high quality, sustainable logistics properties and data centres in major global cities, that are critical to the digital economy.

Goodman has operations in key consumer markets across Australia, New Zealand, Asia, Europe, the United Kingdom, and the Americas. Goodman Group, comprised of the stapled entities Goodman Limited, Goodman Industrial Trust and Goodman Logistics (HK) Limited, is the largest property group on the Australian Securities Exchange (ASX: GMG), a top 20 entity by market capitalisation, and one of the largest listed specialist investment managers of industrial property globally

The Group’s property portfolio includes logistics and distribution centres, warehouses, light industrial, multi-storey industrial, business parks and data centres. Goodman takes a long-term view, investing significantly alongside its capital partners in its investment management platform and concentrating the portfolio where it can create the most value for customers and investors.

For more information, visit: www.goodman.com

Alright, let me be quick here because Christmas is literally around the corner and  I have tons of things to take care of.

This is another huge deal for CPP Investments expanding its global data centre strategy into Europe using this latest joint venture with longstanding partner Goodman. 

As stated in the press release, the 50/50 Partnership involves an initial total capital commitment of A$3.9 billion (€2.2 billion) to develop a portfolio of data centre projects in Frankfurt, Amsterdam and Paris. 

Three key European cities where demand for data centres is exploding, straining grids.

In fact, Europe’s data centre build-out faces severe constraints due to limited grid investment and questions over the renewable energy sector’s ability to meet the surge in electricity demand. 

There is no doubt that surging demand from EVs and data centres is reshaping Europe's electricity grid.

The same is happening everywhere where major investments in grids need to keep pace to meeting surging demand from EVs and data centres.

Anyways, back to CPP Investments. In September 2024, I discussed how it joined Blackstone to buy Asia Pacific data centre platform AirTrunk from Macquarie Asset Management (MAM) and PSP Investments in a A$24bn (€14.6bn) deal. You can read that comment here.

There is a myth out there when you're really big, you're too big to get into nice deals.

Complete nonsense, when you're Canada's largest pension fund, you have access to the biggest and best platforms around the world to get into deals others can only dream of.

This latest deal with Goodman proves that as do other deals I've covered like last week when I discussed how CPP Investments forged a $3 billion Dream logistics JV in Canada. 

CPP Investments is the partner of choice for all these major deals as it should be.

Max Biagosch, Senior Managing Director & Global Head of Real Assets for CPP Investments summarized this deal well:

We are pleased to expand our longstanding partnership with Goodman Group and establish a strong European foothold in the data centre sector across key Tier 1 markets, aligned with our global data centre strategy. By combining Goodman’s extensive development capabilities and powered landbank, with our global expertise in digital infrastructure investments, this partnership allows us to capitalise on a compelling growth opportunity for the long-term benefit of CPP contributors and beneficiaries. 

Now, you might be asking whether data centres are real estate or infrastructure, most pension funds classify them under "digital infrastructure" and because they have a longer lifespan, they fit more appropriately under infrastructure.

Goodman is an expert in logistics properties but it has also been developing data centres since 2005:

As providers of essential infrastructure for the digital economy, Goodman has been developing its data centre capability since 2005. Since then, we have grown to become a large owner of powered sites globally.

Our global power bank of 5.0 GW includes completed facilities, secured power and potential data centre projects across 13 major international cities. This has been built up over time through our expertise in securing land, planning and power in highly sought after locations in major global cities. 

Goodman has delivered 0.8 GW of data centres and powered sites globally for its hyperscale and co-location customers. Our global data centre portfolio today includes a number of existing and brand-new data centre and technology hubs. 

Goodman Group and its Partnerships have strong balance sheets, liquidity and low gearing. We’re well positioned to adapt to pursue investment opportunities and deliver on our customers critical infrastructure needs at scale.

We've got the capital, land and secured power, which combined with our proven engineering and delivery capability, will enable us to continue to deliver large-scale, high value, data centres. Our experience gives us valuable insight into precisely what and where our customers need to deploy capacity at scale. 

With this latest deal, shares of in Goodman Group have soared after the property and infrastructure behemoth revealed plans to set up a multibillion-dollar European data centre business.

The other advantage of working with Goodman is its commitment to sustainable investing because let's face it, AI data centres have a bad carbon footprint. 

These are all issues that need to worked out but this latest deal allows CPP Investments to take part in the AI boom by playing the infrastructure side of it (not Mag-7 where CEO John Graham recently said they are underweight).

Alright, that's a wrap for me, time to enjoy Christmas with my family and friends.

I wish all my readers celebrating a Merry Christmas and Happy Holidays to all.

I also thank those of you who take the time to contribute to this blog to support my work (PayPal button  on the top left-hand side under my picture is cold this winter).

Below, Goodman provides essential infrastructure for the digital economy. They deliver the critical warehouses and data centres needed to power the digital economy. 

As the digital economy expands with the growth of e-commerce, AI, and increased computing requirements, so does their ability to provide the essential infrastructure needed to support its progress.

Goodman operates in key consumer markets in 15 countries across Asia Pacific, Europe and the Americas. They are the largest property group listed on the Australian Securities Exchange and invest significantly alongside our capital partners in their investment Partnerships.

The company believes in innovation, determination, integrity and sustainability – a great longstanding partner of CPP Investments and other large institutional funds.

Today, Ontario Teachers’ announced the appointment of Jenny Hammarlund as Executive Managing Director, Real Estate:

Toronto, Canada -- Ontario Teachers' Pension Plan Board (Ontario Teachers') today announces the appointment of Jenny Hammarlund to the position of Executive Managing Director, Real Estate, effective January 5, 2026.

In this role, Ms. Hammarlund will be responsible for guiding the real estate team’s strategy, portfolio, and asset management activities globally. Ms. Hammarlund will be based in London and become a member of the Investments Senior Leadership Team, reporting to Gillian Brown, Chief Investment Officer, Public & Private Investments.

Ms. Hammarlund has over 20 years of experience in private equity, primarily focused on real estate acquisitions. Prior to this appointment, Ms. Hammarlund led the real estate investment group in the UK and Europe. She joined Cadillac Fairview (CF) in 2021 and moved to Ontario Teachers’ in 2024 when the international real estate team at CF was absorbed by Ontario Teachers’. She previously held senior real estate-focused roles at H.I.G. Capital, KKR, Värde Partners, and Lehman Brothers.

“I am pleased to see Jenny step into this leadership role at a critical time for our plan. Real estate is an important asset class for Ontario Teachers’ as it helps provide stable and predictable income to match our long-term liabilities, and its returns are typically uncorrelated to those of equities or bonds. Her leadership skills and experience investing globally make her the ideal person to drive our performance-focused diversification strategy in real estate over the coming years,” said Ms. Brown.

Ms. Hammarlund holds a BA from the University of Sussex and an MBA from Columbia Business School.

About Ontario Teachers’

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $269.6 billion as at June 30, 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 343,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn. 

Alright, huge announcement three days before Christmas which is odd timing but nothing surprises any longer covering the Maple 8 funds since 2008.

Let me begin by congratulating Jenny Hammarlund for this important appointment overseeing a critically important asset class at Teachers' which remains in a state of transition.

Ms. Hammarlund replaces Pierre Cherki who was appointed Executive Managing Director, Real Estate at OTPP exactly two years ago.

So what happened? Why is Pierre Cherki leaving the organization so quickly and being replaced by Jenny Hammarlund now?

The two of them discussed OTPP's real estate reset with IPE Real Assets two months ago so it does seem a little strange.  

Well, I'm not one to speculate but here is what I think and none of this was vetted as most people are away for the holidays so don't hold it against me (Dan Madge can contact me to correct me if necessary).

From my reading of his appointment, Pierre Cherki was hired by CEO Jo Taylor, not Gillian Brown, CIO of Public and Private Investments who is responsible for that asset class.

It wasn't at all clear to me if Pierre Cherki reported to Jo or Gillian but reading the appointment above, it's clear to me Gillian named Jenny as Head of Real Estate and will be her boss.

This is critically important, keep this in mind when reading these appointments, who reports to whom?

Clear lines of responsibility and reporting are important because in private and public markets at OTPP, the buck stops with CIO Gillian Brown.

Also, I'm going to be honest with my readers, I was shocked that Jenny Hammarlund wasn't appointed Executive Managing Director, Real Estate two years ago.

Why? Because I was covering OTPP's major international real estate deals and her name was all over them, she was delivering, forging great alliances and doing what needed to be done to diversify that portfolio by sector and geography. 

I can't think of any one person at OTPP who deserved/ deserves this nomination more than her and let me remind you, there's a lot of work being done in that portfolio to diversify it.

In fact, I went over my coverage of OTPP's 2020 results where I noted this:

I must say, Cadillac Fairview really needs to scale and diversify its global real estate portfolio. When I saw this, I was dumbfounded:

Importantly, 55% in Canadian Retail and 30% in Canadian Office and 7% Emerging Markets? Where is the geographic and sector diversification? What about US, European, Asian and Australian exposure and what about logistics and multi-family and other sectors?

I'm missing something here and there aren't enough details in the Annual Report or on the Cadillac Fairview website. 

How can it be that in 2021, OTPP's real estate portfolio is still so concentrated in Canada (they need to follow BCI's QuadReal and diversify it a lot more).

I understand, liabilities are in Canadian dollars but if it's one thing that Canada's large pensions are good at it's geographic and sector diversification,

Now, to be fair, the pandemic hit Retail real estate assets especially hard and they will bounce back eventually but there's still a tremendous amount of work that needs to be done at Cadillac Fairview to divest from Retail and diversify the portfolio geographically and in terms of sectors.

Again, I might be missing something here but I was shocked reading only 2% of Real Estate assets are in the US and only 1% in the UK, and most are Canadian malls and offices. 

Fast forward to 2025 and OTPP's real estate portfolio is a lot more diversified (from the 2024 Annual Report):

 

Importantly, you can't diversify a massive real estate portfolio on a dime, it takes time, and OTPP is doing what it needs to do since the pandemic exposed lack of proper diversification there.

And a lot of the work there is directly attributable to Jenny Hammarlund -- she absolutely deserves the credit there (as does her team, no one person does it all).

There is still a lot of work to be done to diversify that real estate portfolio. 

I recently noted that OTPP disbanded its Asia real estate team and it remains to be seen whether this strategy stays in place now that Ms. Hammarlund takes over (I'm pretty sure it does stay in place). 

Lastly, I note Jo Taylor was appointed CEO of OTPP exactly five years ago so his contract is up for renewal and that means he and the Board have big decisions to make.

I wish Jo, Gillian, Jenny and everyone at OTPP a Merry Christmas, Happy Holidays and a Happy and Healthy New Year. 

Jenny Hammarlund now joins Rana Ghorayeb (La Caisse) and Sophie van Oosterman (CPP Investments) as the female head of Real Estate at a Maple 8 Fund. 

Three powerful women with important jobs there. 

Below, the recovery in commercial real estate just took a turn for the worse after it had seen some nice gains. CNBC's Diana Olick joins 'Squawk Box' to break down exclusive data on the most recent CRE deals.

Also, CNBC Property Play brings you interviews with some of the biggest names in real estate, touching on everything from commercial and residential to finance and the mortgage markets, innovation in the industry and the growing risk to assets and operations from climate change. CNBC's Diana Olick sits down with BXP CEO Owen Thomas to discuss the office market recovery and what he considers the best plays in the space.

Karen Friar , Brett LoGiurato and Laura Bratton of Yahoo Finance report the Dow, S&P 500, Nasdaq rise as Oracle, Nvidia lead AI trade resurgence:

US stocks rose on Friday after snapping a recent losing streak, as signs of cooling inflation and waning AI worries buoyed Wall Street optimism toward the tail end of a topsy-turvy week.

The S&P 500 (^GSPC) put on 0.8% and the Nasdaq Composite (^IXIC) gained over 1.3%, building on Thursday's roaring rally. The Dow Jones Industrial Average (^DJI) climbed 0.3%.

With the late-week rebound, the S&P 500 and Nasdaq booked weekly wins, rising 0.1% and 0.4%, respectively, in the last full week of trading in 2025 as Wall Street tries for a "Santa Claus rally" to end the year. The Dow fell 0.6% on the week.

On the tech front, Oracle (ORCL) stock jumped after China's ByteDance signed deals to create a US TikTok joint venture, including the company, which has had a turbulent week. Faith in the AI trade got another boost from Nvidia (NVDA), whose shares popped on a Reuters report that the US is reviewing prospects for sales of its H200 chips in China.

Meanwhile, nine pharmaceuticals struck deals with the Trump administration on Friday to lower drug prices for some Americans in exchange for a three-year tariff exemption on their products.

Investors got through a catch-up week for economic data with next year's rate-cut hopes intact, having embraced the outcome of this week's delayed November reports on jobs and consumer inflation despite warnings over their reliability.

A rosier inflation picture, combined with a weakening job market, has reignited hopes that the Federal Reserve will continue its recent string of easing.

A plurality of traders are still betting on two cuts next year but have shifted more bets in recent days toward more cuts. Friday will bring a final picture of consumer sentiment from the University of Michigan, after the firm's initial December survey found the key measure increasing for the first time in five months.

Meanwhile, the benchmark 10-year Treasury yield (^TNX) rose to hit 4.15% as bond markets across the world absorbed the Bank of Japan's hike in interest rates to the highest level since 1995.

US stock markets will be open as scheduled on Dec. 24 and Dec. 26, the NYSE and Nasdaq said, after President Trump ordered the federal government to close on those days.  

CoreWeave stock surges 23%, recovering from recent losses

CoreWeave (CRWV) stock soared 23%, rebounding from last week's punishing losses, as Citi analysts resumed coverage of the stock and OpenAI (OPAI.PVT) set its sights on a $100 billion fundraising round.

Citi reinstated coverage of CoreWeave with an adjusted price target of $135, down from its previous target of $192, but noted that the company is staring down "overwhelming" demand.

Also fueling CoreWeave's stock on Friday was a Wall Street Journal report that OpenAI is seeking to raise up to $100 billion, which would value the company at as high as $830 billion. 

CoreWeave and OpenAI have been closely tied together since the two AI companies agreed to a $11.9 billion partnership that has since expanded to a contract value of up to $22.4 billion. Under the agreement, CoreWeave's AI computing data centers will power the training of its next-generation models.

In recent months, investors have grown more skeptical about OpenAI's high-priced dealmaking, leading to volatility in stocks like CoreWeave. Excluding Friday's gains, CoreWeave stock had been pacing for a 13% decline on the week as AI valuation concerns surfaced. 

Cruise stocks gain as Carnival CEO says demand is proving resilient

Carnival's (CCL) strong 2026 guidance was the tide that lifted all cruise stocks on Friday.

Carnival stock surged 10%, while Norwegian Cruise Lines (NCLH) rose 7% and Royal Caribbean (RCL) gained about 2%. 

Even as sentiment in the US has soured this year, Carnival's quarterly results showed that consumers continue to spend on cruises.

"Demand for our cruise lines is proving far more resilient than traditional macro indicators would suggest," Carnival CEO Josh Weinstein said on the company's earnings call. Weinstein noted that Carnival is already about two-thirds booked for next year at historically high prices for North America and Europe.

For next year, Carnival expects adjusted net income to grow approximately 12% year over year on less than 1% capacity growth. The company expects full-year adjusted diluted earnings per share of $2.48, ahead of Wall Street's estimates.  

Nike's challenges drag down footwear stocks

Nike (NKE) stock fell 11% during Friday's session, dragging other footwear stocks lower.

Shares of Deckers Outdoor (DECK), the maker of Hoka sneakers, dropped 1.1%, while shares of On Running (ONON) rose by 02% and Crocs (CROX) fell 0.2%. Dick's Sporting Goods (DKS), which sells Nike sneakers and apparel directly and recently acquired Foot Locker, were up by 1%. 

Nike earnings and revenue beat Wall Street estimates for its fiscal second quarter, but profits declined as the athletic apparel company faces dual headwinds from tariffs and China.

On the company's earnings call, CEO Elliott Hill said Nike is in the "middle innings of our comeback."

"We highlighted last quarter that it will take more time to return to healthy growth in Greater China and Converse, and we expect headwinds to continue for the balance of the fiscal year," Nike CFO Matthew Friend said on the call. "As we highlighted last quarter, we are also navigating new structural headwinds from the $1.5 billion of annualized incremental product costs due to higher US tariffs." 

Gold, silver hover near record highs as precious metal rally advances

Gold (GC=F) and silver (SI=F) traded near record highs on Friday as the metals are on pace to close out a stellar year.

Gold futures inched up 0.4% to hover around $4,380 per ounce, while silver futures jumped 3% to trade above $67 per ounce.

Expectations of looser monetary policy and a weaker dollar have buoyed precious metal prices this year.

Gold is up more than 60% year-to-date, while silver has rallied 125%. 

Sean Conlon and Pia Singh of CNBC also report the S&P 500 posts back-to-back gains Friday as AI trade makes a comeback: 

U.S. stocks rose on Friday, lifted by Oracle , as the artificial intelligence trade regained its footing after experiencing volatility.

The Nasdaq Composite gained 1.31%, closing at 23,307.62. The S&P 500 climbed 0.88% to end at 6,834.50, while the Dow Jones Industrial Average advanced 183.04 points, or 0.38% and settled at 48,134.89. It was the second winning day in a row for all three indexes.

Oracle shares were up 6.6% after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software giant and private equity investor Silver Lake.

The jump marks a turnaround for the stock, which came under pressure this week after a report revealed that the cloud infrastructure company lost a key backer of one of its data center projects over worries about the company’s debt and AI spending levels. That dragged down other stocks linked to AI, including Broadcom and Advanced Micro Devices.

Elsewhere, shares of AI chip darling Nvidia rose about 4% after Reuters, citing sources familiar with the matter, reported that the Trump administration is reviewing the prospect of the company selling its advanced AI chips to China. Earlier this month, President Donald Trump said that he will allow Nvidia to ship its H200 AI chips to “approved customers” in the country.

Additionally, Micron Technology shares extended their gains from the previous session, rising around 7%. The stock surged 10% on Thursday after the company gave robust guidance for revenues in the current quarter, providing reassurance to investors after recent sessions were swamped with jitters over the AI trade.

“The kind of onslaught of issuance from some of the hyperscalers, some of the AI trades, could weigh on markets into 2026,” Tom Garretson, senior portfolio strategist at RBC Wealth Management, said to CNBC. “But again, these are kind of some of the best-rated companies in terms of credit qualities. They obviously have the capacity to ramp up debt to finance some of this stuff.”

“We’re still counting on some of the capex spend kind of supporting a broader or probably better growth backdrop,” he also said.

This comes after the S&P 500 and the Dow both snapped their four-day losing streaks in the previous session. With Friday’s moves, the broad-based index eked out a 0.1% gain, while the Nasdaq advanced 0.5%. The Dow, however, slipped 0.7%.

Nike was among the day’s losers, as shares slid 10.5% after the sports apparel giant saw revenue in its Greater China market decline during the fiscal second quarter. The company is also feeling the pain of tariff increases, noting a hit to its gross margins due to the levies. 

And Scott Lehtonen, Ken Shreve and Vidya Ramakrishnan of Investors Business Daily also report the Nasdaq is up with Nvidia among the reinvigorated tech names:

Market action remained strong through Friday's close, with buyers coming into tech stocks for the second straight session as options expired. The week, marked by volatile trading on Wednesday, ended with the Dow Jones Industrial Average higher and trimming its weekly loss to less than 1%. Wall Street's other major stock indexes logged gains for the week. Meanwhile, news from the White House moved a few pharmaceutical names on the stock market today, while Palantir (PLTR) was a notable mover as shares broke out of a base.

Nvidia (NVDA), Boeing (BA), Cisco Systems (CSCO), and Goldman Sachs (GS) were top Dow leaders Friday, capping the final full trading week of 2025.

The Dow rose 0.4% on Friday, and the Nasdaq ended at session highs, up 1.3%. The tech-concentrated index reclaimed its 50-day moving average — a technical win on the stock market today. The S&P 500 rose 0.9%. The small-cap Russell 2000 picked up 0.8%.

The Nasdaq's weekly gain was 0.5%. The S&P 500 managed to edge up 0.1% for the week.

Among blue chips, Nvidia surged nearly 4% while Boeing gained 3%. Cisco followed with a nearly 2% rise, as did Goldman. On the downside, however, Nike (NKE) tumbled 11% on following a mixed earnings report.

Options expired at the close on Friday, which typically leads to higher volume at the closing bell. But volume ran higher than average throughout Friday's trading day on both the Nasdaq and the New York Stock Exchange compared with Thursday. Advancing stocks barely outnumbered decliners on the NYSE while winners beat losers by more than 3 to 2 on the Nasdaq.

The yield on the benchmark 10-year Treasury note rose 4 basis points to 4.15%. In commodities, Comex gold futures notched a settlement high of $4,361.40. West Texas Intermediate futures rose 0.5% to change hands at $56.65 a barrel.

Biotech Spikes On $4.8 Billion Deal; Trump Inks Pricing Pacts

BioMarin Pharmaceutical (BMRN) soared nearly 19% after the company announced that it was acquiring Amicus Therapeutics (FOLD) for $4.8 billion or $14.50 per share in an all-cash deal.

Both companies develop treatments for rare diseases. Shares of Amicus vaulted more than 30%.

Elsewhere, pharmaceutical stocks rose after President Donald Trump announced additional deals with nine drugmakers to lower drug prices on Friday.

The latest cohort includes Dow component Amgen (AMGN) and Bristol Myers Squibb (BMY), according to CNBC reports. Amgen and Bristol Myers Squibb shares rose more than 1%. 

Alright, it was a busy week in the stock market where tech stock started off weak again but the cooler than expected inflation report on Thursday morning following President Trump's address to the nation Wednesday evening propelled tech shares higher at the end of the week.

Just to give you an idea of what happened, CoreWeave shares hit a low of $67 on Tuesday and closed today at $83. 

The company joined the US Energy Deptartment’s Genesis Mission, an initiative that aims to harness advanced AI computing to accelerate scientific breakthroughs, enhance national security, and promote energy innovation.

The stock has been decimated over the past six months, down 51%, so it was due for a big bounce on any positive news:

Notice it popped right above its 20-day exponential moving average and needs to continue grinding up or else it risks falling again in a downtrend.

A Trump brokered deal with Tik Tok helped shares of Oracle close just shy of $193 on Friday, well off its Tuesday low of $177 but that stock remains in a downtrend:

Shares of Nvidia jumped back over $180 to close at $181, right at its 20-day exponential moving average:

Again, to sustain upward momentum, the share price needs to move well above this level or else it's headed lower.

Generally speaking, a lot of the AI stocks that got clobbered early on in the week came back strong on Thursday and Friday but are still in a downtrend.

That includes names like Vertiv (VRT) and GE Vernova (GEV), both of which ended up flat to slightly down this week.

Anyways, here are the best performing US large cap stocks this week (full list here):

 

And here are the worst performing US large cap stocks this week (full list here):

And as always, have a look at which stocks are making new highs/ lows to gauge strength and weakness by looking at the full list here.

Wish everyone a nice weekend and happy holidays, enjoy your time off with family.

Below, Tony Pasquariello, Goldman Sachs head of hedge fund client coverage, joins 'Closing Bell' to discuss how investors should position their portfolio in 2026.

Also, Dan Ives, Wedbush Securities, joins 'Closing Bell' to discuss why 2026 will be an inflection point for tech, what isn't known about the Microsoft story and much more.

Third, The Investment Committee debate whether the overall AI story is still intact (from Thursday).

Lastly, CNBC’s “Closing Bell Overtime” team discusses why the biotech recovery may continue into 2026 with Salveen Richter, lead U.S. biotech analyst at Goldman Sachs Research. 

I love biotech, see so many great opportunities here, expecting more good news next year. 

Nicolas Van Praet of the Globe and Mail reports WSP Global to buy TRC Companies in continued push to build capability

Canadian engineering firm WSP Global Inc. is bulking up once again, announcing a deal to buy U.S. power and energy service consultancy TRC Companies as it continues a relentless drive to build capability and consolidate the industry.

WSP will pay US$3.3-billion in cash for TRC and take on its 8,000 employees, becoming the largest engineering and design firm by revenue in the United States when the transaction closes, the Montreal-based company said in a statement Monday. TRC, based in Windsor, Conn., is currently owned by funds managed by private equity firm Warburg Pincus LLC.

The transaction is expected to be completed in the first quarter of 2026.

“Joining forces will position our business for accelerated organic growth and create an integrated platform with industry-leading capabilities in advisory, engineering, and program management,” WSP chief executive officer Alexandre L’Heureux said in a statement. “Together, we are poised to deliver more complex projects and offer expanded end-to-end services to help solve our clients’ critical needs, from aging infrastructure to grid modernization and electrification.”

The acquisition is the latest in a wave of deals by WSP, as Mr. L’Heureux reshapes what was once a boutique engineering business into a company with a global reputation. Barely six months ago, WSP struck an agreement to take over British transport and energy firm Ricardo PLC and in October, 2024, finalized a deal to buy U.S. energy specialist Power Engineers for US$1.8-billion.

WSP said it expects the purchase to be accretive to its adjusted net earnings per share by a low- to mid-single percentage to start, with benefits climbing once cost savings are achieved. The company said adding TRC will drive scale across several strategic high-growth areas, including bolstering its digital offering.

WSP will sell stock to help fund the deal and take on new debt. It will raise at least $850-million in the share sale, including $732-million in a bought deal public offering run by a banking syndicate led by CIBC Capital Markets.

The company has also struck a private placement agreement with the Caisse de dépôt et placement du Québec for proceeds of about $118-million. The pension fund, which is already WSP’s single biggest shareholder, would increase its stake to about 14 per cent with the transaction.

TRC began in 1969 as The Research Corporation of New England, a meteorological and air quality analysis firm. Today, its work includes designing automation systems for energy company Avangrid Inc., and advising Eversource Energy, an electric utility, on the development of a utility-scale battery energy storage system for Cape Cod, Mass.

WSP is benefiting from several major trends in its business. Governments in the United States and other Western countries plan to invest billions of dollars in infrastructure over the next few years, tapping the kind of expertise WSP has sharpened over time. Those same countries are also trying to figure out how to decarbonize their economies in part through renewable energy, electricity system revamps and other projects – and WSP is booking that type of work as well.

The company, perhaps best known for its transportation projects and superskinny skyscrapers, recently won the largest contract in its history. WSP will provide its expertise for Britain’s Great Grid Upgrade, the biggest overhaul of the electricity network in England and Wales in decades.

The Environment Journal also reports WSP to super charge energy services with TRC acquisition for $4.5B:

Montreal-based WSP Global Inc., one of the world’s leading professional service firms, has agreed to acquire TRC Companies, a U.S.-based engineering and construction firm.

The proposed acquisition, for a total cash purchase price of US$3.3 billion (approximately $4.5 billion based on the current exchange rate), marks a significant step on WSP’s journey to achieve its 2025-2027 Global Strategic Action Plan. The proposed acquisition will position WSP as the largest engineering and design firm in the U.S., supercharging its power and energy offering and enhancing its capabilities across the water, infrastructure, and environment sectors.

Based in Windsor, Connecticut, TRC has been a pioneer in adaptability and innovation for more than 55 years. TRC has established itself as a leader and recognized strategic advisor in the engineering and consulting industry, maintaining relationships with blue-chip utilities. Its team of approximately 8,000 employees offers an integrated approach that delivers long-term value for clients facing complex infrastructure and energy challenges.

The proposed Acquisition complements WSP’s offering in attractive market sectors, will expand its client relationships, and enhance its capabilities throughout the project lifecycle, notably with a portfolio of advisory practices tailored to utilities and program management expertise. It will also create potential cross-selling opportunities across power engineering, environmental solutions, and advisory services. At the same time, TRC will bring a shared commitment to innovation and operational excellence, with investments in digital solutions and a highly skilled workforce—further amplifying WSP’s ability to deliver integrated, future-forward solutions.

“The proposed Acquisition of TRC is a defining moment in the execution of WSP’s 2025-2027 Strategic Plan. Building on our track record of excellence and compounding financial performance, this strategic move will cement WSP as the Power & Energy consulting leader in the U.S. and globally. Joining forces will position our business for accelerated organic growth and create an integrated platform with industry-leading capabilities in advisory, engineering, and program management,” stated Alexandre L’Heureux, President and Chief Executive Officer of WSP.

“With TRC’s highly complementary expertise in power delivery, transmission, distribution, and advisory services, our combined offering will cover the entire utility and infrastructure value chain. Together, we are poised to deliver more complex projects and offer expanded end-to-end services to help solve our clients’ critical needs, from aging infrastructure to grid modernization and electrification.”

Also commenting on the acquisition, Christopher P. Vincze, Chairman and Chief Executive Officer of TRC, said: “The joining of our two firms will create significant and exciting opportunities for our people, our clients and the communities in which we live and work. With TRC’s innovative, technology-oriented power business, underscored by an advanced use of digital, we will significantly strengthen WSP’s Power & Energy offering. Additionally, TRC’s globally recognized Environmental & Infrastructure business, which is the seed from which TRC grew, will enhance WSP’s capabilities across Water, Infrastructure and Environment. Our combined skill sets will elevate us to better support, over the next decade and beyond, our people and planet as we face unprecedented growth of power needs on the back of ongoing electrification, the re-emergence of domestic manufacturing in the U.S. and the continued growth of infrastructure.”

Reflecting on their investment, Kim Thomassin, Executive Vice President and Head of Québec at La Caisse said: “With this investment, La Caisse once again demonstrates its ongoing commitment to WSP, helping to position the company as a leader in engineering and design in the United States and globally, while accelerating the development of its Energy offering, a sector with strong potential. This transaction is at the core of our strategy to support the international expansion of companies firmly rooted in Québec and to give them the means to achieve sustainable growth.”

The deal is expected to close in Q1 2026 pending regulatory approvals.  

On Monday, La Caisse issued WSP's press release on its website:

• Milestone transaction: Welcoming a U.S. premier Power & Energy brand of approximately 8,000 people to create the #1 Power & Energy platform in the U.S.1 for a total cash purchase price of US$3.3 billion.
• Highly accretive: Expected to be low- to mid-single digit percentage accretive to WSP’s adjusted net earnings per share  and high-single digit percentage accretive once cost synergies are fully realized2,3.
• Highly complementary: Expands our offering in the Power & Energy sector and provides potential cross-selling opportunities similar to our POWER Engineers experience.
• Drives scale across strategic high-growth areas fuelled by strong fundamentals:
  • Grows Advisory capabilities
  • Expands Program Management expertise
  • Adds to Digital offering with innovative solutions
  • Enhances service offering across Water, Infrastructure and Environment
• Elevates leading position in the U.S.: Combined with TRC, WSP will become the largest engineering and design firm in the U.S. by revenue4, with approximately 27,000 employees.
• Provides further diversification: 34% of U.S. net revenues to be derived from the Power & Energy sector5.
• Accelerates WSP’s organic growth rate profile globally: Approximately two-thirds of WSP’s global net revenues to be derived from Canada and the Americas, and approximately 20% from Power & Energy—a double-digit organic growth rate sector6.
• Fully aligned with WSP’s 2025-2027 Global Strategic Action Plan: Pioneering change for empowered growth.
• Equity Offering: ~$850 million equity offering composed of $732 million bought deal and approximately $118 million concurrent private placement with La Caisse.

WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”), one of the world’s leading professional services firms, proudly announces it has entered into an agreement to acquire TRC Companies (“TRC”), a premier U.S. Power & Energy brand delivering end-to-end solutions that support the full infrastructure lifecycle (the “Acquisition”), currently majority-owned by funds managed by Warburg Pincus LLC. The proposed Acquisition, for a total cash purchase price of US$3.3 billion (approximately $4.5 billion based on the exchange rate of $1.3762 USD/CAD as of December 15, 2025), marks a significant step on WSP’s journey to achieve its 2025-2027 Global Strategic Action Plan. The proposed Acquisition will position WSP as the largest engineering and design firm in the U.S., supercharging its Power & Energy offering and enhancing its capabilities across Water, Infrastructure, and Environment.

Based in Windsor, Connecticut, TRC has been a pioneer in adaptability and innovation for more than 55 years. TRC has established itself as a leader and recognized strategic advisor in the engineering and consulting industry, maintaining deep, long-term relationships with blue-chip utilities. Its team of approximately 8,000 employees offers an integrated approach that delivers long-term value for clients facing complex infrastructure and energy challenges.

The proposed Acquisition complements WSP’s offering in attractive market sectors, will expand its client relationships, and enhance its capabilities throughout the project lifecycle, notably with a portfolio of advisory practices tailored to utilities and program management expertise. It will also create potential cross-selling opportunities across power engineering, environmental solutions, and advisory services. At the same time, TRC will bring a shared commitment to innovation and operational excellence, with investments in digital solutions and a highly skilled workforce—further amplifying WSP’s ability to deliver integrated, future-forward solutions.

“The proposed Acquisition of TRC is a defining moment in the execution of WSP’s 2025-2027 Strategic Plan. Building on our track record of excellence and compounding financial performance, this strategic move will cement WSP as the Power & Energy consulting leader in the U.S. and globally. Joining forces will position our business for accelerated organic growth and create an integrated platform with industry-leading capabilities in advisory, engineering, and program management. With TRC's highly complementary expertise in power delivery, transmission, distribution, and advisory services, our combined offering will cover the entire utility and infrastructure value chain. Together, we are poised to deliver more complex projects and offer expanded end-to-end services to help solve our clients’ critical needs, from aging infrastructure to grid modernization and electrification,” commented Alexandre L’Heureux, President and Chief Executive Officer of WSP.

Also commenting on the Acquisition, Christopher P. Vincze, Chairman and Chief Executive Officer of TRC, said: “The joining of our two firms will create significant and exciting opportunities for our people, our clients and the communities in which we live and work. With TRC’s innovative, technology-oriented power business, underscored by an advanced use of digital, we will significantly strengthen WSP’s Power & Energy offering. Additionally, TRC’s globally recognized Environmental & Infrastructure business, which is the seed from which TRC grew, will enhance WSP’s capabilities across Water, Infrastructure and Environment. Our combined skill sets will elevate us to better support, over the next decade and beyond, our people and planet as we face unprecedented growth of power needs on the back of ongoing electrification, the re-emergence of domestic manufacturing in the U.S. and the continued growth of infrastructure. We were an early pioneer in the utility sector and continue to be a trusted thought partner, working to create, implement and manage complex strategies and programs to meet the country’s power needs. TRC’s people continue to be passionate about making the world a better place, and this next chapter will allow us to come together with WSP in a very exciting way to further that goal.”

Reflecting on their investment, Kim Thomassin, Executive Vice President and Head of Québec at La Caisse said: “With this investment, La Caisse once again demonstrates its ongoing commitment to WSP, helping to position the company as a leader in engineering and design in the United States and globally, while accelerating the development of its Energy offering, a sector with strong potential. This transaction is at the core of our strategy to support the international expansion of companies firmly rooted in Québec and to give them the means to achieve sustainable growth.”

FINANCIAL HIGHLIGHTS

• Proposed Acquisition of TRC for a total cash purchase price of US$3.3 billion (approximately $4.5 billion based on the exchange rate of $1.3762 USD/CAD as of December 15, 2025).
• Acquisition price represents 14.5x TRC’s Pre-IFRS 16 CY2026E Adjusted EBITDA  pre-synergies and 12.5x after including run-rate synergies.  (TRC’s Pre-IFRS 16 Adjusted EBITDA and earnings before net interest and income tax for the financial year ended June 30, 2025 were approximately US$192.3 million ($268.5 million) and US$87.5 million ($122.1 million), respectively).
• Expected to be low-to-mid single-digit percentage accretive to WSP’s adjusted net earnings per share before synergies. WSP expects 2027 Accretion (as defined below) to be high single-digit percentage accretive once cost synergies are fully realized (WSP’s basic net earnings per share attributable to shareholders and adjusted net earnings per share were $5.40 and $8.05 respectively, for the financial year ended December 31, 2024).2,9
• Expected cost synergies to exceed 3% of TRC’s net revenues for the financial year ended June 30, 20257, plus potential cross-selling revenue synergy opportunities in alignment with our POWER Engineers experience (TRC's net revenues and revenues for the financial year ended June 30, 2025 were approximately US$1,192.2 million and US$1,498.9 million, respectively).8
• Transaction to be financed with US$3.3 billion of Committed Acquisition Financing (as defined below).
• Estimated pro forma Net Debt to Adjusted EBITDA ratio6 of ~2.4x upon closing of the Acquisition with the expectation to return to below 2.0x within 12 months6 (WSP's net debt to adjusted EBITDA ratio for the trailing twelve-month period ended September 27, 2025 was 1.4x and adjusted EBITDA and earnings before net financing expense and income taxes for the same period were approximately $2,501.4 million and $1,481.0 million, respectively).
• Equity raise of approximately $850 million: $732 million bought deal public offering and approximately $118 million private placement of common shares of WSP (“Common Shares”) expected to close on or about December 22, 2025, with a corresponding reduction of the amounts drawn from the Committed Acquisition Financing. WSP may also opportunistically access debt capital markets to repay a further portion of the Committed Acquisition Financing should market conditions be favourable.

Take the time to read full press release here as it's long.  

So, La Caisse struck a private placement agreement with WSP for $118-million to help it acquire TRC, a recognized power and energy leader and strategic advisor in the engineering and consulting industry, maintaining relationships with blue-chip utilities.

With this private placement, La Caisse which is already WSP’s single biggest shareholder, will increase its stake to about 14%.

It's fair to say WSP is one of the biggest and best investments in La Caisse's massive Quebec portfolio.

Led by CEO Alexandre L’Heureux, WSP is Quebec's most prolific acquirer, making a series of strategic acquisitions to cement its position as a Canadian and now global leader. 

This acquisition of TRC Companies is by far its biggest acquisition, it's highly complementary and catapults WSP into a leading global advisory and engineering firm, helping them expand end-to-end services to address their clients’ critical needs, from aging infrastructure to grid modernization and electrification.

It will also create potential cross-selling opportunities across power engineering, environmental solutions, and advisory services. 

Just a smart strategy for an engineering powerhouse and I'm certain the merger will benefit WSP, TRC, its clients and its investors over the long run.

Over the past 5 years, shares of WSP have doubled and while they will need to sell shares and raise debt to make this acquisition happen, I'm quite confident this will remain a great long-term investment:

Having La Caisse as a backer helps but the company has delivered on its strategic plan and investors have rewarded it. 

Lastly, Kim Thomassin, Executive Vice President and Head of Québec at La Caisse posted something on LinkedIn going over how her team once again helped deliver the organization's dual mandate over the past year (I translated it on LinkedIn for my readers):

Take the time to go over the post here as it's interactive and contains key highlights.

Let me also take the time to wish Kim and the entire team at La Caisse happy holidays and much success in the new year. 

Below, Alexandre J. L'Heureux, CEO of WSP Global, joins BNN Bloomberg to discuss the company's acquisition of TRC Companies. Take the time to listen to this interview, he's excellent and explains very well why this is a great acquisition for the company.

"There's a lot of work (in the electrical area) and we expect a lot of work over the next decade."  

If Congress allows the enhanced Affordable Care Act (ACA) premium tax credits to expire, millions of working families will lose health care coverage while millions of others will face sharply higher premiums. With four Republicans breaking ranks to vote with Democrats and force a House vote on whether to extend the credits, Congress now has a chance to avert this crisis. Losing the tax credits would be an added blow for households already squeezed by rising costs and tight budgets. But a deeper story emerges when we look at who stands to lose the most. A forthcoming analysis from the Economic Policy Institute and Groundwork Collaborative finds that Black Americans in some of the nation’s largest metropolitan areas would face deep coverage losses and financial harm if credits expire.1

This analysis was produced in partnership with Groundwork Collaborative.

More than 170,000 Black adults in 10 major metro areas would lose health care coverage in 2026 if the ACA credits expire, with the largest losses in Atlanta, Houston, Dallas, and Miami. Losing insurance wipes away a basic source of security for working families and reverses gains made under the ACA, which disproportionately reduced uninsured rates for Black adults​​—narrowing longstanding racial coverage gaps. 

Our analysis shows that coverage loss is only the first shock. Families who lose insurance and families who remain covered both face significant new burdens, and the costs are substantial across the 10 metropolitan areas.

• Allowing the ACA credits to expire would lead to more than 200 preventable Black deaths each year. These deaths stem directly from the loss of affordable coverage and reduced access to timely care. 
• Black families would pay $740 million more in annual premium costs. Black families who are able to keep their health insurance would be squeezed by higher health care costs, further straining already tight household budgets.
• Local economies in major metros with large Black populations would lose more than $1.9 billion each year. Atlanta, Houston, and Dallas metros would lose the most economic activity as federal subsidies disappear and household spending contracts because families must redirect more of their income toward higher premiums and away from spending on local goods and services. 

Table 1

Allowing the ACA premium tax credits to expire would make it harder for U.S. families to access health care, worsen an ongoing affordability crisis, and negatively impact local economies. These shocks would be felt acutely by Black workers and their families because they reflect longstanding structural inequities that influence who has access to affordable health care. Black workers are less likely to hold jobs that provide employer-provided health insurance, more likely to live in states that did not expand Medicaid, and more likely to skip or delay medical care due to costs. Moreover, ending the tax credits would reduce economic activity and lower productivity in the cities where Black families live.

The pursuit of equity in this moment requires us to hold fast to the gains we have made thus far, both to limit the suffering of as many U.S. families as possible and to help us build toward further progress. Acting to extend the ACA premium tax credits until such a time that health costs can be significantly reduced is smart, responsible, and race-conscious economic and public health policy.

Note

1. Pre-Trump economic conditions were examined in these 10 metro areas in EPI’s “A tale of 10 cities” report, which discusses various threats imposed by the Trump administration’s historic rollback of federal, civil, and workers’ rights protections. The underlying methodology combines Census microdata, federal Marketplace enrollment data, and state-level projections of coverage loss. The forthcoming report will provide complete technical details.

Don Wilcox of Real Estate News Exchange reports CPP Investments forges $3B logistics JV with Dream Industrial:

CPP Investments is forging a joint venture to acquire up to $3 billion in Canadian last-mile industrial properties with Dream Industrial REIT (DIR-UN-T) and Dream Asset Management Corp., the firms announced Wednesday.

The venture is to have an equity allocation of $1.1 billion and be seeded with an $805-million portfolio of 12 properties from Dream Industrial. The seed properties comprise approximately 3.6 million square feet of space in four major markets, following the investment thesis for the venture.

“The Canadian industrial sector continues to demonstrate resilient demand and meaningful long-term growth drivers, supported by a structurally high need for well-located space as supply chains and logistics continue to evolve,” said Sophie van Oosterom, managing director, head of real estate at CPP Investments, in its announcement.

“By partnering with Dream, a leading institutional asset manager and operating platform, we can efficiently scale our exposure in the Canadian market to capture this growth and drive long-term value for the benefit of CPP contributors and beneficiaries.”

Properties in the seed portfolio comprise a total of 27 buildings in the Greater Toronto Area, Montreal, Calgary, and London, Ont. 

CPP invests $1 billion in the JV

CPP Investments is supplying approximately $1 billion of the capital and will own 90 per cent of the venture, with approximately $100 million from Dream Industrial. This will allow for the expected acquisition of approximately $3 billion of industrial assets including leverage.

The venture will seek properties in Canada’s major markets “offering excellent connectivity to population clusters and arterial transport routes.” It intends to pursue a value-add strategy acquiring assets with material existing vacancy, near-term lease-rollover, larger capital investments, intensification and redevelopment opportunities.

Dream subsidiaries will be the asset manager, and provide property management and leasing services.

“We are excited to partner with CPP Investments to continue to expand our presence in the Canadian industrial market,” said Alex Sannikov, chief executive officer of Dream Industrial, in the release. “This new joint venture is highly complementary to the strategic direction of Dream Industrial and our existing private capital partnerships. We look forward to growing this partnership with CPP Investments.”

The industrial market has been one of Canada's most robust commercial real estate investment sectors in recent years, and although absorption has slowed somewhat over the past few quarters, well-located and modern facilities have continued to lease up and perform well. 

This also offers CPP Investments another major Canadian venture, as pressure has mounted on institutional investors to further support home-grown business in the wake of increased cross-border trade tensions and tariffs with the U.S.

Partnership to lift Dream above $30B in AUM

In its own release, Dream noted average in-place and committed base rent for properties in the initial portfolio was approximately $11 per square foot as at the end of Q3, with a weighted average lease term of approximately three years.

The properties will be sold into the venture unencumbered, in two tranches during the first six months of 2026.

“This new venture with one of the largest and most respected institutional investors globally is a testament to the strength of our platform, our reputation in the sector, and our asset and property management capabilities,” Dream’s founder and chief responsible officer Michael Cooper said in the announcement. 

“With this partnership, we expect to surpass $30 billion of assets under management and increase our growth rate as we continue to build out our institutional asset management business.”

The partners were advised by TD Securities, RBC Capital Markets, Colliers Capital Markets and CBRE. Stikeman Elliott LLP and King & Spalding LLP provided legal advice.

This is not Dream's first major partnership, including within the industrial sector where it is also involved in the Dream Summit Industrial LP, with Singapore's sovereign wealth manager GIC. 

Also in the release, Dream Industrial announced the suspension of its dividend reinvestment program, opting to pay all distributions in cash.

About CPP Investments, Dream Industrial and Dream

CPP Investments manages the Canada Pension Plan Fund for over 22 million contributors and beneficiaries. It invests globally 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, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. As of Sept. 30, the fund totalled $777.5 billion.

Dream Industrial is an owner, manager, and operator of a global portfolio, with interests in 340 industrial assets (552 buildings) totalling approximately 73.2 million square feet of gross leasable area in markets across Canada, Europe and the U.S.

Dream Asset Management is the institutional asset management arm of Dream Unlimited Corp. (DRM-T), providing investment and asset management services to its publicly listed trusts and institutional partners. As of Sept. 30, Dream managed $28 billion of assets across four TSX-listed entities, private funds and numerous private partnerships.

Dream provides real estate development, management, investment and operational services across North America and Europe.

Greg Dool of PERE also reports CPP Investments seeds Canadian industrial JV with $727m commitment:

The Canada Pension Plan Investment Board has committed C$1 billion ($727 million; €618 million) to seed a joint venture focused on acquiring last-mile industrial assets across its home country.

Canada’s largest institutional real estate investor is partnering in the venture with Toronto-listed Dream Industrial Real Estate Investment Trust and its private investment arm, Dream Asset Management, the firms said Wednesday. Dream Industrial is committing an additional C$100 million of its own to the JV, which will have approximately C$3 billion in buying power with leverage.

Coinciding with the launch, Dream Industrial has agreed to sell a 12-asset, 3.6 million-square-foot portfolio spanning Alberta, Ontario and Quebec to the venture from its balance sheet for C$805 million. By square footage, those assets represented about 17.5 percent of Dream Industrial’s overall REIT portfolio as of September 30.

In a Wednesday statement to shareholders viewed by PERE, Dream Industrial called that price “a significant premium” relative to the current value of its shares on the Toronto Stock Exchange. The REIT’s shares closed at C$12.19 on Tuesday evening, the day before the deal was announced, whereas the net asset value of its portfolio stood at C$16.74 per unit as of September 30. According to Dream Industrial, the JV’s C$805 purchase price values the seed assets “slightly above” the current NAV for that portion of the portfolio, representing a premium of more than 37 percent compared with its share price.

By square footage, 37 percent of the seed portfolio is in the Greater Toronto area and another 36 percent in Montreal, with the rest located in Calgary and London, Ontario. The transaction is expected to close in the first half of 2026.

CPP will own 90 percent of the venture, while Dream Industrial will hold the other 10 percent and act as property manager for its existing and future assets. Dream Asset Management will serve as the JV’s asset manager.

Sophie van Oosterom, managing director and head of real estate for CPP, emphasized “resilient demand and meaningful long-term growth drivers” for logistics and supply chain-oriented Canadian industrial property. By partnering with Dream, which is both an asset manager and operating platform, CPP can “efficiently scale our exposure in the Canadian [industrial] market to capture this growth,” she said in the statement.

CPP managed C$777.5 billion of assets globally as of September 30, with approximately 6.8 percent of that portfolio in private real estate as of March 31, the most recent data available for allocations by asset class. As head of real estate since joining CPP at the start of 2025, van Oosterom has sought to adopt a more risk-on approach in which the asset class contributes more to the fund’s total returns, which she portrayed as a change in strategy from the prior two decades, during which the asset class was primarily a source of diversification and protection against volatility.

Describing this shift last month at the PERE America Forum in New York, van Oosterom said CPP would be open to investing with new partners, particularly for opportunities in “very operational and specialized strategies.”

“We need to look around the corner as well and say, which entrepreneurs are out there that we can back or support to grow those portfolios into the institutionalized platforms that we think we can create value in,” she said.

Earlier today, CPP Investments issued this press release on its $3 billion joint venture with Dream Industrial REIT and Dream Asset Management:

Transaction Highlights  

• CPP Investments, Dream Industrial and Dream Asset Management Corporation form new Canadian industrial Joint Venture, with $1.1 billion of allocated equity capital
• The Joint Venture is expected to have approximately $3 billion of acquisition capacity, including leverage, and will target last-mile industrial assets in major Canadian markets
• The Joint Venture has agreed to acquire a 3.6 million square foot Initial Portfolio from Dream Industrial REIT for over $800 million

Toronto, Ontario, December 17, 2025 — Canada Pension Plan Investment Board (“CPP Investments”), Dream Industrial Real Estate Investment Trust (TSX: DIR.UN) (“Dream Industrial”), and Dream Asset Management Corporation (“Dream”) (collectively, the “Partners”) today announced the formation of a joint venture (the “Joint Venture”) to acquire last-mile industrial properties in major markets across Canada.

The Partners have allocated $1.1 billion of equity capital, including $1.0 billion from CPP Investments (90%) and $0.1 billion from Dream Industrial (10%), allowing for the expected acquisition of approximately $3.0 billion of industrial assets strategically located in Canada’s major markets, offering excellent connectivity to population clusters and arterial transport routes.

A subsidiary of Dream will be the asset manager for the Joint Venture and a subsidiary of Dream Industrial will provide property management and leasing services.

As part of this Joint Venture, the Partners have agreed to acquire a portfolio of 12 Canadian industrial assets totaling 3.6 million square feet across Ontario, Quebec, and Alberta (the “Initial Portfolio”) from Dream Industrial. The Joint Venture is acquiring the Initial Portfolio for a purchase price of $805 million.

“The Canadian industrial sector continues to demonstrate resilient demand and meaningful long-term growth drivers, supported by a structurally high need for well-located space as supply chains and logistics continue to evolve,” said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments. “By partnering with Dream, a leading institutional asset manager and operating platform, we can efficiently scale our exposure in the Canadian market to capture this growth and drive long-term value for the benefit of CPP contributors and beneficiaries.”

“We are excited to partner with CPP Investments to continue to expand our presence in the Canadian industrial market,” said Alex Sannikov, Chief Executive Officer of Dream Industrial REIT. “This new Joint Venture is highly complementary to the strategic direction of Dream Industrial and our existing private capital partnerships. We look forward to growing this partnership with CPP Investments.”

“This new venture with one of the largest and most respected institutional investors globally is a testament to the strength of our platform, our reputation in the sector, and our asset and property management capabilities,” said Michael Cooper, founder and Chief Responsible Officer of Dream. “With this partnership, we expect to surpass $30 billion of assets under management and increase our growth rate as we continue to build out our institutional asset management business.”

The Partners were advised by TD Securities, RBC Capital Markets, Colliers Capital Markets and CBRE. Stikeman Elliot LLP and King & Spalding LLP provided legal advice in connection with establishing the Joint Venture.

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, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totaled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments. 

About Dream Industrial Real Estate Investment Trust

Dream Industrial is an owner, manager, and operator of a global portfolio of well-located industrial properties. As at September 30, 2025, Dream Industrial has an interest in and manages a portfolio comprising 340 industrial assets (552 buildings) totaling approximately 73.2 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial’s objective is to deliver strong total returns to its unitholders through secure distributions and growth in net asset value and cash flow per unit, underpinned by its high-quality portfolio and investment-grade balance sheet. Dream Industrial is an unincorporated, open-ended real estate investment trust. For more information, please visit www.dreamindustrialreit.ca.

About Dream Asset Management Corporation

Dream Asset Management is the institutional asset management arm of Dream Unlimited Corp. (TSX: DRM) (“Dream Unlimited”) providing investment and asset management services to its publicly listed trusts and institutional partners. As at September 30, 2025, Dream manages $28 billion of assets across four Toronto Stock Exchange (“TSX”) listed entities, private funds and numerous private partnerships. Dream is a leading provider of real estate development, management, investment, and operational services across North America and Europe. For more information, please visit www.dream.ca.

This is a major transaction for CPP Investments, Dream Industrial REIT and Dream Asset Management Corporation.

I've never heard of Dream Industrial REIT but I'm not a big follower of REITs in general.

Looking at Dream's website however, you can't help but be impressed and this is the second joint venture for them with a major institutional partner having partnered up with GIC and Summit on another venture two years ago.

Recall, Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments was hired a little over a year ago from Schroders Capital to take over the organization's massive real estate portfolio.

Her focus is on partnerships that offer unique strategies or that are best-in-class at areas they cover and this joint venture fits that criteria.

As she states in the press release:

“By partnering with Dream, a leading institutional asset manager and operating platform, we can efficiently scale our exposure in the Canadian market to capture this growth and drive long-term value for the benefit of CPP contributors and beneficiaries.” 

Dream's Canadian logistics properties are mostly in Toronto, Montreal and Calgary and even though logistics properties are fully valued, these are prized assets that CPP Investments can hold for many years without taking any currency risk (since they're right there in Canada). 

Clearly they did their due diligence on Dream and were impressed or else they wouldn't commit $1 billion equity, $3 billion in total to this JV.

Are there risks? Sure, the Canadian economy is teetering on a recession despite what you see in the data from Stats Canada (don't get me started) but these are assets they will hold through a few cycles so I'm not worried about that.

Canada's population is growing and more people will end up buying more stuff so these logistics properties will always be in high demand. 

Below, Alexander Sannikov, CEO of Dream Industrial REIT joins BNN Bloomberg to discuss the industrial real estate landscape. He says while rents are cheaper in Europe there is still room to run (interview from May 2024, listen to his comments on Canada).

Last month, U.S. Senator Bill Cassidy (R-La.) unveiled a package of four bills that he described as advancing President Trump’s purported “pro-worker” agenda. But there is nothing in the legislation to address the problems workers face when they try to organize unions at their workplace. In fact, Senator Cassidy’s bills construct new barriers to worker organizing and create new incentives for employers to undermine workers’ rights.

Below, we compare Senator Cassidy’s bills to the Protecting the Right to Organize (PRO) Act, which is comprehensive legislation to reform our nation’s broken labor law system. As you can see, it’s clear which legislation actually helps workers.

Table 1