La Caisse Exits Charlotte Industrial Holdings in US$119.5M Sale to GID
La Caisse has sold a nine-building industrial portfolio and an undeveloped parcel in Charlotte, North Carolina, to GID for US$119.5 million. The Quebec pension fund manager, formerly CDPQ, had owned the properties for nearly ten years after buying them for about US$51 million in 2017. The sale price is more than double the original acquisition cost.
The deal transfers nine industrial buildings and an undeveloped Charlotte parcel from La Caisse to GID. The buyer is GID; the seller is the Quebec pension fund manager formerly called CDPQ.
La Caisse held the North Carolina assets for almost ten years. It bought them in 2017 for approximately US$51 million and has now sold them for US$119.5 million, a price more than twice the original acquisition cost.
The sale may affect Charlotte’s industrial property market by shifting ownership of nine buildings and undeveloped land to GID. Tenants and local businesses could see changes in management or future leasing plans, though terms are unknown. La Caisse’s pension members may benefit from a profitable exit, while the broader community may gain or lose depending on how the parcel is developed. Effects remain uncertain.