Closing Date: December 2023

Address: 46 – 58 Aero Drive NE, Calgary, AB

Net Rentable Area: 502,065 SF

Year Built: 2007 – 2009

Highlights:

• The Portfolio is currently 97% leased with average contractual rents nearly 17% below market and a weighted average remaining lease term of 3.8 years, providing investors with near-term mark-to-market upside and the opportunity to capitalize on Calgary’s strong industrial market
• The Calgary International Airport is the fourth busiest airport in Canada, handling more than 14.5 million passengers in 2022 and 75% of Alberta’s air cargo shipments. As a major economic driver, the airport contributes more than 10% of Calgary’s economic GDP at $8 billion and supports nearly 50,000 jobs
• Limited supply of land with immediate access to airport infrastructure further strengthens the unique nature of this offering. The Portfolio is strategically located west of the YYC International Airport, offering tenants direct tarmac access and to Highway 2, a regional north-south transportation thoroughfare that is part of the CANAMEX Trade Corridor
• Coming off a record net positive absorption of 10.1 million SF in 2022, the continued leasing momentum in Calgary’s industrial market has pushed the vacancy rate to 2.1%. This has propelled an average year-over-year rental rate growth of 20%, which is still behind the Canada-wide growth rate of 35%