On December 18, 2023, TPG, a global alternative asset management firm, and Oxford Properties Group announced their partnership with TPG acquiring a 75% interest in two Class-A industrial business parks in the Greater Toronto Area: Brampton Business Park and Vaughan Business Park, valued at C$1.3 billion. This marked their first joint venture and one of Canada's largest private industrial real estate transactions. Oxford retained a 25% stake and continues managing the 5.1 million square-foot portfolio.

Jacob Muller from TPG highlighted the GTA's strong market and growth potential, seeing this as an opportunity to enter the market with high-quality assets. The properties, well-located in the GTA, comprise five buildings in each park, fully leased to credible tenants like Mondelez and Best Buy.

Jeff Miller from Oxford underscored the long-term value and strategic reinvestment plans in Ontario, including 3 million square feet of new industrial developments by 2026. TPG's historical investment in industrial real estate totals US$1.6 billion, while Oxford's industrial sector is a significant part of its global real estate portfolio.

RBC Capital Markets, Desjardins Capital Markets, and CBRE served as financial advisors. Legal counsel was provided by Stikeman Elliott LLP for Oxford, and Davies Ward Phillips & Vineberg and Kirkland & Ellis for TPG.