Building a Customized Industrial Portfolio for UPP

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A dedicated mandate focused on income-generating industrial real estate in Canada's major markets.

Aerial view of an industrial park with warehouses, loading docks and trucks.

Defining the Strategy

In May 2026, UPP partnered with KingSett to establish a dedicated industrial real estate mandate focused on income-generating, multi-tenant properties in Canada's major markets.

The partnership was built around a shared long-term perspective on investing and a focus on creating value through active ownership. UPP prioritized portfolio construction, investment performance, governance and sustainability in shaping the strategy. KingSett's experience in Canadian industrial real estate, established relationships across the market and approach to integrating sustainability into investment and asset management aligned well with these objectives. Together, UPP and KingSett developed a framework to source, acquire and manage industrial assets across Canada.

Building the Foundation

To support the strategy, UPP and KingSett created an account structure that reflects the mandate’s investment, governance and sustainability priorities.

Tailored Investment Parameters: UPP and KingSett defined the mandate’s sector focus, return targets, leverage and hold period at the outset.
Dedicated Governance: a dedicated Investment Committee oversees the account within a governance framework designed around UPP’s requirements. UPP receives monthly portfolio updates, quarterly reports, bi-annual executive meetings and annual budgets and appraisals. These touchpoints provide direct access to the Investment and Asset Management teams overseeing acquisitions, dispositions and asset operations.
Sustainability Considerations: the teams assess environmental and sustainability considerations during due diligence and incorporate them into ongoing asset management, including capital planning for building systems.

From Strategy to Portfolio

Since establishing the mandate, UPP and KingSett have completed three industrial acquisitions, with a fourth in progress. Two of the completed investments, along with the property currently under contract, originated through off-market transactions identified through KingSett's ongoing opportunity gathering and relationship network.

Together, the four investments would represent approximately 50% of committed capital, including equity invested at acquisition and capital reserved for follow-on investment.

Portfolio Timeline

Timeline infographic marketing key milestones in the UPP portfolio: May - partnership established, June - first acquisition completed, August - second and third acquisitions completed, October - fourth acquisition under contract. Portfolio progress: approximately 50% of committed capital represented, including follow-on investment.

Portfolio Snapshot

Aerial view of a large industrial warehouse complex. — **10-30 ALDEN - Markham, ON**

Aerial view of a warehouse yard with loading docks. — **PARK 61 - Calgary, AB**

Aerial view of large warehouse buildings. — **16311 117 AVENUE NW - Edmonton, AB**

Portfolio Progress

9 Number of Properties	3 Acquisitions completed	1 Acquisition in progress	3 of 4 Acquisitions sourced off-market	~50% Committed capital represented, incl. follow-on investment

As of October 2026.

Learn More

The UPP mandate shows how a Separately Managed Account can translate an investor's objectives into a focused real estate portfolio. Learn more about KingSett's approach to customized investment strategies.