Firm News

Slate Asset Management Announces Acquisition of Approximately 800 Acres of Industrial Land and Buildings in Hamilton, Ontario from Stelco Inc.

Tuesday, May 31, 2022

The firm plans to redevelop the site into a world-class industrial park with a focus on job creation, economic growth, and environmental sustainability

Slate Asset Management (“Slate” or “the firm”), a global alternative investment platform targeting real assets, announced today the acquisition of approximately 800 acres of industrial land and buildings in Hamilton, Ontario from Stelco Inc. (“Stelco”). Slate plans to redevelop the site into a world-class industrial park with the potential to create up to 23,000 new jobs across the Greater Toronto & Hamilton Area and inject up to $3.8 billion into Ontario’s economy, according to an economic study conducted by EY.

The site’s strategic location presents a one-of-a-kind industrial development opportunity in North America, offering direct access to the Great Lakes and the St. Lawrence Seaway, the U.S. land border, Ontario’s highway system, on-site rail connecting into Ontario’s greater Golden Horseshoe network, as well as nearby international airports in Hamilton and Toronto.

“Having grown up in the area, Brady and I understand firsthand the history and significance this site has had in the Hamilton community and in broader Ontario for well over a century,” said Blair Welch, Founding Partner at Slate. “Our vision is to restore this site to its highest potential, reimagining it as a world-class industrial park that will continue to play a crucial role in the economy of the city and our province long into the next century.”

Brady Welch, Founding Partner at Slate, added: “This project represents a defining opportunity to reactivate a massively underutilized parcel of land that has global industrial relevance. We are committed to working in close partnership with local institutions, government, and community groups to deliver a state-of-the-art industrial park that is modern and sustainably developed, attracting world-class tenants and restoring economic vitality to the area.”

Under the terms of the transaction, Slate has agreed to a long-term sale-leaseback of 75 acres of land and 2 million square feet of buildings for 35 years to Stelco, a high-quality tenant with a strong balance sheet and limited corporate liabilities. The remaining 725 acres will be prepared by Slate for development into highly coveted, Class A industrial product. The site’s current zoning allows for a wide range of industrial uses with the potential to develop up to 12 million square feet, creating an unrivaled industrial development pipeline.

Slate will also invest into the environmental protection and remediation of the site, ensuring that 800 acres of land is clean and safe for workers and 3,400 metres of waterfront along Lake Ontario are reactivated.

Bozena Jankowska, Global Head of ESG at Slate, said: “By incorporating best practices around sustainable infrastructure, construction, and social value across the lifetime of this project and its end use, we can redefine the legacy of this site and reintroduce it as a new standard bearer for modern industry. We look forward to collaborating with local and global organizations to raise the bar for this industrial redevelopment in every sense and demonstrate that we can drive economic growth while ensuring environmental and social sustainability.”

Fred Eisenberger, the Mayor of Hamilton, said: “It is fantastic to see Slate making this sizable investment in the City of Hamilton. This is a vote of confidence in our community and confirms Hamilton as an employment hub for the entire Greater Toronto & Hamilton Area for decades to come. In partnership with Slate and Stelco, we can’t wait to see these unique and iconic lands transform into a showcase job site of the future where we will create good-paying jobs, grow the economy, and protect and remediate Hamilton’s waterfront for the benefit of all.”

The Greater Toronto & Hamilton Area is located at the western end of Lake Ontario within the Golden Horseshoe, an industrialized region of nearly 10 million people surrounding the city of Toronto, which accounts for 20 percent of Canada’s GDP. The area has a diverse economy, from manufacturing and steel production to financial services, technology, health care, and tourism. The Golden Horseshoe also has strategic access to major U.S. markets, with a population of 130 million people within a 500-mile radius. The region has two international airports serving 200 destinations in 55 countries and benefits from Canada’s international trade agreements that provide access to nearly 1.7 billion consumers worldwide with a combined GDP of more than US$62 trillion.

The transaction closed on June 1, 2022.

About Slate Asset Management
Slate Asset Management is a global alternative investment platform targeting real assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus, and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit to learn more.

About Stelco
Stelco is a low cost, integrated and independent steelmaker with one of the newest and most technologically advanced integrated steelmaking facilities in North America. Stelco produces flat-rolled value-added steels, including premium-quality coated, cold-rolled and hot-rolled sheet products, as well as pig iron and metallurgical coke. With first-rate gauge, crown, and shape control, as well as uniform through-coil mechanical properties, our steel products are supplied to customers in the construction, automotive, energy, appliance, and pipe and tube industries across Canada and the United States as well as to a variety of steel service centres, which are distributors of steel products. At Stelco, we understand the importance of our business reflecting the communities we serve and are committed to diversity and inclusion as a core part of our workplace culture, in part, through active participation in the BlackNorth Initiative.

For Further Information: 

Slate Asset Management
Karolina Kmiecik
Director of Communications
[email protected]

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