The Ontario Municipal Employees’ Retirement System’s infrastructure arm is partnering with an infrastructure investment fund managed and advised by DWS Group to acquire Italy-based Grandi Stazioni Retail.
The operator manages the commercial and advertising spaces in 14 of the country’s major railway stations and hubs for its high-speed rail network. The financial details of the transaction weren’t disclosed and the deal is expected to close by the end of the year.
“The acquisition is highly consistent with the OMERS Infrastructure strategy and will be an excellent complement to our world-class portfolio of infrastructure investments,” said Michael Hill, executive vice-president and global head of infrastructure at the OMERS, in a press release.
Read: OMERS names Michael Hill as executive vice-president, global head of infrastructure
In other news, the Canada Pension Plan Investment Board and RMZ Corp. are selling One Paramount 1 to Keppel Ltd., in a deal worth US$264 million.
The real estate asset is located in Chennai, India and is spread across 12.6 acres of land with 2.4 million square feet of leasable space. As part of the transaction, the CPPIB expects to receive roughly US$52 million in net proceeds from the sale.
“We have been able to capture the country’s growth opportunities in the real estate sector through our partnership with RMZ,” said Hari Krishna, managing director and head of real estate India at the CPPIB, in a press release. “The sale of One Paramount 1 represents an opportunity to monetize a quality asset to deliver returns to the CPP Fund.”
READ: CPPIB sells 2.78% stake in India logistics firm
The Ontario Teachers’ Pension Plan’s venture growth arm led a US$150 million raise in funding for Bilt Rewards, a travel loyalty program operator. The endowment funds of Vanderbilt University and the University of Illinois also participated in the raise.
In a press release, Rick Prostko, senior managing director at Teachers’ Venture Growth, said his team is excited to work with Bilt Rewards and support them as a value-add partner. “BILT Rewards has created a unique loyalty program to empower renters. We’ve seen the positive reaction from both customers and all those involved as part of their ecosystem.”