The Public Sector Pension Investment Board is entering a $700-million joint venture investing in single-family rentals in the U.S.
The new venture with Pretium Partners will initially fund units across major markets in the southeastern and southwestern U.S., according to a press release.
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“Pretium has a proven track record of generating robust, uncorrelated returns by applying its specialized, resident-centric and scalable approach to its large and growing portfolio of homes,” said Carole Guérin, managing director of real estate at the PSP, in the release. “We can think of no better partner to expand our presence in this increasingly attractive asset class and look forward to working with Pretium to deliver compelling results for our beneficiaries.”
In a separate transaction, the PSP is investing in a new 17-storey mixed-use office building in Boston. The building’s main tenant is Amazon.com Inc., which will occupy 630,000 square feet of office space, according to a press release. The building, part of the 33-acre Boston Seaport project, is expected to be completed in 2024 and is Amazon’s second full-building lease within the development.
“PSP Investments is pleased to join our partner WS Development in expanding Amazon’s presence in Boston’s Seaport,” said Kristopher Wojtecki, managing director of real estate at the PSP, in the release. “Amazon’s expansion will further enhance the innovation ecosystem and creative economy in this powerful technology and life-sciences cluster.”
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And the Caisse de dépôt et placement du Québec is investing $60 million in a Quebec-based manufacturer of accessibility solutions. The investment in Savaria Corp. will go toward funding its acquisition of Handicare Group, a Sweden-based manufacturer of stairlifts, vehicle adaptations and repositioning aids, according to a press release.
“We’re delighted to support the international expansion strategy of Savaria, a Quebec manufacturer that has recorded significant growth over the years,” said Kim Thomassin, executive vice-president and head of investments in Quebec and stewardship investing at the Caisse, in the release. “With the acquisition announced today, the company joins the ranks of global leaders in its industry, with significant market share in North America and Europe and a wide range of products.”