The Canada Pension Plan Investment Board is selling a portion of its stake in a real estate joint venture to its partner Unibail-Rodamco-Westfield SE.
The investment organization’s partner is buying a 38.9 per cent stake in an off-market transaction, which will bring up its ownership stake to 89.9 per cent. According to a press release, both partners retain the option to transfer the remaining 10.1 per cent of the CPPIB’s interest to URW in 2025 for a cash consideration of up to €65 million.
The joint venture, URW Germany GmbH, owns five shopping centres in Germany. The financial details of the transaction weren’t disclosed.
Read: CPPIB launching U.K. real estate joint venture, reinvesting $100 million in U.S. energy firm
In other news, the private equity arm of the Ontario Municipal Employees’ Retirement System is acquiring a majority stake in information technology service provider Integris from private equity firm Frontenac.
The financial details of the transaction weren’t disclosed. According to a press release, the acquisition marks the entry of OMERS Private Equity into the IT managed services provider space.
In the release, Geoffrey Bird, managing director and head of business services at OMERS Private Equity, said he was excited to add Integris to the investment organization’s portfolio. “Equally critical is that Integris’ proven leadership team will remain at the helm, ensuring seamless continuity and the continued delivery of outstanding customer service.”