Ivanhoé Cambridge, the real estate arm of the Caisse de dépot et placement du Québec, has partnered with U.S. firm GID to create an investment platform targeting industrial assets.
GID Industrial’s primary focus will be on acquiring, developing and managing infill industrial product in growing markets across the U.S., with an emphasis on locations close to densely populated areas. According to a news release, the new platform incorporates an existing portfolio of 19 million square feet under management, spread across 173 buildings, and valued at $2 billion.
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In a statement, Mario Morroni, Ivanhoé Cambridge’s executive vice-president of industrial for North America, said the new partnership would complement the company’s existing logistics investments. “Our partnership with GID is perfectly aligned with Ivanhoé Cambridge’s investment strategy and positions us to accelerate the execution of our urban infill light-industrial strategy in the U.S. and continue to create value for our stakeholders in this highly competitive environment going forward.”
Meanwhile, the Caisse also announced its involvement in the acquisition of TenCate Geosynthetics by Quebec-based Solmax, a leading manufacturer of polyethylene geomembranes.
The Caisse invested in the transaction as a long-term financial partner of Solmax, whose products are used in the mining, energy and waste management sectors to help protect soils from contamination. In a statement, Kim Thomassin, the Caisse’s executive vice-president and head of investments in Québec and stewardship investing, said the purchase of Netherlands-based TenCate marked the latest stage of Solmax’s rapid expansion over the last four years. “CDPQ is proud to further support Solmax in a transformative acquisition that will enhance its position as a global industry leader,” Thomassin added.
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In other investment news, the infrastructure arm of the Ontario Municipal Employees Retirement System announced it has reached an agreement to sell its minority interest in Vento II, a 596-Megawatt portfolio of four wind farms spread across the U.S. states of Illinois, Texas, Oregon and Minnesota.
Under the terms of the deal, which is expected to close in the second quarter, OMERS Infrastructure will receive US$196.5 million from Atlantica Sustainable Infrastructure for its share of the assets. “OMERS remains strongly interested in the renewables sector, and we continue to aggressively grow our presence in the sector through our existing, wholly-owned U.S.-based wind and solar platform and through the identification of additional opportunities to participate in renewables and energy transition investments globally,” said Gisele Everett, OMERS Infrastructure’s senior managing director for the Americas, in a press release.
Meanwhile, the British Columbia Investment Management Corp. helped finance professional services giant WSP Global’s acquisition of consulting firm Golder Associates. The previously announced deal saw WSP close the purchase of Golder’s holding company, Enterra Holdings Ltd., via a plan of arrangement for around $1.4 billion in cash — raised with the help of $310 million in private placement funding from BCI and Singapore’s sovereign wealth fund, GIC.