CPPIB Pumps $850 Million Into Hard Assets, Sensing Market Froth The Canadian pension fund formed a joint venture with Greystar Real Estate Partners for multifamily development in the U.S. Bloomberg | Jan 08, 2021
(Bloomberg) Canada’s largest pension plan is expanding its holdings of hard assets, plowing around $850 million into property, wind farms and logistics facilities to kick off the year.
Canada Pension Plan Investment Board has formed a joint venture with Greystar Real Estate Partners to pursue multifamily real estate development opportunities in target markets in the U.S., it said in a statement Thursday. The pension fund is investing $350 million to the joint venture for a 90% stake, and Greystar is adding $39 million for the remaining 10%. Greystar will manage and operate the portfolio on behalf of the joint venture.
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First Notice: Aluminum relief; CPP eyes Finland; RAIC panel
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The Aluminium Association of Canada (AAC) issued a statement today saying it welcomes the Quebec government’s decision to maintain operations for its sector during the expanded lockdown. “It is with a heightened sense of responsibilities incumbent on us as employers and leading regional players, as well as with great satisfaction, that the primary aluminium industry welcomes the new measures announced by the Government of Quebec regarding the lockdown for the next four weeks,” stated Jean Simard, president and CEO of the AAC, in a statement.
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A renewable energy investment platform backed by Canada Pension Plan Investment Board is to acquire 171MW of wind projects in Finland from OX2.
The three projects are being purchased by Renewable Power Capital, as its first investment, in a deal valued at €245m.
OX2 is constructing the three wind farms under a tailored EPC contract and will, once commissioned, be responsible for the technical and commercial management of the wind farms.
Two of the wind farms, Puutikankangas in North Ostrobothnia and Rustari in South Ostrobothnia, in Finland, are ready-to-build.
All three wind farms will be commissioned in 2022.
Renewable Power Capital CEO Bob Psaradellis said: “We are pleased to announce this acquisition as our debut investment in one of our target markets, with a best-in-class partner.
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