CPP Investments is participating in a €400 million co-investment deal in French logistics firm Proudreed, alongside funds managed by alternative asset investor Blackstone Inc.
The investment will grant the Canadian organization with a significant minority interest in the urban logistics platforms managed by Proudreed.
“This investment gives us immediate scale in one of Europe’s most supply-constrained last-mile urban logistics markets,” said Thomas Jackson, head of real estate Europe at CPP Investments, in a press release.
Read: CPP Investments acquiring data centre company, signs MOU with Alberta energy firm
The investment organization is also selling its remaining interests in its European non-performing loan portfolio to a new joint venture created by funds managed by affiliates of Arrow Global Group and Fortress Investment Group.
The sale, which is expected to close this month, will earn CPP Investments around $1 billion in net proceeds. The transaction is part of a disciplined approach to portfolio management and will provide the investor with an opportunity to redeploy resources to opportunities with stronger risk-adjusted returns, according to Ben Mason, managing director and head of European credit at CPP Investments, in the release.
“Following a comprehensive review of the portfolio and its long-term outlook, we have taken the decision to exit this investment and transition the remaining assets to specialized operators with deep local servicing capabilities.”
In other news, the Public Sector Pension Investment Board’s wholly owned company FirstLight is entering a power purchasing agreement for the Fort Frances solar project in Ontario.
The deal is being completed in partnership with Lac Des Mille Lacs First Nation. However, the financial details of the transaction weren’t disclosed. The project is one of 14 awarded contracts by Ontario’s Independent Electricity System Operator and is part of a plan to deliver more than 1,300 megawatts of clean electricity supply for the province, according to a press release.
The Fort Frances Solar Project is a strong example of what we can achieve as a committed investor in the Canadian power sector,” said Andrew Alley, managing director and global head of infrastructure investments at PSP Investments, in a statement.