The Alberta Investment Management Corp. is part of a joint venture acquiring a portfolio of U.K.-based residential apartment assets under construction.

In a deal reached with Angelo, Gordon and Co., the joint venture, which also includes Ridgeback Capital Management, will secure five under-construction apartment complex properties. The portfolio includes properties in Birmingham, Cardiff and Sheffield, as well as two located near London.

The joint venture currently includes 1,600 rental units. After construction is complete, the portfolio will almost double, with the addition of 1,452 new apartment units.

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“We are very pleased to be scaling up our U.K. build-to-rent joint venture with the acquisition of these five assets, which complement our existing portfolio in the sector,” said Rupert Wingfield, head of European real estate at the AIMCo, in a press release. “From an investment perspective, we particularly like the inflation protection attributes of the build-to-rent sector in the current economic climate.”

In other news, the Ontario Municipal Employees’ Retirement System is buying a 30 per cent royalty share of a drug designed to treat genetically inherited hypophosphatemia, a condition that reduces the amount of phosphorous absorbed by blood.

According to the terms of a deal reached with Kyowa Kirin Co., the OMERS has paid US$500 million in exchange for 30 per cent of the royalties on North American sales of burosumab, which is sold under the brand name Crysvita by Ultragenyx Pharmaceutical Inc. The right to receive royalty payments will be based on net sales of the product after April 2023, with total payments to be capped at US$725 million.

Read: Caisse co-financing remote monitoring company, OMERS subsidiary enters Australian rental market

And the Canada Pension Plan Investment Board is providing financing to a company attempting to end the world’s reliance on credit cards.

The investment organization joined an US$800-million financing round for Klarna Bank, a company providing users of its app with access to credit to make purchases from 400,000 online retailers. Credit recipients are given the option of having their balance paid every two weeks or broken into a series of smaller payments over a longer period.

The funds raised during the investment round are expected to be used to expand Klarna’s U.S. business. Currently, about 30 million Americans use Klarna. Worldwide, the app has 150 million users in 45 different countries.

Read: CPPIB enters rental community joint venture, Caisse invests in supply chain service provider