The Alberta Investment Management Corp. is investing in a new real estate fund focused on developing rental housing across the Greater Toronto Area.

The Fitzrovia DevCore Fund, which is the first fund set up by Fitzrovia Real Estate Inc., targets properties close to public transit and proximate to major centres of employment in Toronto and the surrounding region for the development of rental properties. Its portfolio includes three completed downtown apartment towers with 1,047 rental units. Construction on about 6,000 other rental units is also underway.

To date, the investment vehicle has received about $460 million in capital commitments from institutional investors, including the AIMCo. The developer is seeking a total of $920 million of equity commitments.

Read: Ontario Teachers’ redeveloping Winnipeg football site, AIMCo investing in PSP-sourced loans

In other news, the Caisse de dépôt et placement du Québec is entering a $400-million deal to sell its shares in CGI Inc. back to the Montreal-based information technology company.

According to the terms of the deal, the Caisse will sell 3,344,996 shares for $119.58 each. The decision to sell the shares was made as a result of the investment organization’s ongoing portfolio rebalancing effort. Following the transaction, the Caisse will remain one of the company’s largest shareholders.

“CGI continues to produce excellent results for its shareholders and this share repurchase is an opportunity to monetize a portion of our investment to the benefit of our depositors,” said Kim Thomassin, executive vice-president and head of Quebec at the Caisse, in a press release.

Read: Caisse acquiring 50% interest in Montreal toll road and bridge network