The British Columbia Investment Management Corp. is acquiring a minority stake in a corporate consultant and fund administration provider.

Zedra, which provides wealth, governance and administrative services for corporations, pensions, trusts and funds, was launched in the Isle of Man in 2016. It now conducts operations in Asia, Australia, Europe, North America and South America.

BCI’s investment follows Zedra’s acquisition of a series of financial sector service providers in 2022. During the year, it acquired PTL Governance Ltd., a British pension trustee and governance consultant; Axelia Partners, a global expansion service provider; and BNP Paribas Jersey Trust Corp., a fiduciary service provider.

Read: BCI acquiring battery storage company, Caisse buying German logistics facility

In a press release, the BCI described the move as part of a broader strategy to expand its presence in Europe. “The corporate services, active wealth, pensions and fund solutions sector remains a core area of focus for BCI and we look forward to generating attractive returns for our pension plan and insurance fund clients through this investment,” said Jim Pittman, executive vice-president and global head of private equity at the BCI.

In other news, the BCI’s real estate investment arm is building a residential apartment tower in Brisbane, Australia.

In a joint venture with Lendlease, a property management firm specializing in build-to-rent projects, QuadReal Property Group is funding the construction of a 37-storey tower. The building, which will be located near Brisbane’s centre, will include 433 residential units and will feature an onsite pool, gym, spa, yoga room, recording studio, canine cleaning station, barbecues, co-working spaces and lounges. The tower will also be fully electric and powered by renewable energy.

The move comes in response to a period of extreme population growth in Brisbane. According to government figures, the city’s population grew by about 19 per cent, from 2.1 million to 2.5 million between 2012 and 2022, faster than any other Australian city.

Read: PSP buys out majority co-investor in U.K. rail company, BCI sells share in property portfolio