The Caisse de dépôt et placement du Québec is co-financing $100 million in credit for a remote area monitoring company.
The Caisse is joining fellow investors, including the Business Development Bank of Canada and Export Development Canada, to provide credit for quasi-equity, subordinated debt and revolving credit for Vosker. The majority of the funding will be used to finance the acceleration of businesses growth through sales and marketing, new product development and human capital investments, according to a press release.
Based in Quebec, Vosker sells cellular-connected devices that enable remote monitoring of areas where Wi-Fi and electricity are either not accessible or optimal. Its products and services are available to customers in more than 50 countries.
“With this financing, CDPQ is supporting the expansion of a young Quebec technology company that ranks alongside some of the fastest growing companies in Canada in recent years,” said Kim Thomassin, executive vice-president and head of investments in Quebec and stewardship for the Caisse, in the release. “The company is well-positioned to maintain this growth and this investment provides the necessary flexibility to develop its products and expand the scope of its innovations.”
In other investment news, Oxford Properties Group, the real estate investment arm of the Ontario Municipal Employees Retirement System, is entering an agreement to build a rental property in Melbourne.
The deal will see Oxford Properties Group, Investa Property Group and the PDG Corp. co-own a yet-to-be-built tower located on the south bank of the Yarra River in the centre of the Australian city. The tower will be constructed by PDG through Indi, a build-to-rent platform founded by Investa.
In a press release, Alec Harper, head of Australia at Oxford, said the investment comes in response to a major housing shortfall facing residents of the country’s second-largest city. “Today’s transaction further delivers on the collective vision of Oxford, Investa and Indi to transform the experience of renting a home in Australia, through greater choice, quality and institutional management expertise. Growing our exposure to the Australian build-to-rent sector represents one of Oxford’s highest conviction investment strategies.”
The Canada Pension Plan Investment Board is entering a joint venture to develop industrial properties in the U.S.
The US$1.1 deal, reached with privately-owned real estate developer Bridge Development Partners, will involve developing industrial assets for long-term ownership in core U.S. markets. The CPPIB owns a 95 per cent share in the joint venture.
It has already secured an initial investment in a 70 hectare industrial site in Florida. The development will include six buildings that will total 250,000 square metres of warehouse space.
In a press release, Peter Ballon, managing director and global head of real estate at the CPPIB, said the acquisition will help meet the U.S.’s growing demand for warehouse space. “We’re pleased to form a new partnership in the growing industrial real estate sector alongside proven developer and operator Bridge, further diversifying our real estate investments across multiple U.S. markets.”
The CPPIB is also acquiring a stake in a European public equity fund.
Under the terms of the deal, the CPPIB will invest €360 million for a 20 per cent stake in Atlantic BidCo, a U.K.-based investment fund focused on European public equities. The news follows the publishing of a bid from Atlantic BidCo to acquire the controlling equity of a German bank.
Under the terms of the deal, at least 70 per cent of shares would be sold to Atlantic BidCo. If enough shareholders accept the offer, the deal would still require the approval of European Union regulators in order for it to be finalized.
According to Atlantic BidCo, the objective of the transaction is to support Aareal Bank’s existing strategic ambitions. These include increasing investments across the financial services, real estate, software and payments sectors.