The Caisse de dépôt et placement du Québec is partnering with an asset manager to provide a credit facility to an electric vehicle subscription service.
Through its partnership with Pollen Street, an alternative asset management firm, the investment organization has established a $153-million line of credit for Onto, a U.K.-based company that provides its subscribers with access to electric vehicles. The loan will be backed by the company’s existing fleet, which currently consists of 7,000 vehicles.
According to a press release, the funds will be used to expand the number of vehicles offered through Onto’s monthly subscription program. Through the program, subscribers are provided with vehicles, insurance and access to public charging stations throughout the U.K. Users may exchange vehicles each month and cancel subscriptions at any time.
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In the release, Marc Cromier, executive vice-president and head of fixed income at the Caisse, said the business model was well-positioned to succeed in the current market environment. “Onto provides an attractive and comprehensive subscription alternative to access EVs in an industry gaining momentum for environmentally-friendly modes of transportation.”
In other investment news, the real estate arm of the Ontario Teachers’ Pension Plan is partnering with a U.K. developer to acquire an industrial building in Ely, England.
Alongside Stanhope Capital Group, a developer and real estate asset manager, Cadillac Fairview will acquire 163 Cambridge Science Park from Norwich City Council. Following the acquisition, the three hectare site will continue to be used as a life sciences laboratory space.
In 2022, Cadillac Fairview and Stanhope also jointly acquired a three-building campus in the Cambridge Science Park, which is currently under redevelopment. Established nearly 50 years ago, the park houses laboratories for more than 100 businesses and institutions.
Read: CPPIB-backed insurer selling Toronto subsidiary, Cadillac Fairview adopting nostalgic strategy