The Caisse de dépôt et placement du Québec is investing in a Quebec-based company that develops, sells and rents pre-fabricated modular buildings for the educational market.
According to a press release, the investment will enable AMB Modulaire, in which Lise Bernier and Jacques Latreille have been shareholders for more 15 years, to finalize the transfer process they started in 2016 with their sons Marc Latreille, co-president — operations, and Philippe Latreille, co-president — finance and development.
“As a long-term investment partner, CDPQ is proud to facilitate and support the Bernier-Latreille planned family succession process, with a view to ensuring the long-term viability and growth of a high-performing Quebec company,” said Kim Thomassin, the Caisse’s executive vice-president and head of Quebec, in the release. “With this investment, CDPQ is supporting AMB Modulaire in accelerating its growth plan in Canada, in addition to helping the company’s two young co-presidents achieve their ambitions.”
In other news, Ivanhoé Cambridge, the Caisse’s real estate arm, is issuing its first sustainability bond for $300 million.
The issue, which carries a coupon rate of 4.994 per cent and matures on June 2, 2028, marks the first senior unsecured sustainability bond issued by a real estate investor in Canada, according to a press release, which noted the bond will enable Ivanhoé Cambridge to broaden its investor base.
The funds raised through the sustainability bond will be used to finance or refinance eligible projects as defined in Ivanhoé Cambridge’s new sustainable financing framework, such as the CIBC Square building at 81 Bay St. in Toronto and certain buildings of a U.S. multi-family portfolio.
“For a number of years, we have sought to reconcile the [environmental, social and governance] performance of our portfolio with the company’s financing strategies,” said Simon Lauzier, chief financial and business performance officer at Ivanhoé Cambridge, in the release. “This first sustainability bond follows our inaugural green bond issuance in 2019.
“By incorporating new criteria, particularly in terms of affordability, it represents a real innovation in the market and confirms our desire to play a leading role in the property industry in terms of sustainable investment. This approach also enables us to deepen and strengthen our relationships with our financial partners by demonstrating our ability to innovate in the field of sustainable financing.”