The Caisse de dépôt et placement du Québec is securing a share in a holding company consolidating two European high-speed rail companies.

Alongside a group of other institutional investors, the Caisse will own a 19.31 per cent share in the Eurostar Group, a holding company that will control both Eurostar Ltd and THI Factory, which operates the Thayls train line. The new entity will operate the largest international high-speed network in Western Europe, with annual revenues expected to reach €1.5 billion ($2 billion).

Brussels-based Thayls’s network runs between Belgium, France, Germany and the Netherlands. London-based Eurostar’s network operates between Belgium, France, the Netherlands and the U.K. Together, both lines carry about 18 million passengers each year. The institutional investors backing the merger believe the new company could grow to carry up to 30 million passengers in 2032.

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Plans to consolidate the two locomotive giants was first announced in September 2019, but was postponed as a result of the coronavirus pandemic. Following the merger, both lines will be managed by Eurostar executives operating out of Brussels.

In other news, the real estate arm of the Ontario Teachers’ Pension Plan is announcing a series of developments designed to improve a mall in Toronto.

Cadillac Fairview has submitted rezoning that will allow for the property surrounding the CF Fairview Mall to be used for residential, retail and other uses. It also submitted proposals to build new residential and retail buildings on the surrounding property, as well as to develop parks and pedal pathways. In a press release, Wayne Barwise, executive vice-president for development at Cadillac Fairview, said the proposals are part of a master plan to redevelop the property.

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“[The] master plan redevelopment extends our long-term vision and supports an expanding demographic seeking convenient, high-quality and accessible residency in a dynamic, transit-connected community.”

The first phase of the development plan will include three new buildings located on 100,000 square metres of property. Two of these buildings are expected to be sold as condominiums, while the third will house residential rental properties.