The Canada Pension Plan Investment Board is supporting an effort to spin off the steel-making side of an investee mining company despite previously saying it would oppose the measure.
The board-backed proposal, which was approved at Teck Resources Inc.’s annual general meeting, called for the company to consider spinning off its steel-making business as a separate entity, Elk Valley Resources Ltd.
Before the shareholder meeting, the CPPIB, which controls 0.23 per cent of Teck’s equity, said on its website it would oppose the measure. However, during the meeting, it voted in favour of the proposal.
In a press release, Teck’s board said it wouldn’t immediately proceed with the division of the company. “The board will focus on incorporating the feedback heard into a revised value-enhancing separation to maximize value for shareholders.”
In other news, the real estate arm of the Ontario Municipal Employees’ Retirement System is renting four stories of office space in downtown Sydney to a global financial advisory services firm.
According to the terms of a deal, BDO Australia Ltd. will occupy four floors of an office tower co-owned by Oxford Properties. The company’s lease covers 6.1 hectares of space. The building is expected to remain under construction until 2024. Once completed, it’s expected to contain 47.84 hectares of office space and 12.85 hectares of hospitality and retail space. The property is co-owned by the Oxford Properties Group and Mitsubishi Estate Asia and managed by Investa Financial Services Inc.
While the details of the transaction haven’t been disclosed, Oxford Properties described it as one of the largest leasing deals to be executed in the city’s central banking district since the beginning of the coronavirus pandemic.
“Welcoming BDO to Parkline Place is a major milestone for this project,” said Alec Harper, head of Australia at Oxford Properties, in a press release. “It is further validation of our long-term investment thesis that best-in-class workplaces that are green, smart and focused on wellness and employee experience will continue to outperform.”