The Caisse de dépôt et placement du Québec is buying a 49.9 per cent equity interest in Canadian wireless tower infrastructure operator Terrion LP for $1.26 billion.
As part of the transaction, the investment organization is getting a stake in the firm and its general partner, Terrion GP Inc., from Telus Corp. Terrion is based in Montreal and is designed to hold passive macro wireless infrastructure assets being carved out of Telus’ business, according to a press release.
The Caisse brings a combination of telecommunications sector expertise, long-term capital and an active asset management approach to help Terrion, said Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, in the release. “With this investment, we are partnering with Telus to establish Canada’s largest dedicated wireless tower operator, an important step in strengthening the country’s digital connectivity and mobile network resilience.”
Read: Caisse invests in Quebec-based telecommunications firm, AIMCo backs Asian green energy fund
In other news, the Canada Pension Plan Investment Board is selling its 50 per cent stake in a U.K. real estate joint venture to property development and investment company Hammerson.
The U.K.-based investment holds the Bullring and Grand Central shopping centres. The transaction is expected to close in August and will result in roughly $615 million in net proceeds.
“Today’s sale agreement allows [the CPPIB] to crystallize the strong performance of Bullring and realize value created, delivering significant returns for the [CPPIB’s] 22 million contributors and beneficiaries,” said Tom Jackson, managing director of real estate in Europe at the investment organization, in a press release. “With Hammerson taking ownership, both assets are well-positioned for a promising next phase under their experienced guidance.”
Read: CPPIB selling office portfolio to Oxford Properties, stake in oil and gas asset
The CPPIB is also acquiring U.S.-based human resources software and management solutions firm Neogov alongside EQT AB. The acquisition is being completed from funds managed by Warburg Pincus LLC and Carlyle Group Inc. The financial details of the transaction weren’t disclosed.
“Together with its strong management team, the company is a good fit for our strategy to invest in high-quality software companies,” said Sam Blaichman, managing director and head of direct private equity at the CPPIB, in a press release. “We look forward to supporting the company in this next phase of development alongside EQT and the management team.”
The University Pension Plan filed a shareholder proposal with Alimentation Couche-Tard Inc. to disclose an emissions-reduction strategy with investors. The shareholder filing was done by the Shareholder Association for Research and Education.
It follows “extensive engagement” with the management team at Couche-Tard on climate risks and disclosures, according to a press release.
“As a pension plan with a long-term investment horizon, [the] UPP filed this proposal because unmanaged climate risk poses material financial implications for investors,” said Delaney Greig, director of investor stewardship at the investment organization, in the release.
Read: 2023 Risk Management Conference: How UPP is focusing on active investing in its climate action plan