The real estate arm of the Caisse de dépôt et placement du Québec is making its first investment in alternative industrial assets through a partnership with a self storage company.
The US$400-million strategic partnership between Ivanhoé Cambridge and Safely Store Self Storage Inc. will make targeted investments in the U.S. self storage sector. Its first acquisition will be for a platform owned by Taylor/Theus Holdings Inc.
“Self storage has proven its resilience throughout economic cycles, outperforming almost all other sectors over the short and long term, which makes it an attractive addition to our portfolio as we continually seek diversification in buoyant segments,” said Michael Neuman, head of industrial, U.S. and Latin America at Ivanhoé Cambridge, in a press release.
“What’s more, this asset class, by its very nature, supports our strong sustainable investment convictions by servicing local communities with a high-quality offering for a low associated carbon footprint.”
In other news, the Ontario Teachers’ Pension Plan is backing a New Zealand telecommunications network’s acquisition of mobile towers from a competitor.
Connexa, an internet and cellular service provider, will acquire 1,124 passive mobile towers from Voyage Australia Ltd. for $873 million. Following the acquisition, Connexa will become the country’s largest tower operator.
The Ontario Teachers’ is funding the acquisition in return for a share dilution program that will raise the value of its stake from 70 per cent to 83 per cent of the business.
“We are pleased to close this transaction and increase our ownership stake in Connexa,” said Bruce Crane, senior managing director and head of Asia Pacific infrastructure and natural resources at the Ontario Teachers’, in a press release. “We are committed to supporting Connexa as it significantly expands its digital infrastructure platform in the years to come to meet New Zealand’s growing mobile and data demand needs.”