New York City pension funds divesting $4B from fossil fuels

The real estate arm of the Caisse de dépôt et placement du Québec is extending a lease to a major media organization.

According to the terms of the deal between Ivanhoé Cambridge and News Corp., the media company will continue to lease six hectares of space within a Manhattan office building to Fox News, a subsidiary of News Corp., until at least 2042. As part of a separate deal, News Corp. also leased an additional 4.5 hectares of office space within the building from 2025 to 2027.

“[The agreement] underscores the importance that these leading companies place on having a dynamic workplace that supports [their] business activities, as well as the attraction and retention of key talent and to offer a leading experience to its viewers, customers, guests and employees,” said Jonathan Pearce, executive vice-president of leasing and development in North America at Ivanhoé Cambridge, in a press release.

Read: Caisse financing Japanese solar project; BCI- and CPPIB-backed grain distributor acquiring U.S. competitor

In other news, an insurance company backed by the British Columbia Investment Management Corp. is receiving £590 million ($950 million) from a French investment management company.

According to the terms of the deal, Eurozeo will receive a 34 per cent stake in the BMS Group, joining the BCI and Preservation Capital Partners as co-owners. The capital raised by the investment will be used to accelerate growth across BMS’ core trading divisions.

“As a long-term investor, BCI is pleased to continue our significant investment in BMS, a market-leading company with a demonstrated track record of strong growth,” said Dave Hong, senior managing director of private equity at the BCI, in a press release.

Read: CPPIB investing in energy service provider, BCI backing aerospace acquisition