The real estate arm of the Ontario Municipal Employees’ Retirement System is acquiring a pharmaceutical manufacturing facility in Raleigh, NC.
The Oxford Properties Group is purchasing the 30,000 square-metre facility that’s located beside a five-building office and life sciences campus it owns. According to a press release, the pension fund could expand the facility to almost twice its current size, though no plans to renovate the building were announced.
The pharmaceutical manufacturing plant uses a good manufacturing practice, a system to ensure its products are consistently produced and controlled according to quality standards. According to the release, this system played a role in Oxford Properties’ decision to acquire the facility. “GMP facilities are unique, highly technical assets and represent a segment of the life sciences market in which we have intentionally set out to become a market leader,” said Chad Remis, executive vice-president for North America at Oxford Properties, in the release.
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In other news, the Australian agricultural arm of the Ontario Teachers’ Pension Plan is investing in a produce company.
AustOn Corp. is buying a majority stake in Mitolo Family Farms Ltd., a company that grows, harvests and packages onions and potatoes. The outstanding equity will remain with the Mitolo family, which founded the business in the 1970s. Frank Mitolo will continue to lead the business as its managing director.
Following the transaction, more that 700 farms will be added to AustOn’s portfolio, which currently includes avocado, almond, apple and plum orchards. Christopher Metrakos, senior managing director of natural resources at the Ontario Teachers’, said the acquisition would provide AustOn with a stable source of sustainable growth.
“We are excited to partner with the Mitolo Family Farms to grow the company’s ambitions and further increase the quality and reliability that has made it a category leader in Australia over the past 50 years,” he said in release.
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