The Ontario Municipal Employees Retirement System is selling its maritime infrastructure subsidiary.
The deal with VINCI Concessions Canada Inc. will see the OMERS hand off BPC Maritime Corp., which the pension fund has held as a wholly owned subsidiary since 2003. While the exact terms of the deal weren’t disclosed, the BPC will retain its 65.1 per cent interest in the Strait Crossing Development Inc. when it’s absorbed by VINCI Concessions, according to a press release.
The Strait Crossing operates Confederation Bridge, which links Prince Edward Island to the mainland under a long-term concession set to expire in 2032.
In the release, Gisele Everett, senior managing director of the Americas for OMERS Infrastructure, said the sale is consistent with the organization’s active asset management strategy. “We initially invested in SCDI in 2003 and we believe this transaction strategically positions the asset for the future.”
In other investments news, the Caisse de dépôt et placement du Québec real estate subsidiary Ivanhoé Cambridge is funding the development of an office development in Austin, Texas.
As part of a broader public-private partnership to redevelop the city’s downtown, the organization and Greystar Real Estate Partners will construct a seven-storey office building in Symphony Square. When completed, the building is expected to house more than 15,000 square metres of Class A office space and 500 square metres of retail and restaurant space on the ground level.
Ivanhoé Cambridge is also constructing a 32-storey residential tower in the square. A bridge connecting the two buildings will allow office workers to make use of the facilities available at the residential tower.
In a press release, Jonathan Pearce, the organization’s executive vice-president of leasing and development, said the inclusion of these additional amenities is part of a strategy to make the office space appealing to workers. “Amenities such as the terrace, fitness centre and pool deck will offer a unique indoor-outdoor experience that promotes wellness. Our future customers will undoubtedly benefit from a vibrant and creative working environment that fosters a sense of community and collaboration, as well as drives productivity and connects them to Austin’s rich culture.”