The Public Sector Pension Investment Board is closing the purchase of a 7.51 per cent minority stake in the 407 Express Toll Route from the Canada Pension Plan Investment Board.
Spain-based infrastructure firm Ferrovial will retain its 48.29 per cent ownership stake for the 108-kilometre toll highway in the Greater Toronto Area, followed by the CPPIB and other institutional investors at 44.20 per cent.
The deal represents the largest investment commitment by PSP Investments in Canada, said Sandiren Curthan, managing director and global head of infrastructure investments at the investment organization, in a press release. “This investment is part of our broader strategy to invest in core infrastructure assets and will further strengthen our global portfolio of roads assets.”
PSP Investments is also completing a joint $2.82 billion investment with KKR & Co. Inc. in two regional subsidiaries of American Electric Power. The deal will give the institutional investor a 19.9 per cent stake in the Ohio and Indiana Michigan transmission companies. The minority equity interest represents roughly five per cent of AEP’s total transmission rate base.
“We look forward to participating in the development of critical transmission infrastructure in some of AEP’s fastest-growing service territories and are excited to embark on this journey alongside KKR,” said Michael Rosenfeld, managing director of infrastructure investments at PSP Investments, in a press release.
The British Columbia Investment Management Corp. is acquiring a minority stake in digital infrastructure firm Pinnacle Towers from KKR. The financial details of the transaction weren’t disclosed. The company is dedicated to servicing the increasing demand for telecommunications infrastructure in the Philippines.
Read: CPPIB sells private equity fund interest portfolio, BCI joins group investing in insurance firm
“This investment aligns with our emerging markets strategy of backing high-quality infrastructure assets alongside strong institutional partners,” said Lincoln Webb, executive vice-president and global head, infrastructure and renewable resources at the BCI.
The BCI is also acquiring Renewi, a waste-to-product firm, alongside Macquarie Asset Management. The new ownership consortium will oversee an enhancement of operations across Belgium, France, Netherlands and Portugal.
The investment organization plans to support transformation initiatives and long-term growth plans at the waste firm, Webb said. The financial details of the transaction weren’t disclosed.
In other news, the Caisse de dépôt et placement du Québec is supporting a structuring at industrial technology firm Previan, which will see two subsidiaries — Eddyfi Technologies and NDT Global — begin operating as two independent firms.
The structuring milestone will allow the two separate firms to realize their full potential, said Kim Thomassin, executive vice-president and head of Quebec at the Caisse, in a press release. “We have been at the forefront of Previan’s rise and we remain committed to supporting the distinct trajectories of two entities driving innovation in the Quebec technology ecosystem.”
The Ontario Teachers’ Pension Plan is acquiring two residential properties containing 425 residential units in the Greater Stockholm area. The financial details of the transaction weren’t disclosed. The deal is the first investment in Sweden by the investment organization and it’s being completed through a new joint venture with Gordion, a local residential platform.
“The acquisition aligns with our long-term goal of building a resilient, diversified housing portfolio in one of Europe’s most attractive urban markets,” said Jenny Hammarlund, senior managing director of real estate at the Ontario Teachers’, in a press release.