The Canada Pension Plan Investment Board is investing in a German ceramics manufacturing business.

The CPPIB joined the U.K.-based alternative investment management group BC Partners to jointly acquire CeramTec. For its 50 per cent share in the company, the pension fund paid €800 million ($1.18 billion).

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CeramTec, which is based in the state of Baden-Württemberg, has 21 facilities located in Asia, Europe and the Americas. It manufactures medical implants and specialized industrial equipment. Since 2018, the business has also been involved in the manufacturing of dental implants.

Following the acquisition, the business’s 3,500 employees will continue to follow the direction of chief executive officer Hadi Saleh. In a press release, Hafiz Lalani, managing director and head of Europe and direct private equity at the CPPIB, described the management team as best-in-class.

“CeramTec’s unique MedTech products optimize patient outcomes, improving the lives of millions of people worldwide and provide us with an opportunity to deliver solid long-term risk-adjusted returns for CPP contributors and beneficiaries.”

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In other news, the Caisse de dépôt et placement du Québec’s real estate subsidiary is entering a joint venture to redevelop office spaces in London.

Ivanhoé Cambridge has agreed to a deal with the German firm Allianz Real Estate to redevelop Stonecutter Court, a building in Farringdon Market. The companies are aiming to turn the development into a flexible, modern office space that will attract long-term corporate tenants.

The redevelopment will expand the 13-storey building’s net lettable area increased from about 14,000 square metres to 21,000 square metres. The redesign plans also include the addition of four retail spaces and a publicly accessible courtyard.

The development will make use of energy conservation, collection and storage tools. This includes the use of enhanced insulation as well as 250 square metres of solar panels.

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