The Alberta Investment Management Corp. is co-investing in a commercial high-rise building in downtown Vancouver.
Ownership in the 15,000 square-metre building will be shared with a fellow investor, Toronto-based commercial real estate and asset management firm Starlight Investments. Following the purchase, the building will continue to be occupied by employees of the federal government, which has more than seven years remaining on its lease.
In a press release, Tony Vadacchino, vice-president in real estate at the AIMCo, highlighted the building’s location as a key reason for the acquisition. “This acquisition represents an excellent opportunity for AIMCo’s clients to acquire a transit-oriented, Class A building in Vancouver’s central business district, one of the strongest property markets in North America.”
In other investment news, the Caisse de dépôt et placement du Québec is investing in a fund devoted to the acceleration of the sustainable energy transition.
The Quebec investment organization participated in a funding round for alternative investment manager Energize Venture’s second flagship fund. According to the Caisse, the investment is part of a strategy to direct more capital toward organizations easing the energy transition.
The $330 million raised will be invested in businesses seeking to develop digital approaches to optimize energy, critical infrastructure and sustainable industries. According to a press release, an emphasis is expected to be placed on opportunities that would benefit from the scaling and commercializing cutting-edge technologies and software across the renewable energy, mobility, cybersecurity, battery storage, critical infrastructure and climate resiliency sectors.
“The team at Energize has demonstrated the ability to identify leading energy and infrastructure software investments across the North American and European markets and we continue to be impressed by their hands-on commitment to the commercialization of critical sustainable technologies,” said Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, in the release.