The British Columbia Investment Management Corp. and Australian institutional funds manager IFM Investors are entering into an agreement with the Ontario Teachers’ Pension Plan to become equity partners in a Vancouver-based container terminal operator.

Ontario Teachers’ will continue to hold 37.5 per cent of GCT Global Container Terminals Inc., with IFM acquiring 37.5 per cent and BCI taking on 25 per cent.

The company operates two ports in the United States, in Staten Island, N.Y., and Bayonne, N.J. In Canada, it operates two gateway terminals in Vancouver and Delta, B.C.

Read: Why big pension funds love Australian ports

In other investment news, Cadillac Fairview Corp. Ltd., the real estate arm of Ontario Teachers’, and Ivanhoé Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec, are launching a major redevelopment in the Montreal area to prepare for the arrival of Quebec retailer La Maison Simons. 

“Today’s announcement represents an extremely exciting stage in the evolution of CF Fairview Pointe Claire,” said Brian Salpeter, senior vice-president of development of Cadillac Fairview. 

“The addition of Simons, one of the premier retailers in Quebec, as well as the anticipated arrival of the new light-rail transit station near the shopping centre, will serve as catalysts for the transformation of the property and the adjacent lands into a new, vibrant mixed-use community that will become the city centre for the entire West Island.”

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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