The Caisse de dépôt et placement du Québec is one of two organizations investing a total US$940 million in Phoenix Tower International, a U.S.-based wireless communications infrastructure provider.
The investment will fund the company’s expansion in Europe as well as further growth in new and existing markets. The other investor is AMP Capital, an Australia-based global investment group.
“This financing builds on our previous experience to contribute to the expansion of digital infrastructure globally, alongside recognized industry leaders in this fast-growing sector,” said Marc Cormier, executive vice-president and head of fixed income at the Caisse, in a press release.
In other investment news, the British Columbia Investment Management Corp. is part of a consortium acquiring Arauco, a Chile-based forestry company.
The consortium also includes Timberland Investment Group — the forestry division of Brazilian financial services company BTG Pactual — as well as APG, a Netherlands-based pension investment company. The US$385.5-million acquisition includes approximately 80,500 hectares of timberlands in the central and southern regions of Chile.
“As an active investor, we’re excited by the opportunity to expand our global infrastructure and renewable resources program in Latin America with trusted partners,” said Lincoln Webb, executive vice-president and global head of infrastructure and renewable resources at the BCI, in a release. “The investment provides compelling risk-adjusted returns for our pension plan and insurance fund clients and increases our exposure to high-quality, sustainably-managed forests.”
Meanwhile, Australian Food & Fibre — a joint venture between the Public Sector Pension Investment Board and an Australian family of cotton farmers — is acquiring 100 per cent of Australian cotton producer Auscott Ltd. from U.S.-based owner J.G. Boswell Co.
In a press release, Marc Drouin, senior managing director and global head of natural resources for the PSP, said the acquisition represents a significant milestone and is the latest in a series of strategic initiatives the joint venture has launched since its inception. “We share with our partners a commitment to operational excellence, emphasis on employee health and safety, the sustainable management of the natural resources under our stewardship and being positive contributors to the communities in which we invest.”
In other investment news, the Investment Management Corp. of Ontario has closed a $500-million commitment with Ares Management Corp., an alternative investment manager. The commitment will provide the IMCO’s global credit assets with access to an actively-managed, diversified multi-strategy credit portfolio.
“IMCO’s strategic partnership with Ares is well aligned with our diversification strategy and enables our clients to gain global access to a wide spectrum of credit products and markets — both liquid and illiquid, public and private,” said Jennifer Hartviksen, managing director of global credit at the IMCO, in the release.
And the Ontario Municipal Employees Retirement System and the Alberta Investment Management Corp. are selling their majority stake in Environmental Resources Management, a U.K.-based environmental consultancy.
The stake is being sold to U.S.-based investment firm KKR & Co. Inc. for an undisclosed sum, according to a press release, which noted the deal is expected to close in the third quarter of 2021. The OMERS and the AIMCo began investing in ERM in 2015.