The global real estate arm of the Ontario Municipal Employees’ Retirement System is breaking ground in a purpose-built rental project located in Scarborough, Ont.
As part of the project’s development, Oxford Properties Group received a $650 million rental housing construction loan through the Canada Mortgage and Housing Corporation’s apartment construction loan program. The development will consist of three residential towers made up of 1,285 purpose-built rental units and is expected to be completed by summer 2029.
The project exemplifies all levels of government coming together with the private sector, said Blake Hutcheson, president and chief executive officer at the OMERS, in a press release. “It will help deliver returns for our members, while also improving housing choice in a community that so many of them proudly call home and serve.”
Read: CPPIB selling office portfolio to Oxford Properties, stake in oil and gas asset
The Caisse de dépôt et placement du Québec is acquiring a stake in infrastructure firm Renewa through a US$200 million primary equity commitment. The funding will help the firm land financing partnerships to meet the critical need for land suitable to support clean energy projects, according to a press release.
Renewa, which is backed by the infrastructure arm of the Queensland Investment Corp., is unlocking a critical piece of the renewable energy puzzle by giving access to land, said Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, in the release.
The Caisse is also breaking ground in a residential complex project from EMD-Batimo Group designed for young retirees looking to sell their homes but not ready to move into senior’s residence located in Vaudreuil-Dorion, Que. The 187-unit project is scheduled to open in fall 2026, carrying a total investment commitment of $76 million.
Read: Caisse buys renewable energy operator, invests in $300M debt facility for internet company
In other news, the Ontario Teachers’ Pension Plan is selling its majority stake in India-based Sahyadri Hospitals Group to health-care provider Manipal Hospitals. The financial details of the transaction weren’t disclosed.
The investment organization recognized the potential to build up from Sahyadri’s existing basis to create a regional health-care leader, said Deepak Dara, senior managing director and head of India at the Ontario Teachers’, in a press release.
“Our partnership with Sahyadri over the past 3 years underscores our belief in India’s growing health-care needs and our commitment to empowering local champions in delivering high-quality, accessible care.”