(Bloomberg) — Cornell University’s endowment is putting a moratorium on new private investments focused on fossil fuels and plans to expand its holdings in alternative-energy technologies.
The school’s board of trustees voted Friday to make the change to the $6.9 billion endowment after a recommendation by its investment committee, according to a statement on the Ithaca, New York, school’s website.
“There’s a growing recognition that we’re transitioning away from fossil fuels globally, and the economic competitiveness of renewable energy sources is rising,” said Ken Miranda, the university’s chief investment officer. “We’re doing the right thing from an investment perspective, particularly for an endowment with a perpetual time horizon.”
U.S. colleges are stepping up their efforts to address investments in fossil fuels. While some of the richest schools say they won’t divest from their existing holdings, more are committing to refrain from new investments in the sector.
Yale University in February said it isn’t divesting from fossil fuels but has built an awareness of climate risk into its standard practices. In March, fellow Ivy League member Brown University said the endowment sold 90% of its investments in companies that extract fossil fuels and the remainder of those holdings are being liquidated as it becomes possible to do so.
Cornell has shifted its position on fossil fuels. In 2016 the school rejected divestment, saying it would consider selling assets “only when the company’s actions or inactions are morally reprehensible.”
The moratorium announced today applies to new private equity and bonds focused on fossil fuels, which makes up about only 4.2% of Cornell’s long-term investments, Miranda said. That percentage is likely to dwindle to zero over time as existing investments mature and assets are redeployed into areas including renewables.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For more articles like this, please visit us at bloomberg.com” data-reactid=”19″>For more articles like this, please visit us at bloomberg.com
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Subscribe now to stay ahead with the most trusted business news source.” data-reactid=”20″>Subscribe now to stay ahead with the most trusted business news source.
©2020 Bloomberg L.P.
SmartCentres Real Estate Investment Trust Announces $300 Million Series V and $300 Million Series W Senior Unsecured Debenture Issues – GlobeNewswire
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
TORONTO, June 04, 2020 (GLOBE NEWSWIRE) — SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX:SRU.UN) announced today that it has agreed to issue $300 million aggregate principal amount of Series V senior unsecured debentures and $300 million aggregate principal amount of Series W senior unsecured debentures on an agency basis. The Series V debentures will carry a coupon of 3.192% and will mature on June 11, 2027 and the Series W debentures will carry a coupon of 3.648% and will mature on December 11, 2030. The debentures are being offered by a syndicate of agents with Scotia Capital as the lead left bookrunner, RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, National Bank Financial, and TD Securities as joint bookrunners and co-leads, and Desjardins Securities, Canaccord Genuity, Raymond James, Casgrain, HSBC Securities (Canada), Industrial Alliance Securities and Stifel Nicolaus Canada as co-managers. The two offerings are expected to close on or about June 11, 2020. DBRS Limited has provided SmartCentres with a provisional credit rating of BBB (high) with a stable trend relating to the debentures.
The net proceeds to SmartCentres from the sale of the Series V debentures and Series W debentures will be used to repay existing indebtedness and for general trust purposes.
These offerings are being made by way of a private placement to certain accredited investors in each of the provinces of Canada.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.
SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs, with a best-in-class portfolio featuring 157 strategically located properties in communities across the country. SmartCentres has over $10 billion in assets and owns over 34 million square feet of income producing value-oriented retail space with 98% occupancy, on 3,500 acres of owned land across Canada.
SmartCentres continues to focus on enhancing the lives of Canadians by planning and developing complete, connected, mixed use communities on its existing retail properties. A publicly announced $12.1 billion intensification program ($5.5 billion at SmartCentres’ share) represents the REIT’s current major development focus. This intensification program consists of rental apartments, condos, seniors’ residences and hotels, to be developed under the SmartLiving banner, and retail, office, and storage facilities, to be developed under the SmartCentres banner.
SmartCentres’ intensification program is expected to produce an additional 27.9 million square feet of space; all construction commencing within the next five years, 12.4 million square feet of which is already underway.
From shopping centres to city centres, SmartCentres is uniquely positioned to reshape the Canadian urban and urban-suburban landscape. For more information, visit www.smartcentres.com.
Certain statements in this press release are “forward-looking statements” that reflect management’s expectations regarding SmartCentres future growth, results of operations, performance and business prospects and opportunities. More specifically, certain statements including, but not limited to, statements related to the anticipated use of proceeds of the offering, the date the offering is expected to close and the anticipated size of the offering, SmartCentres expected or planned development plans and joint venture projects, including the described type, scope, costs and other financial metrics; and statements that contain words such as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may” and similar expressions and statements relating to matters that are not historical facts, constitute “forward-looking statements”. These forward-looking statements are presented for the purpose of assisting Unitholders and financial analysts to understand SmartCentres development potential and may not be appropriate for other purposes. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.
However, such forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with potential acquisitions not being completed or not being completed on the contemplated terms, public health crises such as the COVID-19 pandemic, real property ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, ability to obtain commercial and municipal consents for development. These risks and others are more fully discussed under the heading “Risks and Uncertainties” and elsewhere in the SmartCentres most recent MD&A, as well as under the heading “Risk Factors” in SmartCentres ‘most recent annual information form. Although the forward-looking statements contained in this press release are based on what management believes to be reasonable assumptions, including those discussed under the heading “Outlook” and elsewhere in SmartCentres’ MD&A, SmartCentres cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this press release and SmartCentres assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; relatively low and stable interest costs; a continuing trend toward land use intensification, including residential development in urban markets and , continued growth along transportation nodes; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable our refinancing of debts as they mature; that requisite consents for development will be obtained in the ordinary course, construction and permitting costs consistent with the past year and recent inflation trends.
For more information, please contact:
Multi-million dollar internet investment announced for Puslinch – GuelphToday
PUSLINCH – Standard Broadband is making a major investment into high speed internet in Puslinch.
A press release announced $2.5 million in private funding from Standard Broadband to bring fibre optic infrastructure to the township.
Over 1,000 homes in Puslinch with limited access to quality internet will soon have fibre optic internet service available.
Mayor James Seeley said in a press release that he is thrilled that Standard Broadband chose to extend their network into Puslinch.
“This is a big deal for many Puslinch households,” Seeley said in a release. “It’s especially significant that the investment is being made now at a time when people are relying so much on their internet for work and study.”
Glenn James, chair of the Puslinch Highspeed Internet Initiative, has been advocating for better internet in Puslinch and said he sees this large investment as a big win for the town.
“The fact that it’s fibre optic and not wireless internet means that service will be much higher quality than almost all of the affected households currently have,” James said in the release. “The new fibre runs mean that there is opportunity for future expansion.”
Internet issues in Puslinch have been a topic of concern in the township for years. The town had recently partnered with Clearcable to consult on applying for government programs to improve their internet.
James said that the fact that this investment is privately funded means that the project will be start and finish much faster.
The project is set to begin in early August and service will become available as construction completes on a street by street basis. First connections will likely be available in mid-September.
For more details on Standard Broadband’s initial service area please see the map located on their website.
Where are the investment opportunities in the 'new normal'? – Wealth Professional
He said: “More and more, China is being viewed as a separate asset class because it is a great risk diversifier. You can always debate return opportunities but just from a risk diversification perspective, it has sectors in the equity markets that complement well versus Canada.”
One of the biggest mental hurdles for advisors and investors to get over has been the discrepancy between Wall Street and Main Street. The common man requires a broad-based recovery of not just mega tech stocks but also of small and mid-sized businesses, and advisors must ensure clients are as broadly diversified as possible.
“There are a lot more strategies and tools at an advisor’s disposal today than 10-20 years ago in terms of diversification. Most, smartly, will have taken a step back a couple of months ago to make sure their asset allocations and time horizons were still appropriate, and that their clients’ objectives were the same. Be long-term focused and very diversified. That’s really the best advice.”
He added: “We did have bear market rallies last time in 08-09 – we had big declines, sometimes a recovery, then declines again. There is the feeling this time around that if we’re successful with the stimulus that’s been put in place and our ability to flatten and bend the curve, then there is an ability here for the economy to, not bounce back, but to come back.
“The contraction might be just a couple quarters and I think the V recovery is unlikely right now. This could be something we can power through over five or six quarters after the initial contraction.”
MLBPA reaffirms pay stance, no deal close – TSN
The Lancet retracts hydroxychloroquine study following data concerns – Global News
SpaceX Sent NASA Astronauts Into Orbit Using Linux – Futurism
- Media15 hours ago
Police Chief responds to controversy over social media posts – Quinte News
- News22 hours ago
Calgary couple stranded in India by COVID-19 pandemic killed: family – Globalnews.ca
- Science19 hours ago
The June 2020 Night Sky – Portugal Resident
- Economy17 hours ago
Higgs calls for 'cultural shift' to turn N.B.'s economic fortunes around – CBC.ca
- News20 hours ago
These Canadian species are found nowhere else on Earth – CBC.ca
- Tech15 hours ago
Sonos Arc is available to buy in Canada on June 10th – MobileSyrup
- Economy18 hours ago
This Is the Strangest Economy Ever – The Atlantic
- Tech16 hours ago
Apple tracks looters who steal iPhones – BBC News