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PSP investing in Italian real estate, CPPIB in French higher education group – Benefits Canada

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4 years ago

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Staff | July 2, 2020

The Public Sector Pension Investment Board is establishing a long-term strategic partnership with property and infrastructure firm Lendlease Corp. to develop an urban regeneration project in Milan.

The Milano Santa Giulia mixed-use project has the long-term potential for up to 2,500 homes, alongside commercial office, retail and entertainment properties. It has also set a zero-carbon target and will include parkland. Overall, the site has a gross development value of  €2.5 billion. The partnership will involve an initial investment of about €250 million to buy two office buildings at the southern tip of the site, with the intention to later carry out development over the northern part of the site, building residential, office and retail components. Lendlease will lead the planning, design and development of the project over the coming decade.

Read: CPPIB investing in U.K. residential real estate

“We believe Milano Santa Giulia presents an exciting opportunity to create a vibrant new neighbourhood for Milan, built around the principles of innovation and sustainability, and we look forward to working with our new partners Lendlease on this project,” said Stephane Jalbert, managing director of real estate investments for Europe and Asia Pacific at PSP Investments, in a press release.

In other investment news, the Canada Pension Plan Investment Board, along with a consortium of other investors, has completed its previously announced acquisition of Galileo Global Education, a French higher-education group.

The consortium consists of the CPPIB Europe, a wholly-owned subsidiary of the CPPIB, as well as Montagu Private Equity, Téthys Investment Management and investment bank Bpifrance. The education group, which includes 42 schools throughout 13 countries, is seeking to expand through acquisitions.

“We look forward to supporting Galileo as it evolves its unique global platform in the higher-education sector to continue to deliver high-quality, innovative and flexible courses to students around the world, adapting to challenges and leveraging the use of technology,” said Alain Carrier, senior managing director and head of international at the CPPIB, in a press release. “CPP Investments is confident that Galileo — through its management and teaching staff — will build long-term value in the business for the benefit of CPP contributors and beneficiaries.”

Read: Caisse, CPPIB building on investment in engineering firm

As well, a consortium of investors, including the Caisse de dépôt et placement du Québec, private-equity firm TPG Capital and investment company Fosun International Ltd., is partnering with Investissement Québec to submit a proposal to acquire substantially all of the assets of Cirque du Soleil Entertainment Group, which has filed for bankruptcy protection.

The deal is pending approval from the commercial division of the Superior Court of Quebec, with the consortium looking to serve as the primary bidder in the company’s court-supervised restructuring and related sale and investment solicitation process. As it stands, the proposed purchase agreement would give Cirque du Soleil a cash injection of US$300 million. 

“The COVID-19 pandemic has presented meaningful, unforeseen challenges for Cirque’s business and the live entertainment industry globally,” said the consortium, in a press release. “Together with management, we have worked diligently to preserve the long-term value of the business and believe our commitment today creates a strong foundation from which the company can start to rebuild and reposition the brand for the future.”

Read: Caisse adds to Cirque de Soleil investment, converts Bombardier shares to Alstom

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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2 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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7 days ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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