The additional investment by TPG Capital, the private equity platform of alternative asset firm TPG, and CPP Investments, a professional investment management organization that manages the funds of the Canada Pension Plan, will result in approximately US$500 million of net proceeds being available to support Viking Cruises in its continued development.
“We are very appreciative that our shareholders from the prestigious institutions of TPG and CPP Investments are aligned with our vision for Viking’s future, which is bright. Over 40 years in the cruise industry have taught me that challenging times—such as these—are often also times of great innovation and opportunity. This infusion of equity capital will prepare us for future opportunities to continue developing our business,” said Torstein Hagen, Chairman of Viking. “Earlier this week we announced that Viking will further invest in the installation of full-scale PCR laboratories on each of our ocean vessels. These new onboard facilities—a cruise industry first—will provide unprecedented and robust testing capacity, enabling Viking to conduct up to daily PCR testing of all crew members and guests. This was the first in a series of announcements we have planned in the coming weeks, including our enhanced health and safety program and initiatives that will expand Viking’s global reach.”
“We are excited to deepen our partnership with Tor and the entire Viking team,” said Paul Hackwell, Partner at TPG Capital and Co-Head of Consumer investing. “Viking is truly a special company that continues to set the standard for the industry. We know that Viking’s guests are eager to get back to safely exploring the world in comfort, and are confident that the company will continue to deliver a differentiated experience for its guests in the years to come.”
“While the pandemic has posed many challenges, we have strong conviction that Viking’s unique global offering in the cruise industry will continue to be sought out by many guests well into the future. CPP Investments, alongside TPG, is looking forward to supporting Viking and its management team as they return to delivering high-quality, comfortable journeys around the world and build long-term value in the business in the time to come,” said Bill MacKenzie, Managing Director and Head of Active Fundamental Equities, CPP Investments.
The transaction is subject to customary closing conditions, including regulatory approvals.
Viking was founded in 1997 and offers destination-focused journeys on rivers, oceans and lakes around the world. Designed for experienced travelers with interests in science, history, culture and cuisine, Chairman Torstein Hagen often says Viking offers guests “the thinking person’s cruise” in contrast to mainstream cruises. In its first five years of operation, Viking has been rated the #1 ocean cruise line in Travel + Leisure‘s 2016, 2017, 2018, 2019 and 2020 “World’s Best” Awards. In addition to the Travel + Leisure honors, Viking has also been honored multiple times on Condé Nast Traveler‘s “Gold List” as well as recognized by Cruise Critic as “Best Overall” Small-Mid size ship in the 2018 Cruisers’ Choice Awards, “Best River Cruise Line” and “Best River Itineraries,” with the entire Viking Longships® fleet being named “Best New River Ships” in the website’s Editors’ Picks Awards. For additional information, contact Viking at 1-800-2-VIKING (1-800-284-5464) or visit www.viking.com. For Viking’s award-winning enrichment channel, visit www.viking.tv.
TPG is a leading global alternative asset firm founded in 1992 with approximately $83 billion of assets under management and offices in Austin, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, Singapore, and Washington, DC. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth equity, real estate, impact investing, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com on Twitter @TPG.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that invests around the world in the best interests of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments in public equities, private equities, real estate, infrastructure and fixed income are made by CPP Investments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2020, the Fund totalled C$434.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.
For further information: Viking Cruises, Ian Jeffries, +1 206 650 4235, [email protected], or TPG, Luke Barrett and Courtney Power, +1 415 743 1550, [email protected], or CPP Investments, Darryl Konynenbelt, Director, Media Relations, +1 416 972 8389, [email protected], www.viking.com
Sandpiper Increases Investment in Artis REIT to 10% – Canada NewsWire
VANCOUVER, BC, Dec. 2, 2020 /CNW/ – Sandpiper Group (“Sandpiper”) announced today that on December 2, 2020, it acquired, through Sandpiper Real Estate Fund 4 Limited Partnership (the “Fund“), an aggregate of 100,000 units (“Units”) of Artis Real Estate Investment Trust (“Artis” or the “REIT”) (TSX: AX.UN) in the open market through the facilities of the Toronto Stock Exchange at an average price of $11.10 per Unit or $1,110,000 in the aggregate (the “Acquisition”).
As a result of the Acquisition, Sandpiper owns and exercises control and direction over an aggregate of 13,612,584 Units, representing approximately 10.07% of the 135,221,252 Units issued and outstanding as reported in Artis’ Monthly Cash Distribution Announcement dated November 16, 2020. Prior to the Acquisition, Sandpiper owned and exercised control and direction over 13,512,584 Units, representing approximately 9.99% of the issued and outstanding Units.
The Units were acquired for investment purposes. Sandpiper believes that the Units of Artis are undervalued and represent an attractive investment opportunity.
“Our increase in our ownership in Artis further confirms our long term commitment in this investment,” said Samir Manji, CEO of Sandpiper. “We believe Artis has significant near term and longer term potential with an attractive, undervalued asset base. We look forward to working with the trustees and management at Artis to identify avenues and opportunities that will maximize value for all unitholders.”
Sandpiper and its affiliates may, from time to time, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over the securities of Artis through market transactions, private agreements, or otherwise.
Artis’s head office is located at Suite 600 – 220 Portage Avenue, Winnipeg, Manitoba, R3C 0A5
Sandpiper’s head office is located at Suite 1670, 200 Burrard Street, Vancouver, British Columbia, V6C 3L6.
An early warning report will be filed by Sandpiper in accordance with applicable securities laws. For further information and to obtain a copy of the early warning report filed by Sandpiper, please contact Alyssa Barry, Vice President, Capital Markets and Communications, Sandpiper at (604) 558-4885.
ABOUT SANDPIPER GROUP
Sandpiper is a Vancouver-based private equity firm focused on investing in real estate through direct property investments and public securities. For more information about Sandpiper, visit www.sandpipergroup.ca.
SOURCE Sandpiper Group
For further information: Alyssa Barry, Vice President, Capital Markets and Communications, Sandpiper Group, Phone: 604-558-4885, Email: [email protected]
"Tectonic forces" could cause economic upheaval: Poloz – Investment Executive
This could lead to many different inflationary scenarios from a return to the 2% inflation target to an inflation outbreak, or to stagflation or deflation.
“Personally, I would not weight them equally, but I would attach a meaningful weight to each of them and suggest that [investors] think about ways to preserve [their] capital should any of them arise,” said Poloz who is a special advisor with Osler, Hoskin & Harcourt LLP.
“We should not fall in love with the high probability scenario where inflation just returns to 2% and remains there.”
One driver of high interest rates in recent decades was the population surge of the post-war baby boom. As this generation now moves into retirement, Poloz believes that the high real interest rates of the past “were an aberration” and should not be expected to return.
While there is an expectation for interest rates to normalize along with inflation targets, Poloz notes there is growing concern that inflation could get out of control as governments borrow a “staggering amount of money.”
The former central banker said that today’s central banks are well-equipped to keep inflation in check via monetary policy.
However, three of the tectonic shifts mentioned could disrupt central banks in their policy goals: growing indebtedness, technological progress and rising inequality.
Global indebtedness was on the rise long before Covid-19 hit, said Poloz.
As a result of monetary and fiscal policies that have prevented recessions, individuals and companies are not retrenching and rebalancing their finances as they might have done in the past. From an investor point of view, this leads to the danger of “zombie firms” that are not “washed out of the system” as they might have been.
In the case of technology, progress generally means more efficiency and lower costs for companies over the long-term, said Poloz. But, that same progress can have serious economic consequences in the short term in the form of economic depressions and disruption.
The world is currently experiencing a fourth industrial revolution as the economy becomes digitized through artificial intelligence — which is leading to fears within workforces that a few large firms will scoop up all the economic benefits, leading to growing income inequality.
“People believe and expect that economic growth is like yeast, it spreads everywhere, so everybody benefits,” said Poloz. “But the reality is more like mushrooms that pop up here and there and single firms can reap most of the benefits.”
Climate change is also having a seismic effect on the economy as more companies try to shift their businesses to environmentally-friendly processes. The problem, noted Poloz, is “markets are really bad at distinguishing between shades of green. They’re essentially only able to tell the difference between green and not-green.”
Firms will have to move towards “full carbon transparency,” which will require significant investments in analytics or consultancy work. And, “firms who invest in this early deserve your attention,” said Poloz.
With these forces in play, “volatility beyond the norm is now a given,” said Poloz. A firm’s risk management for these factors will be key to creating shareholder value and will likely be “the next channel of intangible investment.”
Canadian General Investments: Investment Update – Unaudited Toronto Stock Exchange:CGI – GlobeNewswire
TORONTO, Canada, Dec. 02, 2020 (GLOBE NEWSWIRE) — Canadian General Investments, Limited (TSX: CGI, CGI.PR.D) (LSE: CGI) reports on an unaudited basis that its net asset value per share (NAV) at November 30, 2020 was $47.40, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 30.9% and 33.8%, respectively. These compare with the 3.8% and 4.3% returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods.
The Company employs a leveraging strategy, by way of preference shares and bank borrowing, in an effort to enhance returns to common shareholders. As at November 30, 2020, the combined leverage afforded by both forms of leverage represented 17.7% of CGI’s net assets, down from 22.7% at the end of 2019 and 23.2% at November 30, 2019.
The worldwide spread of novel coronavirus (COVID-19) and its impact on such factors as business operations, supply chains, travel, commodity prices and consumer confidence, and the associated impact on domestic and international equity markets and fixed income yields, is expected to continue to have a significant influence on the equity markets and could significantly impact the value of investments held by CGI. Morgan Meighen & Associates Limited, the manager of the Company, will maintain its consistent, steady, long-term approach of holding diversified, appropriate investments, while pursuing selective new opportunities.
The closing price for CGI’s common shares at November 30, 2020 was $32.20, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 26.8% and 36.7%, respectively.
The sector weightings of CGI’s investment portfolio at market as of November 30, 2020 were as follows:
|Cash & Cash Equivalents||0.7%|
The top ten investments which comprised 37.2% of the investment portfolio at market as of November 30, 2020 were as follows:
|Canadian Pacific Railway Limited||4.1%|
|First Quantum Minerals Ltd.||2.8%|
|Lightspeed POS Inc.||2.7%|
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian General Investments, Limited
Jonathan A. Morgan
President and CEO
Phone: (416) 366-2931
Fax: (416) 366-2729
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