Private Equity
Campus Crest Communities Inc (NYSE: CCG), which last month agreed to be acquired by Harrison Street Real Estate Capital for US$1.9 billion, has closed the sale of its evo Montréal joint venture. Evo is a student housing facility. As a result, Campus Crest now has no interests outside of the United States and has been released from a $56 million debt guarantee associated with the joint venture. The October agreement with Harrison Street accounted for the sale.
6 min read · 02 November 2015
Canadian Natural Resources Ltd has discussed spinning off royalty assets with some pension plans and strategic buyers, sources told Reuters. The company has engaged with the Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan and PrairieSky Royalty Ltd, said the sources. The value of the assets is estimated to range from $1 billion to $2.5 billion.
2 min read · 02 November 2015
Australian logistics firm Qube Holdings Ltd said it and partners had bought a near 20 percent stake in freight firm Asciano Ltd, seeking to block a US$6.5 billion bid from Brookfield Asset Management, Reuters reported. Qube said it had picked up the stake with Global Infrastructure Partners and the Canada Pension Plan Investment Board.
2 min read · 30 October 2015
GFL Environmental Inc has agreed to acquire Matrec Services Inc, a solid waste business owned by Canadian trucking and logistics provider TransForce Inc (TSX: TFI). The deal, expected to close in early 2016, is priced at $800 million and will be funded in part by the issue of GFL shares to TransForce. Vaughan, Ontario-based GFL said the acquisition will make it one of the largest independent waste management companies in Canada and will facilitate its entry into Québec and Eastern Ontario. Backed by Hawthorn Equity Partners and Highbridge Principal Strategies, the company bought a group of Ontario-focused excavation and demolition businesses in July.
4 min read · 30 October 2015
Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, has agreed to invest $140 million in a renovation project planned for Fairmont The Queen Elizabeth, a major hotel located in downtown Montréal. The hotel will close in mid-2016 until the project is completed in June 2017. Earlier this month, Ivanhoé partnered with the Blackstone Group to acquire New York's Stuyvesant Town and Peter Cooper Village.
5 min read · 29 October 2015
The Canada Pension Plan Investment Board (CPPIB) has invested money with hedge fund firm Engineers Gate, its latest bet on so-called "quant" managers whose market bets are guided by elaborate computer algorithms, Reuters reported based on a recent disclosure. The size of the CPPIB investment in New York-based Engineers Gate wasn't clear. As of June, the firm had invested a total of US$645.7 million, including borrowed funds.
2 min read · 29 October 2015
Brookfield Property Partners LP has sold a 44 percent stake in its US$4.5 billion development on Manhattan's west side to the Qatar Investment Authority (QIA) in a project it said would be worth almost double that when completed, Reuters reported. Terms of the deal, which included forming a joint venture with the Qatari sovereign wealth fund, were not announced. Earlier this year, Brookfield and QIA partnered in London's Canary Wharf business district.
1 min read · 29 October 2015
Hong Kong’s Johnson Electric Holdings Ltd has completed its acquisition of Stackpole International, a Canadian supplier of engine and transmission pumps and powder metal components, primarily for automotive applications. The all-cash transaction valued Stackpole at $800 million. Stackpole, which will remain based in Ancaster, Ontario, was sold by an investor group led by U.S. private equity firm Crestview Partners. As reported by PE Hub Canada in August, Crestview was expected to see a more than 30 percent internal rate of return from the sale. Crestview and CITIC Capital bought the company from the Sterling Group for US$500 million in 2013. It was carved out of Gates Canada in 2011.
3 min read · 29 October 2015
3 min read · 29 October 2015
U.S.-based EdgeMarc Energy Holdings LLC has closed an incremental US$300 million equity commitment, bringing its total commitments to over US$750 million. Teachers' Private Capital, the private equity investment arm of the Ontario Teachers’ Pension Plan, contributed to the latest deal, joining Goldman Sachs, an existing backer of the company. EdgeMarc is an explorer and producer of natural gas and natural gas liquids in Ohio and Pennsylvania. Founded in 2012, it has acquired 50,000 net acres in these states for drilling and production purposes.
3 min read · 27 October 2015
