“This transaction allows us to realize value from mature assets as we continue to focus on seeking investments that will help generate attractive long-term returns for CPP contributors and beneficiaries,” said James Bryce, managing director and head of infrastructure at CPP Investments, in a press release.
CPP Investments is also investing $441 million in Prestige Hospitality Ventures Ltd., a platform servicing the hospitality industry in the Asia-Pacific region.
The deal will earn CPP Investments a 27 per cent stake in PHVL with its capital supporting the platform’s continued expansion plans, according to a press release. The investment organization sees compelling opportunities in India’s hospitality sector due to rising travel and a demand for quality accommodation, said Hari Krishna, head of real estate India and Mumbai office head at CPP Investments, in a statement.
“This investment offers an opportunity to participate in the sector’s long-term growth through a well-positioned platform, while seeking to generate attractive risk-adjusted returns for CPP contributors and beneficiaries.”
In other news, the Ontario Teachers’ Pension Plan is participating in a $350 million raise at a $4 billion valuation deal for EliseAI, an artificial intelligence firm automating housing and health-care systems. The financing was led by Andreessen Horowitz and Bessemer Venture Partners, with participation from Sapphire Ventures and Navitas Capital.
The Ontario Teachers’ is also acquiring a portfolio of seven residential assets in Copenhagen and Aarhus from real estate investor Koncenton. The deal is part of a new joint venture with H Capital, a Danish real estate operating partner.
This investment compliments the Ontario Teachers’ existing portfolio of assets in the U.K., Sweden and Germany, where it invests in the tenant experience and improving asset performance over the long term, said Jenny Hammarlund, executive managing director of real estate, in a press release.
“We’ve deliberately sought exposure to high-quality, urban rental markets in Europe to help build a resilient, income-generating portfolio.”
And the Ontario Teachers’ late-stage venture and growth investment platform is contributing US$600 million to the latest funding round for AI-driven legal platform Harvey.
“Harvey has already built a strong position with Canadian customers and, as a Canadian institution, we are positioned to help accelerate it,” said Rick Prostko, senior managing director at Teachers’ Venture Growth, in a statement.
Read: Ontario Teachers’ reinvesting in wealth management advisor, BCI selling Louisiana electric utility