Pension Pulse

The Canadian Press reports  Canadian institutional behemoths to purchase renewable energy producer:  Two Canadian institutional giants are buying renewable power producer Boralex Inc. in a deal that they say will provide the scale and resources needed to accelerate growth. Brookfield Asset Management Ltd. and La Caisse have agreed to buy the Quebec-based company for $9 billion including debt, or about $3.8 billion in equity value. The deal comes after renewable power producers have seen valuations drop from the highs of a few years ago as permitting and other headwinds have dimmed their outlook. But the trend has started to reverse over the past year, in part as investors looking at the electricity demands of artificial intelligence have helped boost valuations of all sources of power. Boralex CEO Patrick Decostre said in a news release Wednesday that being part of Brookfield will bring helpful economies of scale as it aims to meet growing demand. “This transaction...

The REMI network reports  Ontario Teachers’ forges German partnership: Ontario Teachers’ Pension Plan has acquired four fully leased multifamily properties in Germany as a launching point to its new joint venture with DW Effectum (DWE) Residential. The partnership with the Munich-headquartered residential investment asset manager is aimed at adding further multifamily assets in major German cities and expanding the pension fund’s holdings across Europe. “We focus on markets where active asset management and local expertise create lasting value and DWE’s market knowledge and operational capability make them the right partner to enhance asset performance and resident outcomes over the long term,” says Jenny Hammarlund, executive managing director, real estate, at Ontario Teachers’. DWE has €700 million (CAD $1.1 billion) in assets under management. “We are very grateful for our new joint venture with Ontario Teachers’,” says Daniel Filser, managing director with DWE. “Th...

Lauren Bailey of the Markets Group reports  OMERS Infrastructure appoints a new head of Europe: The Ontario Municipal Employees Retirement System’s (OMERS) infrastructure arm has appointed Luca Lupo as senior managing director and head of Europe, effective immediately. In his new role, Lupo will lead the regional team based in London and oversee regional origination activities and the platform’s management of its investments in Europe. He will report to Michael Hill, executive vice-president and global head of OMERS Infrastructure and join the Infrastructure Management Committee. In a press release, Hill said Lupo has deep knowledge of European markets, the portfolio and is highly respected by the portfolio company’s management teams, advisers and investment partners. “Europe is, and will remain, a core region for OMERS, and [Lupo’s] leadership will help position our platform for its next strategic phase.” Lupo joined OMERS in 2022 as a managing director,...

Lisa Kailai Han, Chloe Taylor, and Fred Imbert of CNBC report stocks tumble Friday as losses mount from Iran war impact, Dow and Nasdaq near correction:  Stocks tumbled in volatile trading Friday as the U.S.-Israel conflict with Iran showed no sign of abating and oil prices continued their ascent. The Dow Jones Industrial average shed 443.96 points, or 0.96%, ending at 45,577.47. The S&P 500 fell 1.51% and closed at 6,506.48, while the Nasdaq Composite lost 2.01% and settled at 21,647.61. The small-cap Russell 2000 declined more than 2% and slipped into correction territory — that is, a 10% decline from its latest high. At their lows of the day, the Dow and Nasdaq traded in correction territory, but ultimately closed shy of the 10% threshold. The moves come after Iran and Israel exchanged strikes overnight, while the former also launched new attacks against energy sites in the Persian Gulf region. The Wall Street Journal reported , citing U.S. officials, that the Pe...