Pension Pulse

Sean Kilpatrick of the Canadian Press reports the public-sector pension board forms joint venture with Nuveen to invest in US shopping centres: The Public Sector Pension Investment Board has signed a deal to launch a joint venture with Nuveen Real Estate to invest in open-air shopping centres in the United States. The partnership is starting with a US$790-million portfolio. PSP Investments says the strategy is demographically driven, focusing on open-air shopping centres anchored by grocers, necessity-based retailers, and essential services. It is targeting U.S. metro areas with strong population growth, rising household incomes and high barriers to entry, where retailers are seeking to expand. To date, PSP Investments and Nuveen say they have closed deals on 19 assets in Virginia, Arizona, Florida, Minnesota, Texas, California, Colorado, and Washington. PSP Investments invests money for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mount...

The Canadian Press reports  CPP Investments and OMERS selling Associated British Ports stakes to IFM Investors: TORONTO — The Canada Pension Plan Investment Board and OMERS have signed a deal to sell their entire stakes in Associated British Ports to IFM Investors. Financial terms of the sale were not disclosed. ABP is Britain’s largest port operator with 19 ports in England, Scotland and Wales. CPP Investments holds a 33.9 per cent interest in ABP, while OMERS owns 30.0 per cent. IFM Investors is a global asset manager, owned by Australian pension funds and British pension fund Nest. CPP Investments and OMERS first acquired their stakes in ABP in 2015 and 2006 respectively. Kalbir Tawar of Briefs Finance also reports   IFM takes 64% of Associated British Ports in deal valuing the company at about £10 billion:   Summary: IFM Investors acquired a 64% holding in Associated British Ports The price implies about a £10 billion ($13.4 billion) valuation, per a person familiar w...

Bryan McGovern of Benefits Canada reports  Canada’s sustainable finance taxonomy group publishes final methodology report:  A working group tasked with establishing Canada’s voluntary sustainable finance taxonomy to establish and define green and transition investment categories has released its final methodology report. The new report indicates another step forward for the organization, which collected responses during a public feedback period, and now sets up the development of technical screening criteria and guardrails for specific sectors — electricity, buildings, transportation, mining, manufacturing and forestry or agriculture — by the end of 2027. Marlene Puffer, chair Canadian taxonomy and transition planning council, says the team received nearly 200 submissions during the public response opportunity.  “The ambition remains confirmed [and] that is net...

Shania Thomas of Reuters reports Silgan and American Industrial to buy Trivium Packaging in $3.4 billion deal:  Silgan Holdings (SLGN) and private equity ​firm American Industrial Partners said on Monday they would buy Trivium Packaging ‌in a $3.4 billion deal, as the US consumer goods packaging maker looks to expand its footprint in Europe.   Silgan, whose customers include Campbell (CPB) and Coca-Cola (KO) makes metal cans and dispensing products such as lotion ​pumps. Netherlands-based Trivium makes recyclable packaging material and is currently owned by ​Ontario Teachers' Pension Plan and Ardagh Group SA. The deal will combine Silgan's ⁠metal businesses with Trivium, creating a global metal packaging business valued at $7.3 billion, according ​to the companies. "Trivium is much more focused and has a much larger presence in ​Europe. So you kind of get that geographic benefit of both, and as we think about our increasingly global customers, we think that's a...

Mary Cunningham of CBS News reports tech stocks tumble as AI debt fears rattle Wall Street: Financial markets slumped on Friday as investors bailed on technology stocks amid concerns that companies exposed to artificial intelligence are starting to wobble.  The tech-heavy Nasdaq Composite tumbled 573 points, or 2.1%, to end at 26,140, closing out its worst week since June. The broader S&P 500 and blue-chip Dow Industrial Average sank 1.1% and 0.3%, respectively. Chipmakers and other tech companies have been under pressure this week as investors worry about the heavy borrowing associated with the emergence of AI and the rapid buildout of thousands of data centers required to provide computing power for AI models. So-called neocloud companies like CoreWeave, which provide the brute computing power AI models need to function, were particularly hard hit. That's because they are financing much of their capital expenditures through debt and equity issuance rather than cash flow, rai...