Pension Pulse

Caisse de dépôt et placement du Québec (CDPQ) released a statement that Bonduelle has entered into exclusive negotiations with it and the Fonds de solidarité FTQ for the disposal of 65% of Bonduelle Americas Long Life: The Bonduelle Group announces that it has entered into exclusive negotiations with the institutional investors Fonds de solidarité FTQ and Caisse de dépôt et placement du Québec (CDPQ), with a view, for these investors, to acquiring 65% of Bonduelle Americas Long Life (BALL) and based on a 100% enterprise value of C$   850   million (approximately €   625   million), representing a 2020-2021 EBITDA multiple of   8.2x. With a revenue of C$   943   million for financial year 2020-2021, BALL is dedicated to the processing and marketing of canned and frozen vegetables in the United States and Canada, in the retail supermarket and food service sectors, mainly with private labels, third party brands and own brands such as Arctic Garde

Oxford Properties Group (“Oxford”), the real estate subsidiary of OMERS, announced the formation of a joint venture with Norges Bank Investment Management (“NBIM”) at the iconic Sony Center in Berlin: Oxford Properties Group (“Oxford”), a leading global real estate investor, asset manager and business builder, announces the formation of a 50:50 joint venture with Norges Bank Investment Management (“NBIM”) at the iconic Sony Center in Berlin. NBIM will pay €677 million to acquire a 50% ownership interest in the Sony Center with Oxford selling 44.9% of its existing stake and Madison International Realty disposing its entire 5.1% interest. Oxford will retain a 50% interest in the property and act as asset manager on behalf of the new joint venture. The closing of the transaction, which values the property at €1.35 billion, is subject to regulatory approval. Comprising 113,000 sqm of prime office, retail and residential space in the heart of Berlin, the Sony Center stands as

Barbara Shecter of the National Post reports the Canada Pension Plan fund tops half trillion after posting 6.8% return: The Canada Pension Plan Investment Board crossed the half-trillion threshold in its most recent fiscal year, reaching $539-billion as of March 31. The net return for the year was 6.8 per cent on last year’s $497-billion, with $8-billion of the $42-billion increase coming in the form of net transfers from the Canada Pension Plan. The CPP fund’s five-year return is 10 per cent, with the 10-year return coming in at 10.8 per cent. “CPP Investments delivered solid returns in fiscal 2022 despite turbulent market conditions in the wake of Russia’s war on Ukraine, supply chain disruptions caused by the pandemic and rising inflation,” said John Graham, the pension management organization’s chief executive.  “Our 10-year performance of nearly 11 per cent, the same as it stood at the end of the last fiscal year, demonstrates the enduring growth of the (CPP) Fund