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Ivanhoe Cambridge to Buy Remaining Interest in Iconic Montreal Building

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Caisse de dépôt et placement du Québec’s real estate unit, Ivanhoé Cambridge, announced that they will acquire Alberta Investment Management Corporation’s (AIMCo) 50% interest in the 45-storey iconic building in Montreal. The prestigious office complex, Place Ville Marie, opened its doors in 1962. Ivanhoe Cambridge owns the other stake already. Earlier in 2013, AIMCo put the office property up for sale. The transaction is valued at $400 million. Another $100 million will go toward improving the property.

“We are very proud to seize this new opportunity; this significant investment in Montreal will be the anchor of a broad plan we will implement this fall,” said Daniel Fournier, Chairman and Chief Executive Officer, Ivanhoé Cambridge in a press release. “Place Ville Marie is more than just a building; it is at the real estate core of the city and, more than ever, the cornerstone of our Montreal property portfolio. It is Quebec’s premier office address and a symbol of the collective heritage of Montreal and Quebec.”

CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

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Invesco Lost a Big SWF Equity Mandate

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Invesco celebrated its landmark acquisition to acquire OppenheimerFunds from MassMutual. Invesco faced some outflows on its active management side of the business. In the third quarter of 2018, Invesco had outflows from two sovereign wealth funds, which totaled approximately US$ 2.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Sky News Reveals CPPIB Eyeing Gatwick Airport

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Mark Kleinman of Sky News revealed that the Canada Pension Plan Investment Board (CPPIB) is seeking to purchase a stake in Gatwick airport. The transaction could be more than £3 billion GBP, as CPPIB seeks to acquire a 42% in the airport from Global Infrastructure Partners. Furthermore, CPPIB would invest more capital into the airport if the deal goes through.

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