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Quebec Looks to Tap CDPQ for Public Infrastructure Projects

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Caisse de dépôt et placement du Québec (CDPQ) has reached an agreement with the Government of Québec to develop and manage infrastructure assets for the province. Under the agreement and subject to the approval of province legislative amendments, CDPQ will form a new subsidiary called CDPQ Infra. This unit will lead the planning, financing, execution and operation of selected infrastructure projects. CDPQ Infra will also actively seek out investments. Instead of placing higher debt burdens on Québec finances, pension money is being tapped to fund public infrastructure projects that can generate commercial returns.

See the Institutional Investor Profile of Caisse de dépôt et placement du Québec

Two Projects

Two infrastructure projects have already been identified. One is creating a public transit system on Montréal’s new Champlain Bridge. The other project is having a public transit system that links downtown Montréal to the Montréal-Trudeau International Airport and the West Island.

“Infrastructure has been central to our investment strategy for several years,” said Michael Sabia, President and Chief Executive Officer of CDPQ in a press release. “Our clients look for tangible projects that generate stable, predictable returns. Infrastructure is perfectly aligned with their long-term goals.

“Today’s agreement will allow us to increase our exposure to infrastructure while concretely putting our expertise to work for Québec’s economy,” Mr. Sabia continued. “These investments will generate returns that help to secure Quebecers’ retirement for the future. It’s a win-win partnership that benefits everyone.”

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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