CANADA - British Columbia Investment Management Corporation (bcIMC) has decided to take control of Canadian Hotel Income Properties Real Estate Investment Trust (CHIP REIT) in a C$1.2bn (US$1.13bn) cash deal.
bcIMC manages the province’s public sector pension and investment funds controlling over C$85bn assets under management.
bcIMC CEO and CIO, Doug Pearce, said: “CHIP REIT will be a strong complement to our diversified portfolio of assets and contribute to our ability to help finance the retirement benefits of more than 400,000 residents of British Columbia.”
The investment management corporation has also agreed to take on CHIP REIT’s 6% convertible debentures for C$1,625.53 per $1,000 per unit.
The transaction was unanimously agreed by the board of trustees at CHIP REIT and should be completed in the fourth quarter of this year, according to reports from bcIMC.
bcIMC spent C$1bn acquiring infrastructure assets in Canada, Chile and the UK in the fiscal year ending March 2007, according to it’s annual report and is signed up to the United Nations' Principles of Responsible Investment (PRI).
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