Identifier: Acquisition

Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and CarbonFree Technology are pleased to announce the closing of approximately USD$360 million in debt financing facilities for their portfolio of utility-scale solar projects located in Chile. The financings are comprised of a $19mm letter of credit facility, a $71mm bridge-loan facility which will be used to fund ongoing construction costs, and a ~$270mm private placement facility whose proceeds will be used primarily to refinance existing bank debt and repay the bridge-loan facility once projects complete construction. The private placement issuance has been rated BBB+ by S&P and was well oversubscribed by a syndicate of large North American financial institutions.

“We are excited to complete this refinancing, one of the largest solar project private placements in Chile to date,” said Matt O’Brien, President of CC&L Infrastructure. “The aggregation, de-risking and successful construction of individual, small-scale projects is the culmination of a multi-year strategy, allowing us to secure long-term financing at competitive rates and create value for our investors. Our base of Chilean solar assets is part of our large and rapidly growing energy transition portfolio that aggregates over 1.5 gigawatts of renewable assets across a range of clean energy technologies.”

Since making their initial investment in Chile in 2017, CC&L Infrastructure and CarbonFree have significantly expanded their portfolio, with 37 individual ground-mounted solar projects in operation and a further 16 projects currently under construction or expected to begin construction shortly. The total Chilean solar portfolio is comprised of approximately 360 megawatts (MW) of generation, including more than 250 MW of operating projects and 110 MW of projects currently in or about to enter construction. The portfolio is forecast to be fully operating by the second half of 2023.

“Chile is making excellent progress towards the country’s 2030 clean energy and decarbonization targets, in addition to their overarching goal of net zero carbon emissions by 2050. We’re pleased that our portfolio of solar projects can contribute to this leadership on climate action, as well as provide Chilean citizens with affordable electricity for years to come,” said David Oxtoby, CEO of CarbonFree.

The power generated by these projects is sold at stabilized prices under Chile’s Pequeños Medios de Generación Distribuidos (PMGD) program and is transmitted to the grid through transmission infrastructure owned by local distribution companies. Once the full portfolio has been completed, the facilities will be capable of producing more than 750,000 MW hours of clean electricity annually.

About Connor, Clark & Lunn Infrastructure

CC&L Infrastructure invests in middle-market infrastructure assets with attractive risk-return characteristics, long lives and the potential to generate stable cash flows. To date, CC&L Infrastructure has accumulated over $5 billion in assets under management diversified across a variety of geographies, sectors, and asset types, with over 90 underlying facilities across over 30 individual investments. CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage approximately CAD$96 billion in assets. For more information, please visit www.cclinfrastructure.com.

About CarbonFree Technology

CarbonFree Technology is a member of the CarbonFree Group of Companies based in Toronto, Canada and Santiago, Chile. CarbonFree develops, finances, manages construction, operates and owns solar projects and is active in Canada, the United States and Latin America. Over the past 15 years, the company has developed more than 120 solar power projects with a total capacity of more than 660 MW. For more information, please visit www.carbonfree.com.

Contact

Vrushabh Kamat
Connor, Clark & Lunn Infrastructure
(437) 928-5184
[email protected]

Daniel Soper
CarbonFree Technology
(416) 975-8800 x603
[email protected]

Connor, Clark & Lunn Infrastructure (“CC&L Infrastructure”) and Régime de rentes du Mouvement Desjardins, represented by Desjardins Global Asset Management (collectively, “Desjardins”) are pleased to announce the acquisition of a majority interest in the Rt. Hon. Herb Gray Parkway (“the Project” or “the Parkway”), from ACS Infrastructure Canada (“ACS”), Fluor Canada Ltd. (“Fluor”), and Acciona Concesiones S.L (“Acciona”). Each of ACS, Fluor, and Acciona will retain a minority equity interest, and an O&M company formed by ACS and Fluor will provide operations and maintenance service to the Project going forward.

The Rt. Hon. Herb Gray Parkway project is a public-private partnership (P3) between Windsor-Essex Mobility Group and the Province of Ontario.  The Project encompasses an approximately 11km corridor through the Windsor, Ontario area, including a six-lane highway with several adjacent service roads, interchanges, structures, pumping stations, and recreational areas. Distinct from many other P3 highway projects, the Parkway includes approximately 300 acres of green space, as well as active maintenance, monitoring, and reporting on various environmental features and amenities, including vegetation, ~20km of paved trails for pedestrians and cyclists, and a multi-use lit pathway.

 “Our investment in the Rt. Hon. Herb Gray Parkway aligns with our strategy of acquiring interests in high-quality, long-lived, resilient infrastructure assets with strong, creditworthy counterparties and operating partners,” said Matt O’Brien, President of CC&L Infrastructure. “We thank our co-investment partner, Desjardins and our new operating and equity partners, ACS, Fluor, and Acciona.  We look forward to working with these partners and the Province of Ontario toward the successful, long-term operation and maintenance of this important asset.”

“Desjardins is pleased to acquire an interest in the Rt. Hon. Herb Gray Parkway project through the Régime de rentes du Mouvement Desjardins. The plan participants expect consistency and stability within the infrastructure portfolio, and we look forward to continuing to meet those expectations with investments in high quality, long-duration assets such as the Parkway.  We are also pleased to continue expanding our long-term relationship with CC&L Infrastructure, and to be partnered with experienced investors and operators at ACS, Fluor, and Acciona.” added Frédéric Angers, Vice President and Head of Infrastructure Investments at Desjardins Global Asset Management.

Procured in 2010 by Infrastructure Ontario, the Rt. Hon. Herb Gray Parkway began operation in 2015 and has since been an essential part of a high-traffic trade artery between Canada and the United States. The Project has a 30 year availability-based concession agreement in place with Infrastructure Ontario, with approximately 23 years remaining.

About Connor, Clark & Lunn Infrastructure

CC&L Infrastructure invests in middle-market infrastructure assets with attractive risk-return characteristics, long lives and the potential to generate stable cash flows. To date, CC&L Infrastructure has accumulated over $5 billion in assets under management diversified across a variety of geographies, sectors, and asset types, with over 90 underlying facilities across over 25 individual investments. CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage approximately CAD$96 billion in assets. For more information, please visit www.cclinfrastructure.com.

About Desjardins Global Asset Management Inc. (DGAM)

Established in 1998, Desjardins Global Asset Management (DGAM) is one of Canada’s largest asset managers with in-house expertise in equity, fixed income and real assets (infrastructure, real estate) across a variety of investment vehicles. DGAM manages over CAN$86.5 billion (as at March 31, 2022) in institutional assets on behalf of insurance companies, pension funds, endowment funds, non-profit organizations and corporations across Canada. For more information, please visit https://www.desjardins.com/ca/about-us/desjardins/governance-democracy/structure/desjardins-asset-management/index.jsp.

Contact

Vrushabh Kamat
Connor, Clark & Lunn Infrastructure
(416) 862-8079
[email protected]

Photo of office building at 121 King Street West in Toronto

Crestpoint Real Estate Investments Ltd. (Crestpoint) today announced the acquisition of 121 King Street, a 540,000 square foot, Class A office building located in Toronto’s financial district, one block from the corner of King and Bay streets. This 25 storey office tower has been recently renovated and is LEED EB Gold, BOMA BEST Gold, Wired Score Platinum, Fitwel Viral Response and Rick Hansen Certified. The building provides direct access to Toronto’s underground PATH system and a variety of retail and entertainment amenities. In addition, the property is well served by a variety of transit options including direct access to the St. Andrew’s Subway station, the King streetcar route and the GO Train at Union Station.

The building is home to a roster of quality tenants including the Federal Government of Canada and National Bank of Canada. Crestpoint acquired a 100% interest in the property on behalf of the Crestpoint Core Plus Real Estate Strategy, its open-end Fund, and another institutional partner. Colliers Capital Markets acted as exclusive buy side advisor to Crestpoint on the deal. Property management services will be provided by JLL.

The closing of the 121 King Street acquisition brings Crestpoint’s total assets under management to over $8 billion and 30 million square feet. This caps off a very active and productive 12 months, which saw the completion of $2 billion of acquisitions involving office, industrial, retail and multi-family opportunities, adding over 5.6 million square feet to its portfolio.

“Over the past year, we have grown the portfolio significantly and added landmark, high quality properties like 121 King Street and the Amazon Distribution Centre in Ottawa,” said Kevin Leon, President and CEO of Crestpoint. “The ability to add a Toronto financial core building connected to the PATH system in such a strong location, with high quality tenancies further elevates the profile of the Crestpoint Core Plus Real Estate Strategy portfolio. With our active management approach we look forward creating a dynamic workplace for the tenants that call 121 King Street home and we are optimistic the long term market for high quality office buildings in downtown Toronto will flourish. The Crestpoint Core Plus Real Estate Strategy continues to offer investors access to a well-diversified, high quality portfolio which continues to perform extremely well.”

About Crestpoint

Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, London, and Gurugram, India, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of approximately $104 billion in assets. For more information, please visit: www.crestpoint.ca.

Contact

Elizabeth Steele
Director, Client Relations
Crestpoint Real Estate Investments Ltd.
(416) 304-8743
[email protected]

Crestpoint Real Estate Investments Ltd. (Crestpoint) today announced the acquisition of 222 CitiGate Drive, a 2.8 million square foot Amazon fulfillment centre located in CitiGate Corporate Business Park in Barrhaven, a suburb of Ottawa. It is the largest fulfillment centre ever built in Canada and uses the latest in smart, and automated and robotic technologies with capacity to handle over 100,000 packages a day. Constructed in 2021, the project is 100% leased to Amazon for 20 years. Crestpoint acquired a 90% interest in the property on behalf of its clients including the Crestpoint Core Plus Real Estate Strategy, Vestcor Inc., and Kiwoom Securities and Hangang Asset Management, a South Korean investment consortium.

The completion of the CitiGate acquisition brings Crestpoint’s assets under management to over $7.5 billion and caps off a very active and productive past 13 months, which saw the completion of over $1.9 billion of acquisitions involving office, industrial, retail and multi-family opportunities, adding over 6.5 million square feet to its portfolio. Highlights of the activity during this period include:

(i) The Firm’s initial foray into the multi-family residential sector, following the investment of ~$500 million in the acquisition of over 2,000 apartment units.

(ii) The completion of over $950 million of transactions in the industrial sector, including the acquisition of 4.25 million square feet of existing properties, along with over 260 acres of development land, which can support the future development of over 4.5 million square feet of industrial product.

(iii) The investment of ~$400 million into the office sector, most notably through the acquisition of two signature office complexes, specifically a 95% interest in SteelesTech Corporate Centre in Toronto and a 50% interest in Place De Ville in downtown Ottawa. Together, the two properties represent over 1.2 million square feet of office product that add to the quality of Crestpoint’s office portfolio and are consistent with Crestpoint’s continued commitment to enhancing the overall environmental profile of its entire portfolio.

(iv) The consistent strong performance of the Crestpoint Core Plus Real Estate Strategy, Crestpoint’s diversified, open-end investment vehicle that celebrated its 10 year anniversary in Q1 2021.

(v) The addition of 14 new members to the team, bringing the total number of investment professionals at Crestpoint to 32.

“I am extremely proud of what Crestpoint has accomplished over the past 13 months. It is a testament to the skill and dedication of our entire team and our proven ability to identify opportunities and execute despite the challenges the market throws at us. We appreciate the continued support of our investors and partners and look forward to continued success in the future” said Kevin Leon, President and CEO of Crestpoint.

About Crestpoint

Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager, with $7.5 billion of gross assets under management, dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, London, and Gurugram, India, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of approximately $100 billion in assets. For more information, please visit: www.crestpoint.ca.

Contact:

Kevin Leon
President
Crestpoint Real Estate Investments Ltd.
(416) 304-6632
[email protected]

Crestpoint Real Estate Investments Ltd. (Crestpoint) announced today the acquisition of the Junction Shopping Centre in Mission, British Columbia. The Junction Shopping Centre is a 300,612 square foot tier-one grocery and drug-store anchored shopping centre situated at the junction of Lougheed Highway and Abbotsford-Mission Highway, approximately 70 km east of Vancouver.

The property is currently 98% leased to a strong roster of over 40 national and regional daily needs tenants. It is anchored by Save-on-Foods and London Drugs and has a diverse roster of ancillary tenants including Winners, Cineplex, Goodlife and Starbucks. Overall, the Junction offers a tenant mix well‐suited to local demographics providing an attractive mix of daily needs retail with grocery, pharmacy, liquor, financial services, health and personal care, entertainment and discount retailers.

“We’re very pleased to partner with Anthem Properties on this acquisition and to be adding such a high quality and stable retail asset to our diversified Core Plus Real Estate Strategy. With grocery and pharmacy anchors, the service oriented nature of the Junction Shopping Center is a great addition to our well-diversified and growing retail portfolio in Western Canada.” said Devon Howsam, Vice President, Acquisitions & Asset Management, Crestpoint Real Estate Investments Ltd.

About Crestpoint Real Estate Investments Ltd.

Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager, with $6.3 billion of gross assets under management, dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, and London, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of over $100 billion in assets. For more information, please visit: www.crestpoint.ca.

Contact:

Kevin Leon
President
Crestpoint Real Estate Investments Ltd.
(416) 304-6632
[email protected]

TORONTO, ON, February 10, 2021 – Crestpoint Real Estate Investments Ltd. (Crestpoint) today announced the acquisition of Northport Business Park in Edmonton, Alberta. Following this major acquisition, along with continued growth within its existing portfolio, Crestpoint’s total assets under management have grown to $5.8 billion. 

EDMONTON, AB

Northport Business Park – 17306 129 Ave., 17408 129 Ave., 17315 129 Ave., 12908 170 St. & 12861 175 St.

Northport Business Park is a Class-A new-generation warehousing and distribution complex located in northwest Edmonton. Built from 2009-2015, the property is comprised of five state-of-the-art buildings totaling 846,000 square feet and also includes 16.5 acres of outdoor storage yards, and 42.8 acres of serviced excess land which could support an additional 700,000 square feet of density. Strategically positioned in proximity to surrounding transportation corridors, the property provides quick access to several major highways and the CN Edmonton Intermodal terminal. It is 94% leased to 11 tenants operating in various industries including third-party logistics, medical distribution, and building supply. Crestpoint acquired the asset within the “Crestpoint Core Plus Real Estate Strategy,” Crestpoint’s open-end Fund.

“Crestpoint’s acquisition of Northport Business Park, a premier Class-A industrial park, is a great addition to our portfolio’s existing number of quality industrial assets located across Canada. As the gateway to the north, Edmonton is conveniently located in several trade corridors, providing distribution and logistics companies with strategic access to all of northern Alberta, northern British Columbia and many parts of Saskatchewan. As e-commerce adoption continues to grow, we anticipate that the demand for quality industrial space, such as Northport, will continue to drive absorption and rental growth.” said Colin MacKellar, Executive Vice President & COO of Crestpoint.

About Crestpoint Real Estate Investments Ltd.

Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager, with $5.8 billion of gross assets under management, dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, New York and London, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of over $86 billion in assets. For more information, please visit: www.crestpoint.ca.

Contact

Kevin Leon
President
Crestpoint Real Estate Investments Ltd.
(416) 304-6632
[email protected]

TORONTO, ON, January 29, 2021 – Crestpoint Real Estate Investments Ltd. (“Crestpoint”) today announced the acquisition of two significant investments with a total value of $205 million: i) Legacy Apartment Portfolio, and ii) FedEx Distribution Centre. Following these major acquisitions, Crestpoint’s total assets under management have grown to $5.5 billion. 

VANCOUVER, BC

Legacy Apartment Portfolio – various addresses

Legacy Apartment Portfolio is comprised of 15 multi-family residential properties, acquired from six different vendors, strategically located across Metro Vancouver. The portfolio includes nine concrete mid-rise apartments and six wood frame apartments. The properties range in size from 14 to 72 units with a mix of bachelor, one bedroom and two bedroom units, with a total of 614 residential suites across the portfolio. Located in the highly desirable and amenity-rich neighbourhoods of Vancouver’s West End, Kitsilano/West Point Grey, South Granville and Marpole, the portfolio has an average walk score of 90. Crestpoint, on behalf of the “Crestpoint Core Plus Real Estate Strategy”, its open-end Fund, partnered with InterRent REIT with each acquiring a 50% interest.

“We are thrilled to be acquiring such an irreplaceable core multi-family portfolio in one of the most sought-after residential markets in the world. As our first residential investment for our Fund, we are excited to use this as a launching pad into the multi-family sector and look forward to partnering with InterRent REIT, one of the most highly regarded operators in the sector” said Elliott Altberg, Executive Vice President at Crestpoint. “The multi-family residential sector in Canada is highly fragmented and has historically been characterized by stable, attractive risk adjusted returns. As such, we look forward to further expanding our multi-family presence across Canada and are eager to continue diversifying our Fund into this highly desirable asset class.”

WINNIPEG, MB

FedEx Distribution Centre – 365 Black Diamond Blvd.

Strategically situated on 38.1 acres of land in Southeast Winnipeg, the FedEx Distribution Centre is a 248,000 square foot brand new design-build package distribution and sorting facility. It is located in Boniface Industrial Park, Winnipeg’s second largest industrial park and offers convenient access to numerous key transportation routes. The state-of-the-art Class-A facility features a clear height of 28 feet with 76 dock loading doors and six drive-in doors. The single-tenant industrial property is fully leased to FedEx for 15 years. Crestpoint acquired the asset within the “Crestpoint Core Plus Real Estate Strategy”, Crestpoint’s open-end Fund. 

“This asset represents Crestpoint’s second industrial acquisition in Winnipeg in the last 14 months, providing the Fund with geographic diversification and exposure to a high-quality core industrial asset. Given its central location within the Winnipeg market and the long term commitment from such a reputable tenant we are really excited to add this asset to our Fund.” said Kevin Leon, President & CEO of Crestpoint.

About Crestpoint Real Estate Investments Ltd.

Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager, with $5.5 billion of gross assets under management, dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, New York and London, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of over $86 billion in assets. For more information, please visit: www.crestpoint.ca

Contact

Kevin Leon
President
Crestpoint Real Estate Investments Ltd.
(416) 304-6632
[email protected]

FOR IMMEDIATE RELEASE

CONNOR, CLARK & LUNN INFRASTRUCTURE CLOSES
U.S. RENEWABLE POWER INVESTMENT

TORONTO, JANUARY 11, 2021

Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) is pleased to announce that it has completed its previously announced acquisition of an 80% equity interest in a U.S. wind and solar portfolio.

This transaction, which was completed alongside Régime de Rentes du Mouvement Desjardins and Desjardins Financial Security Life Assurance Company (together, Desjardins Group), included the purchase of four operating wind projects and one construction-stage solar project located in Indiana, Wisconsin, Oklahoma, and Ohio. Each asset is fully contracted through long-term power purchase agreements with high-quality offtakers, and the portfolio provides geographically diversified exposure to three distinct U.S. electricity markets. Construction of the solar facility began in December 2020 and is expected to be operational later this year or early in 2022.

“Completing this investment achieves an exciting milestone for our business,” said Matt O’Brien, President of CC&L Infrastructure. “The addition of these projects increases the total capacity of our renewable power portfolio well past a gigawatt globally. We look forward to operating these high-quality projects alongside our partners over the coming years.”

CC&L Infrastructure now owns approximately 1.4 GW of renewable power globally, with more than 1GW in operation. On a combined basis, these operating facilities are expected to produce approximately 4 million MW hours of clean energy each year – enough energy to power more than 320,000 homes and offset the equivalent greenhouse gas emissions of more than 600,000 passenger vehicles for a year.

About Connor, Clark & Lunn Infrastructure

CC&L Infrastructure invests in middle-market infrastructure and infrastructure-like assets with highly attractive risk-return characteristics, long lives and the potential to generate stable cash flows. CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage over CAD$85 billion in assets. For more information, please visit www.cclinfrastructure.com.

Contact

Kaitlin Blainey
Director
Connor, Clark & Lunn Infrastructure
(416) 216-8047
[email protected]