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☆ Commercial real estate services firm restructures debt after default as industry's problems widen
▼ + stars: | 2024-02-26 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +6 min

The announcement came after S&P Global Ratings lowered Avison's credit on Friday and reported that the company had defaulted on the loan. Weeks earlier, S&P had downgraded the credit rating of Cushman & Wakefield, another major services firm. Higher interest rates have dislocated property values and stifled sales transactions, cutting off a major revenue stream for these firms. Leasing activity across major property types, meanwhile, including office, remains diminished. A push into US real estateAvison sought to rapidly grow in the US over the past decade, including in major commercial real estate markets such as New York City.

Persons: Avison Young, Weeks, Cushman, –, Mark Rose, Avison, Rose, CDPQ, Arbour, MSCI, doesn't, that's Organizations: Cushman & Wakefield, Business, Leasing, Caisse, Federal Reserve Locations: Toronto, Avison, Lane, Stamford , Connecticut, New York City

If General Atlantic decided to sell its stake, a deal could now garner more interest from investors, the sources said. A deal could value the company, which assesses global oil prices and provides industry news, at north of 4 billion pounds ($5.08 billion), Reuters previously reported. Deliberations remain at an early stage and General Atlantic and Hg may decide not to proceed with a transaction, two of the people said. Argus Media, Hg and General Atlantic declined to comment. Hg bought half of General Atlantic's 50% stake in Argus in 2019, valuing the business at more than 2 billion pounds then.

Persons: Adrian Binks, Amy, Jo Crowley, Victoria Farr, Mark Porter Organizations: Argus Media, Reuters, Private, Investments, Atlantic, Atlantic's, Argus, Astorg, Thomson Locations: GIC, London, Argus, Frankfurt

☆ Blended finance is a possible solution to meet developing nations' energy transition needs: CDPQ
▼ + stars: | 2023-11-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlended finance is a possible solution to meet developing nations' energy transition needs: CDPQLeong Wai Leng, Regional Head of Asia Pacific at CDPQ discusses blended financing and investing in a high interest rate world.

Persons: Wai Organizations: Wai Leng, of Asia Pacific, CDPQ

☆ India-Canada relations: how could trade be affected as tensions rise?
▼ + stars: | 2023-09-19 | by ( Manoj Kumar | ) www.reuters.com time to read: +5 min

On Tuesday, New Delhi dismissed the allegations as "absurd", and asked Canada instead to crack down on anti-India elements operating in its territory. Here is what is at stake for both countries:HOW ARE TRADE TALKS AFFECTED? Steady growth has seen goods trade rising to $8 billion in 2022, with Indian exports to Canada touching $4 billion and imports from Canada also worth $4 billion. Pharmaceutical products, worth about $418 million, made up the bulk of Indian exports last year, followed by iron and steel products worth about $328 million and machinery, nuclear reactors and boilers worth about $287 million. India's growing demand for imported lentils has benefited Canadian farmers, while Indian pharmaceutical and software companies have expanded their presence in the Canadian market.

Persons: Hardeep Singh Nijjar, Nanak, Chris Helgren, Justin Trudeau, Canpotex, Manoj Kumar, Arpan Varghese, Jaiveer, Clarence Fernandez, Anil D'Silva Organizations: REUTERS, Trading Economics, UN, Canpotex, Pharmaceutical, Caisse, Ontario Teachers, Bombardier, SNC Lavalin, TCS, Infosys, Wipro, Canadian Bureau of International Education, Thomson Locations: Surrey, British Columbia, Canada, DELHI, India, New Delhi, India's, Punjab, Bengaluru

☆ KKR to invest more than $1 bln in USI Insurance to become largest shareholder
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid//File Photo Acquire Licensing RightsSept 11 (Reuters) - USI Insurance Services said on Monday that existing shareholder KKR (KKR.N) plans to make a new equity investment of more than $1 billion to become the largest stakeholder. Private equity firm KKR and USI will purchase shares of USI held by pension fund Caisse de dépôt et placement du Québec (CDPQ) and certain other investors, as part of the agreement. More than 50% of the USI shares held by CDPQ will be purchased as part of the transaction. CDPQ and KKR bought USI in 2017 from investment manager Onex (ONEX.TO) for $4.3 billion, including debt. USI provides insurance and employee benefit-related products to U.S. companies.

Persons: Brendan McDermid, CDPQ, Onex, Jaiveer Singh, Shounak Dasgupta Organizations: KKR, New York Stock Exchange, REUTERS, USI Insurance, USI, Thomson Locations: New York, U.S, Bengaluru

The Chinese national flag is seen in front of the financial district Central on the Chinese National Day in Hong Kong, China October 1, 2022. Most were on the fund's private equity team and were informed early last month, according to two of the people. CPP, which employs more than 150 people in Hong Kong, its Asia hub, declined to comment. The Ontario Teachers' Pension Plan (OTPP) closed down its China equity investment team based in Hong Kong in April, Reuters has reported. There have been $3.2 billion worth of acquisitions of firms in China by private equity so far this year.

Persons: Tyrone Siu, Gina Raimondo, Canada's, Michel Leduc, Julie Zhu, Kane Wu, Edwina Gibbs Organizations: REUTERS, Investments, U.S, . Commerce, The Ontario Teachers, Reuters, Caisse, Financial Times, Thomson Locations: Central, Hong Kong, China, HONG KONG, Asia, Canada, U.S, Washington, Shanghai

☆ Top asset manager says pension fund clients are turning skittish on China - 'There is a very real geopolitical risk'
▼ + stars: | 2023-06-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

APG's pension fund clients are more worried about investing in China, the Financial Times reported. That's as geopolitical risk has grown, with China increasingly at odds with the West. "There is a very real geopolitical risk that has been added to the proposition." There is a very real geopolitical risk that has been added to the proposition," he said. The hesitation felt by pension funds towards Chinese assets comes as foreign investors overall have begun moving out of the country at a faster rate.

Persons: —, Thijs Knaap, Knapp, we've, Micron's microchips, Minxin Pei Organizations: Financial Times, Service, APG Asset Management, APG Locations: China, Beijing, Shanghai, Singapore, Europe, That's, Taiwan, Russia

The Canadian pension funds have benchmarked their investments to that level, according to the presentation. Australian pension funds have invested about 50% of their total assets in domestic equities, according to the presentation. China Investment Corp is Teck's single-biggest institutional investor with a 10.3% stake, and Norway's wealth fund, Norges Bank, owns 1.52%, while Canadian pensions together hold 0.78% stake, according to Refinitiv data. All other pension funds did not respond to Reuters request for comments. Canadian pension funds represent 30% of the total financial savings of Canadians.

☆ Mexico economy minister meets with Canadian energy firms
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Jan 23 (Reuters) - Mexican Economy Minister Raquel Buenrosto met with Canadian energy firms to follow up on agreements made at a meeting with President Andres Manuel Lopez Obrador, the ministry said Monday. Buenrostro will meet with the firms again next month to discuss progress made on the agreements, the ministry said on Twitter. A Mexican official told Reuters last week a "framework" for each of the companies' problems with Mexico's energy sector had been agreed upon. A spokesperson for Mexico's economy ministry could not immediately confirm whether the four companies were those present at the meeting with Buenrostro. The United States and Canada last year initiated dispute settlement proceedings against Mexico's push to prioritize state-run energy companies under a regional trade pact.

Last month, it unveiled plans to spin off its Canadian oil sands assets into a new publicly traded company, which surprised many industry watchers. McCrea expects the recent trend of takeovers of private Canadian oil companies by larger companies to continue rather than the IPO route. The last time a new Canadian energy listing appeared on the TSX was in January when Calgary-based Kiwetinohk Energy Corp (KEC.TO) shares started trading. read moreNow, energy stocks have become a refuge for investors facing a sell-off in high growth sectors. Some energy investors welcomed the idea of more Canadian oil and gas listings.

The likely purchase of the new asset and the $3 billion valuation of the toll road business has not been reported previously. Representatives from Road King did not respond to requests for comment. CVC and Road King's attempts to monetise the toll road business comes at a time of growing global investor interest for infrastructure assets, driven by sovereign, pension and private equity funds chasing long-term returns. Road King, a Chinese property developer, has operated expressways in the country since nearly three decades. It diversified into the Indonesian toll road business in 2019 and its expressways in China and Indonesia span over 600 kilometres in total, according to the company's website.

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