The 60-per-cent stake in Toronto’s Minto High Park Village is worth $105-million and is the pension plan’s first direct investment in Canadian multifamily real estate.MARK BLINCH/Reuters
Property is the word of the day. There are no less than three property transactions represented in this deals roundup, with the Canadian Pension Plan Investment Board spearheading the big name as it piles into real estate in High Park. Also, some activity buzzing around certain initial public offerings that are worth a look.
DEAL OF THE DAY: CPPIB acquires 60-per-cent interest in Toronto's Minto High Park Village
The 60-per-cent stake in Toronto's Minto High Park Village is worth $105-million and is the pension plan's first direct investment in Canadian multifamily real estate. It comprises three towers at 111 Pacific Ave., 255 Glenlake Ave. and 66 Oakmount Rd., which range from 12 to 23 storeys with 750 total rental units. Minto will continue to own a 40-per-cent stake in the property and oversee management and leasing.
Minto Properties, part of the Minto Group, has a $3.1-billion portfolio and manages 17,000 multifamily units and three million square feet of commercial space in London, Ottawa, Toronto, Calgary and Edmonton. Press release
MERGERS AND ACQUISITIONS
Chartwell to acquire the Grenadier Retirement Residence
Mississauga-based Chartwell Retirement Residences announced Monday that it entered into a definitive agreement to acquire the Grenadier Retirement Residence in Toronto. The all-cash deal is worth $85-million and is expected to close Aug. 1, 2015. Press release
Ad agency Sid Lee acquired by Japan's Hakuhodo
Independent Canadian ad agency Sid Lee has been sold to Japan's Hakuhodo DY Holdings for an undisclosed amount in a transaction that is expected to see the Montreal-based company expand into Asia.
Sid Lee handles advertising for brands such as Absolut Vodka, the Toronto Raptors, Intel and Unilever's Axe bran in Canada. It will continue to operate under its own moniker. Full story
Wyndham Vacation nabs properties in first Canadian investment
The world's largest professional manager of vacation rental properties, U.S.-based Wyndham Vacation Rentals, is investing in British Columbia's ResortQuest Whistler, which will make it Wyndham's first investment in Canada and adds nearly 600 condominium units to its portfolio. Press release
Vinci Park buys WestPark Calgary assets
Vinci Park acquired the Calgary assets of Western Canada-based WestPark and created a partnership in British Columbia. The financial details were not disclosed.
Created in 2010, WestPark is a parking management company with more than 170 locations throughout B.C. and Alberta. Vinci Park, the world's largest parking management company, has approximately 1.9 million parking spaces and associated services in 14 countries. Press release
INITIAL PUBLIC OFFERINGS
Kraft Heinz valued at $24-billion in trading debut
Kraft Heinz, the merged product of H.J. Heinz and Kraft Foods facilitated this year by Warren Buffett and Berkshire Hathaway, began trading on Monday and closed at $72.96 a share (U.S.) in New York. The company is valued at $24-billion. Full story
Manulife pulls Singapore IPO
Canada's Manulife Financial Corp shelved its $420-million (Canadian) IPO of a real estate investment trust in Singapore on Monday, the first major Asian offering outside China to be pulled due to deteriorating global markets.
The postponement of the IPO, which had been slated to be Singapore's biggest in a year, came as Greeks overwhelmingly rejected conditions of a rescue package from creditors on Sunday and as China rolled out an unprecedented series of steps to prevent a full-blown stock market crash. Full story
Canadian cancer biotech ProNAi Therapeutics sets IPO terms
ProNAi Therapeutics, a company developing cancer therapies based on DNA interference, announced its initial public offering details.
The Vancouver-based company founded in 2003 plans to raise $101-million on the Nasdaq by offering 6.7 million shares at a range of between $14 and $16. Details
PRIVATE EQUITY AND VENTURE CAPITAL
Chinese firm plows $80-million into Western Potash
Canadian potash company Western Potash Corp. secured an equity investment totalling $80-million from Beijing Tairui Innovation Capital Management, a Chinese private equity firm focused on energy and mining industries. The transaction will give Tairui a 51-per-cent ownership stake in the company and the ability to appoint four nominees to the board of directors. Full story
Epic Piping to buy Canadian pipe fabrication shop
Epic Piping, a portfolio company of U.S. private equity firm Bernhard Capital Partners, agreed to acquire the Canadian pipe fabrication facility of KBR, a U.S. technology, engineering, procurement and construction business, for $32-million, including a five-bay, 8,000-ton-a-year fabrication shop in Edmonton. Press release
ANALYSIS AND INSIGHT
Canadian market powered by private equity and venture capital IPOs
The going-public transactions of private equity and venture-backed companies helped drive the Canadian initial public offering market in the first half of 2015, a new PricewaterhouseCoopers Canada report suggests. Offerings by companies such as Shopify Inc. and Stingray Digital Group Inc. contributed to $1.4-billion in new issue proceeds in this period, PwC found. Over all, proceed values were down from one year ago, while the number of offerings was up. Full story
Know of any upcoming deals we should cover? Have suggestions for making the Daily Deal Roundup more useful? E-mail me at deals@globeandmail.com. I'll respond personally to every e-mail.