Canada’s second largest pension fund, Caisse de dépôt et placement du Québec (Caisse), has announced that it has invested $250mn in Toronto-based commercial real estate company Avison Young.
“With its unique corporate culture and its long-term vision, Avison Young is an ideal partner for Caisse, and we look forward to supporting the company as it continues to grow over the coming years,” said Stephane Etroy, Executive Vice-President and Head of Private Equity at Caisse.
Avison Young will use a portion of the latest funds to repurchase shares held by its private equity partner, Parallel49 Equity.
However, the majority of the investment will provide the firm with the necessary capital to continue to accelerate its global expansion plans, pursuing its own acquisitions, enhancing its recruitment procedures and bolstering its services.
“Caisse’s investment will provide additional momentum as we accelerate our innovative and technology-based capabilities and market presence to serve clients facing today’s rapidly changing real estate environment,” said Mark Rose, Chairman and CEO of Avison Young.
As a result of the investment, Caisse will be designated three positions on Avison Young’s Board of Directors that consists of nine members.