Canada Pension Plan Investment Board invests in U.K. ports

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TORONTO, Ont. - The Canada Pension Plan Investment Board and a British partner are spending about C$2.9 billion to acquire at least 30 per cent ownership in a U.K. company that owns and operates 21 ports in England, Scotland, and Wales.

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CPPIB is buying its initial stake in Associated British Ports in partnership with Hermes Infrastructure. They could potentially buy an additional 3.33 per cent, which would make them one-third owners of ABP.

Borealis Infrastructure, which is an arm of the Ontario-based OMERS pension plan, will remain one of ABP's shareholders as well as the Government of Singapore Investment Corp.

CPPIB and Hermes are acquiring their stake om ABP from GS Infrastructure Partners and Infracapital.

The Associated British Ports deal is the second major investment in the United Kingdom this month by CPPIB, which manages about $238.8 billion in assets on behalf of the Canada Pension Plan, including $13.1 billion on global infrastructure.

The CPPIB already had a large presence in the U.K., with about $14.3 billion in investments in several sectors as of Dec. 31, 2014. Earlier this month, the CPPIB bought a portfolio of 40 student residences across the United Kingdom for $2.1 billion.

Organizations: Canada Pension Plan Investment Board, Associated British Ports, OMERS Singapore Investment GS Infrastructure Partners

Geographic location: United Kingdom, TORONTO, England Scotland Wales Canada

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