Investment Spotlight

A refurbishment of the 36-storey National Bank Centre in downtown Edmonton is underway. Formerly known as Manulife Place, the “A” class office tower upgrades include state-of-the-art conference facilities, tenant lounge, workout facility, bike storage, updates to the façade, lobbies and retail space, along with facilities for a potential daycare. National Bank plans to occupy 10 floors. AIMCo co-owns the property 50/50 with Manulife.

Infrastructure portfolio company Coastal GasLink, which is part of Canada’s largest private sector infrastructure investment, completed the largest corporate bond offering in Canadian history. The $7.15 billion refinancing of the existing construction credit facility was completed through a Canadian private bond offering of First Lien Senior Secured Notes. The offering was oversubscribed by approximately 3.6 times, representing unprecedented demand for energy infrastructure.

Through the institutional partnership with Blackstone, AIMCo’s Private Debt & Loan team invested in the senior secured term loans of a leading provider of outsourced and advisory services to global insurance markets. The highly sought-after asset is expected to deliver attractive risk-adjusted returns of high-quality credit given the mission critical nature of the borrowers’ services and the resiliency of underlying insurance markets.

AIMCo Private Equity invested €125 million alongside Cinven in Alter Domus, a leading global provider of tech-enabled fund administration and corporate services to alternative asset managers. AIMCo was uniquely positioned for this co-investment given its long-standing relationship with both the buyer, Cinven, and partial seller, Permira, through multiple fund commitments and co-investments with each party.

The joint venture between AIMCo and Ridgeback expanded its build-to-rent portfolio in the U.K. with the acquisition of Mitre Yard, a residential development in northwest London. Comprising 241 apartments across a pair of buildings rising from 6 to 22 storeys, the homes comprise a mix of 1- to 3-bedroom units, with amenities including a gym, social spaces, and roof terraces. The development also includes 5,000 square feet of commercial space.

AIMCo completed the sale of its stake in a leading Asia-Pacific Australia-based data centre platform, AirTrunk. This investment, made through the relationship with Macquarie Asset Management, expanded its footprint across key markets in the region, achieving a more than eightfold increase in contracted capacity over the four years the investment was held. The AirTrunk sale resulted in significant returns for AIMCo clients.

AIMCo’s Mortgages team completed an £82 million fixed rate senior loan secured by a portfolio of grocery and grocery distribution assets throughout the United Kingdom. The loan bears a 6.026% interest rate for a 7-year term.

AIMCo Private Equity committed US$ 65 million to CVC Secondary Partners Secondaries Opportunities Fund VI (SOF VI). SOF VI is a two-pronged strategy that invests in portfolios of fund interests, as well as General Partner-led single and multi-asset continuation vehicles. AIMCo previously committed to two other SOF funds and has a growing relationship with CVC through commitments to two recent flagship funds and CVC’s recent Asia fund.