Key Takeaways
- • PSP Investments is acquiring a 50 per cent interest in Enercare Inc. from Brookfield and its institutional partners for $1.6 billion, according to a press release.
- • A group of Canadian pension investors (CPP Investments, IMCO, OMERS and PSP Investments) will invest $3.1 billion for a 49.9 per cent non-controlling interest in a Mitsubishi subsidiary holding an interest in LNG Canada, alongside Blackstone.
- • Mitsubishi retains controlling status and its full share of LNG offtake in the LNG Canada transaction.
- • CPP Investments is acquiring an industrial portfolio in the Greater Toronto Area for $585.8 million through a joint venture with Dream Unlimited Corp. and Dream Industrial REIT, bringing its Canadian industrial deployment to more than $1.4 billion against a $3 billion target.
Summary
The Public Sector Pension Investment Board (PSP Investments) is acquiring a 50 per cent interest in Enercare Inc. from Brookfield and its institutional partners for $1.6 billion, according to a press release from the partners. Enercare is a Canadian home infrastructure platform supplying water heaters, heating, ventilation and air conditioning equipment, water purification systems and protection plans to more than one million homes in Canada. The partners said they will support Enercare's plans to expand its customer base and introduce new products and services. Andrew Alley, managing director and global head of infrastructure investments at PSP Investments, described the asset as a highly attractive long-term infrastructure investment that will rank among the fund's most significant direct infrastructure investments in Canada, held within its high inflation correlated infrastructure portfolio.
A group of Canadian pension investors, comprising CPP Investments, the Investment Management Corp. of Ontario (IMCO), the Ontario Municipal Employees Retirement System (OMERS) and PSP Investments, is gaining access to Mitsubishi Corp.'s liquefied natural gas business in Canada. Through a partnership with Blackstone Inc., the group will acquire a 49.9 per cent non-controlling interest in a Mitsubishi subsidiary that holds an interest in the LNG Canada liquefaction business. The group will invest $3.1 billion for its stake, with Mitsubishi retaining controlling status and its full share of LNG offtake, according to a press release. Geoff Souter, managing director and head of real assets credit at CPP Investments, called LNG Canada a high-quality, globally strategic asset with strong long-term fundamentals and attractive return potential.
In other PSP Investments activity, the fund completed the sale of FirstLight's U.S. operations, including approximately 1.4 gigawatts of installed capacity in Massachusetts, Connecticut and Pennsylvania, to private equity firm Hull Street Energy. PSP retained FirstLight's Canadian operations, which will operate as Caelo Energy under chief executive Patrick Gut, a former PSP investment and asset management representative.
In real estate, CPP Investments is acquiring an industrial portfolio in the Greater Toronto Area for $585.8 million through a joint venture formed in December 2025 with Dream Unlimited Corp. and Dream Industrial Real Estate Investment Trust. CPP holds a 90 per cent stake in the joint venture, which has deployed more than $1.4 billion in Canadian industrial properties, or nearly half of its $3 billion investment target, according to the release. Sophie van Oosterom, managing director and head of real estate at CPP Investments, said the acquisition adds a high-quality portfolio of well-located logistics assets. Separately, Oxford Properties Group acquired a 460,000-sq. ft. light industrial portfolio in Phoenix, Arizona, increasing its footprint in the city to 15 assets; financial terms were not disclosed.
A group of Canadian pension investors, comprising CPP Investments, the Investment Management Corp. of Ontario (IMCO), the Ontario Municipal Employees Retirement System (OMERS) and PSP Investments, is gaining access to Mitsubishi Corp.'s liquefied natural gas business in Canada. Through a partnership with Blackstone Inc., the group will acquire a 49.9 per cent non-controlling interest in a Mitsubishi subsidiary that holds an interest in the LNG Canada liquefaction business. The group will invest $3.1 billion for its stake, with Mitsubishi retaining controlling status and its full share of LNG offtake, according to a press release. Geoff Souter, managing director and head of real assets credit at CPP Investments, called LNG Canada a high-quality, globally strategic asset with strong long-term fundamentals and attractive return potential.
In other PSP Investments activity, the fund completed the sale of FirstLight's U.S. operations, including approximately 1.4 gigawatts of installed capacity in Massachusetts, Connecticut and Pennsylvania, to private equity firm Hull Street Energy. PSP retained FirstLight's Canadian operations, which will operate as Caelo Energy under chief executive Patrick Gut, a former PSP investment and asset management representative.
In real estate, CPP Investments is acquiring an industrial portfolio in the Greater Toronto Area for $585.8 million through a joint venture formed in December 2025 with Dream Unlimited Corp. and Dream Industrial Real Estate Investment Trust. CPP holds a 90 per cent stake in the joint venture, which has deployed more than $1.4 billion in Canadian industrial properties, or nearly half of its $3 billion investment target, according to the release. Sophie van Oosterom, managing director and head of real estate at CPP Investments, said the acquisition adds a high-quality portfolio of well-located logistics assets. Separately, Oxford Properties Group acquired a 460,000-sq. ft. light industrial portfolio in Phoenix, Arizona, increasing its footprint in the city to 15 assets; financial terms were not disclosed.
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