The Canadian insurance giant’s alternative asset management division, SLC, is acquiring 80 per cent of the London-headquarted firm for $515 million, as well as a promise to co-invest $530 million in new projects. InfraRed has a US$12-billion portfolio, including roads, rail lines, solar energy installations and office buildings. (The Logic)
Talking point: The acquisition doesn’t significantly expand SLC’s holdings, as the company already has $227 billion in assets under management. But most of that capital is invested in bonds, with just over a quarter in real estate. The addition of InfraRed gives it infrastructure expertise, including in fast-growing Asian and South American markets; the new subsidiary has offices in Hong Kong, Seoul and Mexico City. It’s also completed US$3.7 billion in Asian real estate transactions. While Sun Life has a $7.2-billion portfolio of investment properties, they’re all located in North America and Europe.