Caisse's SITQ sells real estate subsidiary
Last Updated: Monday, June 28, 2010 | 12:03 PM EDT
TORONTO -- SITQ, a subsidiary of the Caisse de dépôt et placement du Québec, has sold one of its real estate subsidiaries to an Australian bank.
nabInvest, the direct investment management arm of National Australia Bank, agreed to acquire Presima Inc. No terms were disclosed, in the statement that announced the deal on Presima’s website.
Montreal-based Presima describes itself as a portfolio management company that specializes in real estate securities publicly traded on international exchanges. National Australia Bank already operates in the United Kingdom, North America and New Zealand, in addition to Australia.
“nabInvest is making a strong commitment to Presima. The acquisition of Presima fits cleanly into nabInvest’s strategy to build a global portfolio of boutique investment managers. Strategically and operationally, Presima also fits well into nabInvest’s framework for managing its investments through strong partnerships,” Presima said.
Presima is already in the Australian market, having developed relations with large pension funds and investment consultants. nabInvest’s distribution channels and the financial are touted as enablingPresima to further expand globally.
nabInvest has assembled a team of professionals who will be dedicated to supporting the Presima team and its activities. Presima team will continue to operate from its current head office within the CDPQ campus in downtown Montreal.
The transaction is subject to regulatory approval.
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