MONTREAL — The Caisse de depot et placement du Quebec pension fund has made a $250-million preferred equity investment in Avison Young, a commercial real estate services firm.
Avison Young says the money will help fund acquisitions and hiring as part of its global expansion, while a portion will also be used to buy back shares held by Parallel49 Equity and others.
The Caisse invested in a newly authorized class of non-voting preferred shares of the firm, though the terms of the transaction were not disclosed.
As part of the deal, the Caisse will be entitled to choose three of the nine members of Avison Young’s board of directors.
Avison Young says the deal will help its international expansion as it gives it access to a wide network of expertise, deal flow and market intelligence.
The pension fund says it looks forward to supporting Avison Young’s growth, which has already seen it expand to 84 offices across North America and Europe.
The Canadian Press