Caisse de dépôt et placement du Québec (CDPQ) has agreed to acquire the roads portfolio of IDFC PE while Nexus Malls and Prestige Group seek to create the largest mall operator in the country by merging their units, according to reports by the Economic Times.
Canada’s CDPQ to acquire Highway Concessions One
Caisse de depot et placement du Quebec (CDPQ), one of Canada’s leading institutional fund managers, has reportedly agreed to acquire Highway Concessions One (HC1), the roads portfolio of IDFC Private Equity.
According to the Economic Times report, CDPQ is buying HC1 for Rs24 billion ($336 million) from Global Infrastructure Partners (GIP), which took over the PE and other non-core businesses of IDFC in 2018. It was in December when GIP had started a formal process to find buyers for the HC1 portfolio.
HC1 is composed of seven road assets covering 427 km with consolidated revenues of Rs6.2 billion ($86.7 million). CDPQ reportedly outbid its Canadian peer, Canada Pension Plan Investment Board, and Indian sovereign wealth fund National Investment and Infrastructure Fund, among others.
Blackstone’s Nexus, Prestige Group in talks to merge mall businesses
Nexus Malls, the Indian retail portfolio arm of Blackstone Group, is in talks with Bengalaru-based Prestige Group for a possible merger that will create India’s largest mall operator, according to an Economic Times report.
The talks are in the initial stage and both Nexus Malls and Prestige Group declined to issue a statement about the merger of their mall businesses.
Nexus Malls, which began in 2016, has a portfolio of 9 assets with 5.4 million square feet of Grade A retail space. Prestige Group, on the other hand, has 8 malls in six cities, operating under the Forum Mall brand.
According to the report, Blackstone has been looking for ways to expand its India mall portfolio. It acquired Elante Mall in Chandigarh in 2017.