Caisse de dépôt to purchase 20 per cent of Plenary Group Holdings
The Caisse de dépôt et placement du Québec (CDPQ) has agreed to acquire a 20 per cent stake in Plenary Group Holdings, which controls all of Plenary Group’s Australian operating businesses and infrastructure assets portfolio.
CDPQ is a long-term partner of Plenary, having invested more than $200 million in seven Plenary-originated Australian projects since 2012, including the Victorian Comprehensive Cancer Centre.
“CDPQ has a close relationship with Plenary and has appreciated first-hand its robust business model and leading position in Australia, which has been a priority market for CDPQ over the past five years,” says Macky Tall, Executive Vice-President, Infrastructure at CDPQ. “Given the scale of Australia’s infrastructure opportunities, this partnership will enable us to identify the best projects to generate stable and predictable returns over the long term.”
“Having our long-standing partner as a shareholder will provide us with the opportunity to further pursue large public infrastructure projects expected to be carried out over the coming years,” adds John O’Rourke, Chairman of Plenary Group. “For us, CDPQ’s stake in Plenary is a strong vote of confidence in our business model of active asset management and long-term investment alongside our government partners.”
The transaction is subject to a number of government approvals and consents.