{"id":18673,"date":"2020-06-12T08:45:47","date_gmt":"2020-06-12T12:45:47","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/imco-sells-stake-in-spanish-electricity-provider-146997"},"modified":"2020-06-12T08:45:47","modified_gmt":"2020-06-12T12:45:47","slug":"imco-sells-stake-in-spanish-electricity-provider","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/06\/12\/imco-sells-stake-in-spanish-electricity-provider\/","title":{"rendered":"IMCO sells stake in Spanish electricity provider"},"content":{"rendered":"<div class=\"alignleft clearfix\">\n<div class=\"wp-caption feature-image alignleft\"> <img decoding=\"async\" loading=\"lazy\" width=\"316\" height=\"190\" src=\"https:\/\/www.benefitscanada.com\/wp-content\/uploads\/2017\/08\/electricity.jpg\" class=\"attachment-feature size-feature wp-post-image\" alt title=\"IMCO sells stake in Spanish electricity provider\"> <\/div>\n<\/p><\/div>\n<p class=\"byline\"> <span>Staff<\/span>&nbsp;|&nbsp;June 12, 2020 <\/p>\n<p>The Investment Management Corp. of Ontario has sold its interest in Spanish electricity provider Viesgo to funds managed by&nbsp;Macquarie Infrastructure and Real Assets.<\/p>\n<p>Prior&nbsp;the sale, the IMCO and&nbsp;MIRA collectively owned 60 per cent of&nbsp;Viesgo, while&nbsp;Wren House Infrastructure Management Ltd. owned the remaining 40 per cent. The initial investment in&nbsp;Viesgo was part of legacy client strategies before the IMCO\u2019s inception and was made&nbsp;alongside&nbsp;MIRA through one of its investment vehicles. As part of the new deal, MIRA-managed funds are acquiring&nbsp;the IMCO\u2019s portion of the shared stake as well as Wren House\u2019s total stake.<\/p>\n<p><strong>Read:&nbsp;<a href=\"http:\/\/benefitscanada.com\/news\/imco-adding-to-investment-in-european-bandwidth-infrastructure-company-146700\">IMCO adding to investment in European bandwidth infrastructure company<\/a><\/strong><\/p>\n<p>\u201cThe investment made in 2015 alongside MIRA has generated a strong return due to the successful implementation of a number of strategic initiatives,\u201d said Tim Formuziewich, managing director and global head of infrastructure at the IMCO, in a press release. \u201cWe would like to thank Viesgo\u2019s management team and MIRA, who have done a tremendous job at driving value in this investment.\u201d<\/p>\n<p>IMCO Infrastructure has been shedding certain energy and utility holdings over the past few months, noted the release. \u201cThe infrastructure team is building an investment portfolio that is appropriate for a multi-client environment versus individual clients,\u201d said Formuziewich in an email to <em>Benefits Canada<\/em>.<em>&nbsp;<\/em><\/p>\n<p>Sector-specific considerations weren\u2019t material factors in these latest divestiture decisions, he added. \u201cRenewables, power and utilities are key components of IMCO\u2019s infrastructure strategy going forward.\u201d<\/p>\n<p>At the end of 2019, it held&nbsp;$5.7 billion in infrastructure assets. The organization plans to grow its overall infrastructure program to $10 billion by 2024.<\/p>\n<p><strong>Read:&nbsp;<a href=\"https:\/\/www.benefitscanada.com\/news\/caisse-cppib-build-on-investment-in-engineering-design-services-firm-146615\">Caisse, CPPIB building on investment in engineering firm<\/a><\/strong><\/p>\n<p> <a href=\"https:\/\/www.benefitscanada.com\/news\/imco-sells-stake-in-spanish-electricity-provider-146997\">Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Staff&nbsp;|&nbsp;June 12, 2020 The Investment Management Corp. of Ontario has sold its interest in Spanish electricity provider Viesgo to funds managed by&nbsp;Macquarie Infrastructure and Real Assets. Prior&nbsp;the sale, the IMCO and&nbsp;MIRA collectively owned 60&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18673"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=18673"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18673\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=18673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=18673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=18673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}