August 9, 2018
Victoria, British Columbia; Montréal, Québec; Edmonton, Alberta – British Columbia Investment Management Corporation (BCI), the Public Sector Pension Investment Board (PSP Investments), and Alberta Investment Management Corporation (AIMCo) have entered into an agreement to affiliate their long-term timber investments, TimberWest Forest Corporation and Island Timberlands Limited Partnership.
Under the agreement, both timber companies will continue to operate independently while sharing certain services that will realize economic and environmental benefits.
BCI and investment vehicles managed by AIMCo have been limited partners in Island Timberlands since 2005. BCI and PSP Investments acquired TimberWest in 2011.
This affiliation is subject to customary closing conditions, including approval under the Competition Act (Canada).
For information please visit the websites at https://www.timberwest.com/affiliation/ and http://www.islandtimberlands.com/whats-new/events-and-news.htm
British Columbia Investment Management Corporation
With $145.6 billion of managed net assets, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors within the global capital markets. Based in Victoria, British Columbia, BCI is a long-term investor that invests in all major asset classes including infrastructure and other strategic investments. BCI’s clients include public sector pension plans, public trusts, and insurance funds. For more information, visit bci.ca.
PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investment managers with $153 billion of net assets as of March 31, 2018. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York and London. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.
Alberta Investment Management Corporation
Alberta Investment Management Corporation (AIMCo) is one of Canada’s largest and most diversified institutional investment managers with more than CAD 107 billion of assets under management, as at March 31, 2018. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 32 pension, endowment and government funds in the Province of Alberta. For more information please visit www.aimco.alberta.ca.