TORONTO — The Canada Pension Plan Investment Board and a British partner are spending about $2.9 billion to acquire at 30% stake in one of Britain’s top ports managers.The deal with Hermes Infrastructure to acquire a share of Associated British Ports may increase by a further 3.33% subject to pre-emption rights.ABP is the U.K.’s leading ports group and owns and operates 21 ports in England, Scotland, and Wales as a landlord port owner and operator.CPPIB buys 40 student residences in U.K for $2.1 billion as university enrollment hits recordCPPIB sees buying opportunities: WisemanCPPIB chief Mark Wiseman says Alibaba windfall was no ‘quick win’CPPIB and Hermes Infrastructure, part of Hermes Investment Management, are acquiring the stake from GS Infrastructure Partners and Infracapital.Borealis Infrastructure and Government of Singapore Investment Corporation (GIC) will remain ABP shareholders. The transaction is conditional on customary clearances and is expected to close in the summer.The CPPIB already has a large presence in the U.K., with about $14.3 billion in investments in several sectors as of Dec. 31, 2014.Earlier this month, the board bought a portfolio of 40 student residences across the United Kingdom for $2.1 billion.
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