![]() It means AIMCo can access one of the fastest-growing real-estate sectors in the US, tap into WPT’s expertise and share costs, rather than buying assets directly or using expensive external managers. In 2016, MacMaster oversaw the purchase of a 27 per cent stake in US real estate investment trust WPT Industrial, which invests in industrial properties such as warehouses and logistics and distribution centres. ![]() It’s a similar theme in the real-estate strategy. “It is about partnering with like-minded people who share your outlook on due diligence and risk and return, are good at operating assets, and can be nimble.” “It is no longer just about buying a bridge or buying a road,” MacMaster says. ![]() That partnership is also fuelled by an ambitious growth plan and follow-on acquisitions. Similarly, in one of the largest clean-energy deals to date, AIMCo partnered with AES Corporation to buy US solar energy giant sPower from hedge fund Fir Tree Partners late last year. This first step will lead to transactions in other regions. Earlier this year, AIMCo invested in two wind-energy projects in Alberta with the renewable energy division of Milan-listed global group Enel. Rather than invest in an individual infrastructure asset, AIMCo increasingly seeks out investments that bundle together a developer, existing assets and a deal pipeline, all in one. Just under a quarter of the portfolio lies in inflation-sensitive assets, where strategy is undergoing a shift. “Winning in today’s market is about trying to be a little in what you do and looking harder, rolling up your sleeves, and also optimising costs,” says chief investment officer Dale MacMaster, speaking from the fund’s Edmonton, Alberta, headquarters. Now the asset manager is pushing innovation further, taking ownership stakes in energy groups and hedge funds, using new technology to boost efficiency, and going after private equity with renewed gusto. Canada’s C$95 billion ($74 billion) AIMCo is already renowned for its willingness to experiment and an eclectic mix of assets that includes a Chilean utility and BBC Television Centre in London.
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