CPP Investments Commits to $225 Million in Construction Financing for Ontario Data Centre

Toronto, ON (July 31, 2025) – Canada Pension Plan Investment Board (CPP Investments) today announced that it is providing funding to construct a 54 MW hyperscale expansion to a data centre in Cambridge, Ontario.

CPP Investments will invest C$225 million in the project by way of a 50% interest in a construction loan, alongside Deutsche Bank Private Credit & Infrastructure, which served as the lead lender on this transaction and funded the remaining 50% of the loan.

The data centre is being developed as a joint venture between Related Digital, a global, vertically integrated data centre development and investment platform, TowerBrook Capital Partners, an international investment management firm, and Ascent, a leader in planning, developing and operating data centres. The demand for hyperscale data centres in Toronto and the surrounding region is strong and the project has been pre-leased to a market-leading GPU-focused AI cloud compute provider on a long-term basis.

“The rapid expansion of digital infrastructure—driven by accelerating demand for cloud services, data storage, and the transformative potential of artificial intelligence—is fueling strong growth in data centre development,” said Geoffrey Souter, Head of Real Assets Credit. “CPP Investments has deep expertise in this sector and an investment in the construction financing of this project marks another milestone in advancing our global data centre strategy and strengthens our presence in the Canadian market.”

CPP Investments currently has data centre joint ventures and investments in key hubs globally, including North and South America, Asia Pacific, including Australia, and Europe, in addition to investments in publicly held companies that operate data centres in Canada and around the world.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interests of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2025, the Fund totalled C$714.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About Related Digital

Founded by Related Companies, one of the most prominent, privately-owned real estate development firms in the United States, Related Digital is a vertically integrated data center development and investment platform. Related Digital combines Related Companies’ 50-year+ track record of innovation and executing complex real estate and infrastructure projects with its expertise in real estate investing and developing large-scale clean energy solutions through its affiliated transmission line development and renewable energy business, energyRe.

About TowerBrook Capital Partners

TowerBrook champions founders, entrepreneurs and management teams as they grow and transform their companies, helping them become long-lasting leaders in their industries. Informed by deep industry expertise, it develops theses and then targets and invests with intentionality to build portfolios that deliver meaningful customer and shareholder value, and have a positive impact on society.

TowerBrook invests through private equity, structured opportunities, growth & impact, and strategic partnerships, offering flexibility across the capital structure, and has over $23 billion of assets under management. It takes an entrepreneurial, multinational, single-team approach and since inception in 2001, has invested in more than 100 companies on both sides of the Atlantic. TowerBrook is the first mainstream private equity firm to be certified as a B Corporation, demonstrating leadership in commitment to responsible business practices.

London, UK (July 31, 2025) – Canada Pension Plan Investment Board (CPP Investments) today announced that it has reached a definitive agreement to sell its 50 percent stakes in its Birmingham, UK joint ventures, the Bullring and Grand Central Shopping Centres, to its long-standing joint venture partner Hammerson Plc for £319 million. The Bullring forms the majority of the transaction and was sold at book value at a net initial yield of 6.4% and a topped up net initial yield of 7.1%. Net proceeds for CPP Investments in total will be approximately C$615 million. The transaction is expected to close in August 2025.

CPP Investments originally invested in a 16.7% interest in the Bullring in 2013 and, subsequently, increased its holding to 50% in 2022. The investment in Grand Central was made in 2016. The Bullring is a Top 5 shopping centre in the UK, featuring 1.3 million sq. ft. of prime retail space in Birmingham. Over the last 12 years, working in partnership with Hammerson, CPP investments has executed a targeted value‑creation plan. Since the increase in ownership in 2022, the joint venture raised occupancy at the Bullring from 86 percent to 95 percent and lifted net operating income by 23 percent. Following tenancy changes during COVID-19, Grand Central is now being prepared for repositioning.

“The Bullring has been a standout performer in our UK portfolio since our upsize in 2022, and we have worked closely with Hammerson to reposition the asset, increase occupancy and attract new anchor tenants” said Tom Jackson, Managing Director, Real Estate Europe, CPP Investments. “Today’s sale agreement allows CPP Investments to crystallise the strong performance of Bullring and realise value created, delivering significant returns for the CPP’s 22 million contributors and beneficiaries. With Hammerson taking ownership, both assets are well-positioned for a promising next phase under their experienced guidance.”

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2025, the Fund totalled C$714.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

• The EQT X fund (“EQT”) and Canada Pension Plan Investment Board (“CPP Investments”) have agreed to acquired NEOGOV, which serves over 10,000 public sector agencies with purpose-built government HR and compliance software solutions
• NEOGOV’s cloud-native solutions support the full employee lifecycle and help public sector agencies drive efficiency and stay compliant with local policies and regulatory frameworks
• EQT and CPP Investments will partner with CEO Shane Evangelist and the management team to accelerate growth and expansion, building upon their track records in the US software sector

July 28, 2025 – EQT announced today that the EQT X fund (“EQT”) together with Canada Pension Plan Investment Board (“CPP Investments”) have agreed to acquire NEOGOV (the “Company”) from funds managed by Warburg Pincus and Carlyle.

Founded in 2000 and headquartered in El Segundo, California, NEOGOV delivers purpose-built human capital management and public safety solutions to nearly 10,000 public sector organizations across North America. NEOGOV’s cloud-native suite supports the full employee lifecycle – from recruitment and onboarding to performance management and compliance management – while helping agencies stay compliant with local policies and regulatory frameworks.

“Local governments are the backbone of our communities. Our mission is to help them operate more efficiently and serve citizens more effectively. EQT and CPP Investments share our vision and bring the experience and capital to help us scale faster,” said Shane Evangelist, CEO of NEOGOV. “Our priorities include advancing product innovation and AI capabilities to help public sector agencies drive increased efficiency and compliance adherence. EQT and CPP Investments’ deep expertise in software and broad network of advisors will be instrumental to supporting NEOGOV’s growth.”

“We are excited to partner with Shane and the NEOGOV team, who are operators at the highest levels. The team brings a deep understanding of the challenges that public sector agencies face, and we’re proud to support a company that has earned such trust in the public sector,” said Arvindh Kumar, Partner and Co-Head of EQT’s Global Technology Team.

Tyler Parker, Managing Director in the EQT Private Equity advisory team, added: “It’s rare to find a software company that is so well-loved by its customers, and we look forward to partnering with NEOGOV to continue to modernize public sector operations and deliver impactful technology to those on the front lines of civic service.”

“NEOGOV is a leading software platform with distinct customer offerings that is poised for growth due to increasing demand from its customers across North America. Together with its strong management team, the Company is a good fit for our strategy to invest in high-quality software companies. We look forward to supporting the Company in this next phase of development alongside EQT and the management team,” said Sam Blaichman, Managing Director, Head of Direct Private Equity, CPP Investments. As part of the transaction, CPP Investments will contribute US$700 million and become a significant minority shareholder.

The transaction is subject to customary conditions and approvals and is slated for completion in the coming months. Moelis & Company LLC served as exclusive financial advisor and Willkie Farr & Gallagher served as legal counsel to NEOGOV. Jefferies LLC served as exclusive financial advisor and Ropes & Gray served as legal counsel to EQT.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2025, the Fund totaled C$714.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About EQT

EQT is a purpose-driven global investment organization with €‌​​266​‌ billion in total assets under management (€141 billion in fee-generating assets under management) as of 30 June 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership. More info: www.eqtgroup.com. Follow EQT on LinkedIn, X, YouTube and Instagram.

About NEOGOV

Founded in 2000 and headquartered in El Segundo, California, NEOGOV is a leading provider of cloud‑based human‑capital and compliance‑management software purpose‑built for the public sector. Its integrated Recruit, Develop, and Manage suite automates every stage of the employee lifecycle—streamlining recruitment, onboarding, talent development, payroll, time & attendance, and policy management for government agencies. Today, more than 10,000 state, local government, and higher education organizations nationwide rely on NEOGOV to attract, hire, develop, and retain talent while staying compliant. The company also operates GovernmentJobs.com—the nation’s largest public sector job board—and includes brands such as PowerDMS and NEOED that extend its platform into public safety and education markets.

For more information, visit www.neogov.com

London, UK (June 19, 2025) – Canada Pension Plan Investment Board (CPP Investments) today announced it has committed up to €460 million (C$720 million) to support the continued growth of Nido Living’s (Nido) integrated purpose-built student accommodation (PBSA) platform in Continental Europe. The commitment will support Nido in its acquisition of Livensa Living (Livensa), a well-known student housing platform operating across Iberia, from a private real estate fund managed by Brookfield Asset Management.

CPP Investments acquired Nido Living in April 2024. Upon completion of the Livensa acquisition, Nido will become one of the largest student housing operators in Europe with approximately 13,000 beds. This furthers Nido’s ambition to grow to 25,000 beds across Iberia, Italy and Germany by 2031.

“This is a significant strategic acquisition for Nido and demonstrates CPP Investments’ ongoing commitment to European PBSA – a sector that provides strong risk-adjusted returns for the CPP Fund. Livensa is a high quality PBSA platform and the acquisition complements Nido’s position in Iberia, a growing market with attractive outlook,” said Thomas Jackson, Head of Real Estate Europe at CPP Investments.

The transaction is expected to close in Q4 2025 subject to customary closing conditions.

About Canada Pension Plan Investment Board

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interests of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2025, the Fund totalled $714.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Sydney (June 12, 2025) – Nuveen, one of the largest asset managers globally with over US$1.3 trillion AUM*, has reached second close of its commingled Australian commercial real estate debt strategy with commitments of over A$650 million.

Canada Pension Plan Investment Board (CPP Investments), through its subsidiary CPPIB Credit Investments Inc., invested A$300 million, joining Teachers Insurance and Annuity Association of America (TIAA) and Temasek as strategic partners of Nuveen for this strategy. Total AUM are expected to exceed A$1 billion including capital approved for co-investments.

The strategy is already more than 40% deployed via committed loan investments focusing on institutional senior and junior loans secured by prime real estate in Australia. Preferred sectors for the strategy are industrial / logistics and residential, with a selective approach to retail, office and alternatives across major cities in Australia.

The strategy leverages both Nuveen Real Estate’s global debt platform, which currently has over 55 dedicated specialists, and the team of more than 60 at Nuveen Real Estate in Asia. The strategy is led by Dugald Marr, Nuveen’s Head of Debt Australia and New Zealand, and the support of an experienced team with a long track record of originating and structuring high-quality loan investments in this market.

Investments are also aligned to Nuveen Real Estate’s comprehensive responsible investment processes and ESG factor analysis. This includes waste reduction and energy consumption, climate risk analysis and social aspects with the ability to structure Green Loans or Sustainable Linked Loans where applicable to incentivise ESG targets on behalf of clients.

The investment comes at a time when Australian commercial real estate debt offers the potential for a compelling blend of stability, attractive yields, and strong collateral protection, all of which are increasingly important to investors concerned about global volatility.

Australia’s mature market, supported by robust economic foundations, strict regulatory requirements for banks and the need for more alternative capital sources provides a good foundation for long-term investment in this space.

The strategy will continue to focus on repeat institutional borrowers, conservative lending parameters and prime assets in sectors that benefit most from Australia’s high population growth and limited supply.

Andrew Kleinig, Head of Australia and the Global Client Group for South East Asia at Nuveen, said:

“This is another milestone for the strategy. With CPP Investments’ commitment, we will continue our focus on strategic, in-depth partnerships with the highest calibre of investors. We are excited to work with a like-minded partner who also shares a high conviction on the asset class. CPP Investments has provided significant value-add as a strategic investor, ensuring long-term success and growth of the partnership. It showcases Nuveen’s pedigree in real estate investment and our ability to bring regionally tailored solutions across both equity and debt platforms. We believe Nuveen’s offering across real assets more broadly is well-positioned to help clients across Asia navigate volatility alongside managing their responsible investment goals.”

Raymond Chan, Managing Director & Head of APAC Credit at CPP Investments, said:

“Australia is one of our key markets in Asia Pacific and this transaction marks an important milestone for our credit strategy in the region. The investment builds upon our extensive market research and insights from our successful investments in Australia. Leveraging Nuveen’s strong local network and capabilities, this partnership enables us to tap into attractive real estate debt investments in Australia and further augment our credit program in the region. These opportunities offer stability and attractive yields amid global volatility, contributing to long-term returns for the CPP Fund.”

*Top 20 largest global asset manager based on Pensions & Investments, 12 Jun 2023. Rankings based on total worldwide assets as of 31 Dec 2022 reported by each responding asset manager, with 434 firms responding; updated annually. TIAA is the parent company of Nuveen.

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of 30 September 2024 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

Nuveen Real Estate is one of the largest investment managers in the world with US$142 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing.

With over 90 years of real estate investing experience and more than 770 employees* located across 30+ cities throughout the United States, Europe and Asia Pacific, the platform offers global reach with deep sector expertise, providing investors access to high quality investments across the private real estate investment landscape. For further information, please visit us at nuveen.com/realestate

*Includes 360+ real estate investment professionals, supported by a further 411 Nuveen employees. Source: Nuveen, 31 March 2025.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2025, the Fund totalled C$714.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

New York (June 11, 2025) – Ares Management Corporation (NYSE: ARES) (“Ares”), a leading global alternative investment manager, announced today the final close of Japan DC Partners I LP (“JDC I” or the “Fund”), marking Ares’ first vehicle dedicated to data center investment and development. With approximately US$2.4 billion (¥350 billion) in total equity commitments, the Fund positions Ares to be one of the largest data center investors in Japan with significant capital to meet the rapidly growing demand from cloud and artificial intelligence applications.

JDC I will invest in the development of three data center campuses in Greater Tokyo, one of the world’s largest data center hubs, that are expected to collectively deliver nearly 240MW of IT load. These development assets will incorporate strong sustainability standards, including renewable-enabled power sourcing and cooling systems aligned with leading water efficiency protocols.

The Fund’s campuses will be developed and operated by Ada Infrastructure (“Ada”), a global data center platform acquired by Ares as part of the GCP International transaction and now vertically integrated into Ares. Supported by a dedicated team of over 70 professionals globally, Ada provides deep knowledge in executing complex data center projects.

Ares anticipates additional investment opportunities in the Japan data center sector, including execution of its secured pipeline, as well as synergies between its broader digital infrastructure and climate infrastructure capabilities to support long-term development. Further, Ares believes that its established local capabilities in Japan, including extensive land sourcing activity and relationships with key business partners and community stakeholders through its leading logistics real estate business, strongly position the platform to continue expanding its data center footprint.

As one of the institutional investors in the Fund, Canada Pension Plan Investment Board (“CPP Investments”) has made an equity commitment of approximately US$1.3 billion (¥193 billion). CPP Investments was joined by other large institutional investors including GLP Pte Ltd (“GLP”), a leading Singapore-based global investor focused on the new economy. GLP was the largest shareholder in GCP International prior to Ares’ acquisition of GCP International on March 1, 2025 and continues to own digital infrastructure assets across major international markets, including investments managed by Ares.

“This achievement underscores the leading investment and development capabilities that the combined Ares and GCP International platform brings to Japan’s new economy sectors, and we appreciate the meaningful support from the Fund’s investors, including CPP Investments,” said Blair Jacobson, Co-President of Ares. “With the increasing adoption of AI and cloud computing technologies positioning Japan as a key market in the global data center ecosystem, we believe this capital will enable Ares to address supply constraints. As we work to introduce this next wave of critical assets, we are confident that the team’s longstanding relationships with key data center customers and track record as reliable stewards of these assets will position us well as we seek to generate compelling risk-adjusted returns.”

“The demand for data centers in Asia Pacific continues to grow due to the increasing need for data processing and consumption,” said Max Biagosch, Senior Managing Director & Global Head of Real Assets for CPP Investments. “As one of the largest data center markets in Asia, Japan acts as a key connection point between Asia and North America to facilitate efficient data transfer. The commitment to the Fund will further advance our global data center strategy and deliver attractive risk-adjusted returns for CPP contributors and beneficiaries.”

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2025, Ares Management Corporation’s global platform had approximately US$546 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2025, the Fund totalled C$714.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

TORONTO, ON; MONTRÉAL, QC (June 6, 2025) – Public Sector Pension Investment Board (PSP Investments) announced today that it has completed its acquisition of a 7.51% minority stake in 407 Express Toll Route (407 ETR) from Canada Pension Plan Investment Board (CPP Investments), joining the ownership group of the 108-kilometre, all-electronic, barrier-free toll highway.

The 407 ETR, a key infrastructure asset in the Greater Toronto Area (GTA), plays a crucial role in regional mobility. Global infrastructure operator Ferrovial is also a co-owner of the asset, alongside PSP Investments and CPP Investments.

“Today marks the beginning of a new partnership with CPP Investments and Ferrovial in the ownership of 407 ETR. This represents our largest-ever investment in Canada and will contribute to our mission and mandate,” said Sandiren Curthan, Managing Director and Global Head of Infrastructure Investments at PSP Investments. “This investment is part of our broader strategy to invest in core infrastructure assets and will further strengthen our global portfolio of roads assets. We’re bringing our extensive transportation sector knowledge to bear on this critical roadway, helping to ensure that it continues to serve the over 3 million Canadians who rely on it each week.”

Concurrent to this closing, AtkinsRéalis has completed its sale of its previously announced 5.06% interest in 407 ETR to Ferrovial and a 1.70% stake to CPP Investments. Together, these acquisitions represent the full 6.76% stake previously held by AtkinsRéalis, which has exited the 407 ETR ownership group. Net the contemplated transactions, CPP Investments has sold a 5.81% stake in 407 ETR.

“Highway 407 ETR continues to provide reliable and essential service to millions of users across the GTA and remains a strong fit for our investment portfolio. With this transaction, CPP Investments has optimized returns for CPP contributors and beneficiaries after 15 years of ownership, while continuing to own a significant stake in this high-quality business – our largest investment in Canada,” said James Bryce, Managing Director, Head of Infrastructure, CPP Investments. “We look forward to strong partnership with PSP Investments, Ferrovial and the 407 ETR management team in our next chapter of ownership.”

With the transactions now complete, 407 ETR’s ownership is as follows: Ferrovial at 48.29%, CPP Investments and other institutional investors at 44.20%, and PSP Investments at 7.51%.

About PSP Investments

The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $264.9 billion of net assets under management as of March 31, 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans 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, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interests of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2025, the Fund totalled C$714.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Paris, June 5, 2025 – The EDF Group, through its subsidiary EDF Renewables, and Enbridge Éolien France 2 S.a.r.l, a subsidiary of Enbridge Inc. and Canada Pension Plan Investment Board (CPP Investments), announce the full commissioning of the first French floating offshore wind farm, Provence Grand Large, located off the Gulf of Fos (Bouches-du-Rhône). With a capacity of 25 MW, the installation supplies the equivalent of the annual electricity consumption of 45,000 people.

A technological first in France and the Mediterranean

The Provence Grand Large wind farm is a pilot project with three floating wind turbines installed 17 km off the coast of Port-Saint-Louis-du-Rhône.

As the first floating wind farm in France and the entire Mediterranean basin, the Provence Grand Large wind farm relies on an innovative anchoring technology. The three wind turbines, built by Siemens Gamesa Renewable Energy, are installed on tension leg platforms inspired by technology used to stabilize oil platforms. Developed by SBM Offshore and IFP Energies Nouvelles, this technology is suitable for deep-water areas and provides great stability for the platform. Its adaptation for floating offshore wind turbines is a world first.

The dynamic cables, built by Prysmian, which follow and adapt to the movements of the platforms, transport the electricity produced by the Provence Grand Large wind turbines. Connected to subsea and then terrestrial cables, they ensure the transport of the electricity produced to the onshore connection station operated by RTE.

A territorial project that enriches scientific knowledge of the marine environment

Since 2011, a continuous dialogue has been established between the Provence Grand Large teams and all local stakeholders: local authorities, elected officials, professional fishermen, associations, residents, etc. This dialogue has made it possible to integrate all the region’s key concerns, whether related to local economic development or environmental protection (such as a camera-based detection system with acoustic deterrents for approaching birds, or data collection via radar). A monitoring, surveillance, and information committee composed of scientific experts has been established by the State since 2022 to ensure independent scientific and technical expertise in supporting the environmental measures implemented by the Provence Grand Large wind farm, and to ensure transparency of information on the data collected. These data contribute to expanding knowledge in this area and will be used in the development of future floating offshore wind farms.

Selected by the State in 2016 and supported by the European Union (NER 300 and Feder programs), the Investment for the Future Program (PIA) operated by the Ecological Transition Agency (ADEME), and the South Region, the Provence Grand Large project is supported by the Aix-Marseille-Provence Metropolis and all the municipalities of the Gulf of Fos.

Bernard Fontana, Chairman and CEO of EDF Group, said: “We are proud to commission France’s first floating offshore wind farm, a major project for our country’s energy sovereignty. By contributing to the diversification of our renewable energy sources, this pilot farm plays an active role in France’s energy transition, while also supporting the emergence of a cutting-edge industrial sector around these innovative technologies. I would like to thank all the local stakeholders, as well as the teams at EDF Renewables and our partners, Enbridge and CPP Investments, for their commitment. This project could not have come to life without continuous dialogue with elected officials, associations, professional fishers, representatives of marine protected areas, economic players, and local residents. This experience is invaluable as we move forward with the construction of our second floating offshore wind farm, Méditerranée Grand Large, for which we were awarded the contract in December 2024. These projects are aligned with EDF Group’s ambition to contribute to carbon neutrality by 2050, while strengthening France’s position as a major player in the renewable energy industry.”

Matthew Akman, Executive Vice President, Corporate Strategy and President, Power, Enbridge Inc., said: “Enbridge is proud to be a partner in France’s first floating offshore wind farm. This innovative project opens up new perspectives and opportunities for the development of the offshore wind sector and low-carbon energy production. We are pleased to include Provence Grand Large in Enbridge’s portfolio and to support the region’s energy transition.”

Bill Rogers, Head of Sustainable Energies at CPP Investments, said: “CPP Investments is pleased to support the launch of France’s first floating offshore wind farm in collaboration with Enbridge and EDF. This project represents an important step in advancing renewable energy innovation and aligns with our approach to investing in opportunities that contribute to a lower-carbon future while delivering long-term value.”

About EDF

The EDF Group is a key player in the energy transition, as an integrated energy operator engaged in all aspects of the energy business: power generation, distribution, trading, energy sales and energy services. The Group is a world leader in low-carbon energy, with an output of 520TWh 94% decarbonised and a carbon intensity of 30gCO2/kWh, a diverse generation mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support the energy transition. EDF’s raison d’être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The Group supplies energy and services to approximately 41.5 million customers¹ and generated consolidated sales of €118.7 billion in 2024.

About EDF Renewables

EDF Renewables is an international energy company that develops, builds, and operates renewable energy power plants. A major player in the global energy transition, EDF Renewables deploys competitive, responsible, and value-creating projects within EDF. In each country, our teams are committed daily to the territories by bringing their expertise and innovation capacity to the fight against climate change.

At the end of 2023, EDF Renewables had an installed capacity of 12.8 GW net (21.2 GW gross) worldwide.

Primarily present in Europe and North America, the company is also expanding into emerging markets such as South Africa, Brazil, China, India, and the Middle East. Historically active in onshore wind and photovoltaic energy, the company is significantly strengthening its presence in fixed and floating offshore wind, as well as in new technologies such as energy storage, floating solar, and agrivoltaics.

For more information: www.edf-renouvelables.com.

Follow us on LinkedIn: https://www.linkedin.com/company/edf-renouvelables and on Twitter @EDF_RE in French and @EDF_Renewables in English.

About Enbridge

At Enbridge, we safely connect millions of people to the energy they need every day, feeding every day through our North American natural gas, oil and renewable energy networks, as well as our growing portfolio of offshore wind turbines in Europe. We invest in modern energy distribution infrastructure to ensure access to safe and affordable energy and capitalize on more than a century of operating conventional energy infrastructure and two decades of experience in renewable energy. We are developing new technologies, including hydrogen, renewable natural gas and carbon capture and storage. Based in Calgary, Alberta, Enbridge trades under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. For more information, visit our website at enbridge.com.

Forward-Looking Information—Enbridge

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. (“Enbridge”) and its subsidiaries and affiliates, including management’s assessment of Enbridge and its subsidiaries’ future plans and operations. This information may not be appropriate for other purposes. Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. For additional information on the assumptions made and the risks and uncertainties involved in Enbridge’s forward-looking statements, please refer to Enbridge’s most recent Annual Report and Quarterly Report and in Enbridge’s other filings with Canadian and United States securities regulators at www.sedarplus.ca and www.sec.gov, respectively.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interests of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2025, the Fund totalled $714.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About ADEME

At ADEME – the French Environment and Energy Management Agency – we are resolutely committed to the fight against global warming and resource degradation. On all fronts, we are mobilizing citizens, economic stakeholders and the territories, giving them the means to move toward a society that is resource-efficient, lower carbon, fairer and harmonious. In all fields – energy, air, circular economy, food, waste, soil… -we advise, facilitate and help finance numerous projects, from research to the sharing of solutions. At all levels, we put our expertise and foresight at the service of public policy. ADEME is a public establishment under the joint authority of the French Ministry of Ecological Transition and the Ministry of Higher Education, Research and Innovation.

More information on www.ademe.fr and @ademe.

¹ The customer portfolio consists of electricity, gas and recurring service contracts.

The four million square foot portfolio comprises seven office properties in the Calgary and Vancouver central business districts.

Toronto, CANADA (June 3, 2025) – Oxford Properties Group (“Oxford”), a leading global real estate investor, developer and manager, and Canada Pension Plan Investment Board (“CPP Investments”), a professional investment management organization, today announced that they have closed on a transaction where Oxford will acquire CPP Investments’ 50% interest in a portfolio of high-quality office properties in Western Canada (“the portfolio”) for C$730 million. With this acquisition, Oxford, the global real estate arm of OMERS, now owns 100% of the approximately C$1.5 billion portfolio.

The four million square foot portfolio comprises seven class AAA/A and trophy downtown office properties, three of which are in Calgary and four in Vancouver. The portfolio has benefitted from a flight to quality and outperforms both the Calgary and Vancouver downtown office markets. The portfolio enjoys strong contractual income, with long-term weighted average lease terms from a diversified mix of occupiers across industries such as financial services, technology, legal, transportation and natural resources. The portfolio also benefits from its newer vintage, with five of the seven assets built after 2010. The portfolio consists of the following properties:

• Eau Claire Tower in Calgary, a 25-storey, LEED Gold certified office building, built in 2016 and totalling 611k square feet
• Centennial Place in Calgary, built in 2010 and totalling 1.3 million square feet
• 400 Third in Calgary, built in 1988 and totalling 820k square feet
• The Stack in Vancouver, Canada’s first zero carbon office tower, built in 2023 and totalling 558k square feet
• Guinness Tower in Vancouver, renovated in 2014 and totalling 262k square feet
• Marine Building in Vancouver, also renovated in 2014 and totalling 177k square feet
• MNP Tower in Vancouver, built in 2014 and totalling 277k square feet

“Oxford has been a net seller of office for over a decade to achieve portfolio diversification. We believe now is an opportune time to rotate capital back into this asset class, and this portfolio ticks all the right boxes,” said Tyler Seaman, Executive Vice President, Canada, Oxford Properties. “As the asset and property manager of this portfolio, this transaction represents a compelling opportunity for us to further invest in markets that we not only understand intimately, but in buildings where our teams have built great relationships with our customers and where we consistently use this advantage to outperform the market.”

“This transaction reaffirms our deep conviction in the outperformance of high-quality, well-located office properties and, more broadly, our conviction to invest in Canada,” said Daniel Fournier, Executive Chair, Oxford Properties. “We have deep admiration for our partners at CPP Investments, with whom we will continue to own a sizeable portfolio, and are proud to build on our successful, 20-year track record of doing business together, all in service of generating returns for Canadians and our respective pensioners.”

This transaction is the latest in a longstanding relationship between Oxford and CPP Investments, which will still co-own a substantial portfolio across Canada, post completion of this transaction.

“This transaction involving high-quality office properties highlights our strong, ongoing partnership with Oxford, which has delivered compelling returns for the CPP Fund,” said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments. “The transaction is a continuation of our Real Estate strategy to secure strong business plan execution and redeploy capital into new opportunities, supporting the continued growth and performance optimization of our global real estate portfolio.”

Oxford’s investment in these buildings comes at a time when its Canadian office portfolio continues to benefit from the bifurcation of the office sector and the ensuing flight to quality, with properties in key hubs such as Calgary, Toronto and Vancouver significantly outperforming the market with over 95% committed occupancy.

About Oxford Properties Group
Oxford Properties Group (“Oxford”) is a leading global real estate investor, developer and manager. Established in 1960, Oxford and its portfolio companies manage approximately C$80 billion of assets across four continents on behalf of their investment partners. Oxford’s owned portfolio encompasses logistics, office, retail, multifamily residential, life sciences, credit and hotels in global gateway cities and high-growth hubs. A thematic investor with a committed source of capital, Oxford invests in properties, portfolios, development sites, debt, securities and real estate businesses across the risk-reward spectrum. Together with its portfolio companies, Oxford is one of the world’s most active developers with over 70 projects currently underway globally across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario’s municipal employees. Learn more here.

About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interests of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2025, the Fund totalled $714.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.