Friends Ivory buys Royal & Sun unit
LONDON - Friends Ivory & Sime will buy Royal & Sun Alliance Insurance Group's fund management arm for L240 million ($350 million), said Brendan McNamara, FIS spokesman. FIS also agreed to an exclusive 10-year contract to manage Royal & Sun's U.K. life and general insurance funds.
The acquisition increases FIS' assets under management to L70 billion, from L34 billion.
Caisse unit buys stake in Viacom HQ building
MONTREAL - SITQ Immobilier, the $13 billion real estate investment arm of Caisse de Depot et Placement du Quebec, Montreal, purchased a 45% equity stake in the 54-story office building in New York's Times Square that is the headquarters of Viacom Inc., said Denis Epoh, vice president-investments.
The deal is a joint venture with investing partner S.L. Green Realty, which purchased the remaining 55% of the building. Mr. Epoh said SITQ will invest $65 million in the building and also be responsible for 45% of the $335 million mortgage.