A Canadian mortgage portfolio changes hands

The $520 million portfolio of Canadian mortgages is moving from a Canadian pension fund to an institutional asset manager in the country.

The Alberta Investment Management Corporation, a Canadian institutional asset manager, bought a mortgage portfolio worth $520.3 million from the Ontario Municipal Employees Retirement System last week.

AIMCo has a $3 billion loan portfolio and is one of Canada’s largest mortgage lenders. “The acquisition of fifty high-quality, geographically-dispersed Canadian mortgages fits well with AIMCo’s existing holdings secured by institutional quality, income producing properties,” said a statement from AIMCo on the transaction.

Most of AIMCo’s loans are Canadian at present, although a number of transactions were recently sources from the US and Europe. AIMCo was established in 2008 to manage money on behalf of 27 pension, endowment and government clients in Alberta, Canada. The firm’s portfolio amounts to $80 billion in total.

OMERS—with $65 billion under management—is one of Canada’s largest pension funds with about $65 billion in assets. It invests in a variety of public and private market assets, including publicly-traded equities and fixed-income, infrastructure, private equity and real estate.