The Ontario Teachers’ Pension Plan (OTPP) will continue its expansion into the European funeral market, announcing it will acquire the Spain-based Mémora, a funeral services company.
Purchased Monday from investment manager 3i Group, the fund’s newest asset consists of 115 funeral homes, 24 crematoriums, 13 cemeteries, and 91 retail outlets in southwestern Europe.
In spring, Canada’s largest single-profession pension plan announced it would acquire a 33% state in the Paris-based OGF, which brought its total stake in the French funeral company to 74%.
The OTPP plans to use its experiences with OGF to take Mémora into new regions.
In addition, OTPP and the Ontario Municipal Employees Retirement System’s infrastructure arm will sell British rail link High Speed 1 to various funds managed by InfraRed Capital Partners Ltd. and Equitix Investment Management Ltd.
In tandem with operating the British rail line, High Speed 1 also operates and maintains four stations on its route. Their main customers include the London & South Eastern Railway Ltd. and Eurostar International Ltd.
OTPP could not be reached for comment.