Latest news with #PSPInvestments
Yahoo
05-07-2025
- Business
- Yahoo
Thorncliffe Park tenants anxiously await next steps as eviction proceedings wrap up
Iqbal Dar says he's dealt with no shortage of issues at his Thorncliffe Park home, everything from power outages to water damage to uneven floors. And with the summer heat in full swing, he's had to take cooling showers to manage his heart conditions. "It was really unbearable," Dar said. He's among 100 households across three apartment buildings on Thorncliffe Park Drive — 71, 75 and 79 — that have been on a rent-strike for more than two years now as a result of what they say are above-guideline rent increases imposed by their landlord, Starlight Investments and PSP Investments, as well as the disrepair of their units since the companies took over in 2019. That long-standing dispute came closer to completion last week, as hearings before the Landlord and Tenant Board (LTB) wrapped up. A decision isn't expected for several more months. At issue is the eviction proceedings against tenants who've been withholding rent. But before the evictions can proceed, the LTB must rule on whether the landlords are in breach of the Residential Tenancies Act. The lawyer for the tenants, Sima Atri, says the tenants know what they have risked by going on a rent strike, but she says the landlords have let the units fall into disrepair and they should be keeping them up according to standards. "We've reached a point where landlords are trying so many strategies to push out long-standing tenants," Atri said. A spokesperson for Starlight Investments disputed this in an email, telling CBC Toronto that it's invested more than $30 million in improvements and that the maintenance program is robust, as "demonstrated with a 99.6% maintenance resolution rate." Dar disagrees. He joined the rent strike back in May 2023. It went until November 2023, at which time tenants were ordered to pay their rent into a trust through the LTB. Finally, at the request of the LTB in March 2025 tenants began paying their rent again directly to their landlords. "We've been fighting this for [the] last two to three years," Dar said. "I'm alone and I'm a senior citizen and I have a limited amount of earnings or pension, which makes it harder if they are going to make us pay a lot more money." Some tenants like Khalil Aldroubi, who lives with his wife and five children, say they don't think it's fair to start paying again, considering the conditions they are living in. WATCH | Tenants react as outcome of mass eviction application looms: "The cabinets in the kitchen — none of them, even upper or lower, open or close properly," he said. He says maintenance that is done is done at "a low level." Aldroubi says his fridge is also leaking brown fluid, but he fears telling maintenance about it because he might be given a worse fridge as a result. Now that residents have been ordered to pay the landlord again, Atri says it shows that they are trying to comply with the rules despite the landlord not complying with their obligations. That's why last week's hearings were so important, she says. "It's the first time a landlord like Starlight and PSP investments has been put to a test of what the standards are for large scale landlords," she said. "At this point they're using tactics and strategies that allow long-standing tenants' units to fall into disrepair while completely renovating [other] units to bring in higher paying tenants." In a statement, Starlight Investments' senior vice-president, Penny Colomvakos, told CBC Toronto that the buildings have gotten safer and liveability has improved since the company took over. She says the above-guideline increases were approved by the Landlord and Tenant Board. "Concerns about potential neglect or displacement are contradicted by both our ongoing investment in the community and our continued efforts to expand rent relief and support our residents," Colomvakos said. As for Dar, he says he fears where he goes from here. "I don't know what's going to happen today, tomorrow, or day after," he said. "I hope that things will work out and we don't have to leave the place where I've been living … for 11 years."
CBC
27-06-2025
- Business
- CBC
Thorncliffe Park tenants anxiously await next steps as eviction proceedings wrap up
Social Sharing Iqbal Dar says he's dealt with no shortage of issues at his Thorncliffe Park home, everything from power outages to water damage to uneven floors. And with the summer heat in full swing, he's had to take cooling showers to manage his heart conditions. "It was really unbearable," Dar said. He's among 100 households across three apartment buildings on Thorncliffe Park Drive — 71, 75 and 79 — that have been on a rent-strike for more than two years now as a result of what they say are above-guideline rent increases imposed by their landlord, Starlight Investments and PSP Investments, as well as the disrepair of their units since the companies took over in 2019. That long-standing dispute came closer to completion last week, as hearings before the Landlord and Tenant Board wrapped up. A decision isn't expected for several more months. At issue is the eviction proceedings against tenants who've been withholding rent. But before the evictions can proceed, the LTB must rule on whether the landlords are in breach of the Residential Tenancies Act. The lawyer for the tenants, Sima Atri, says the tenants know what they have risked by going on a rent strike, but she says the landlords have let the units fall into disrepair and they should be keeping them up according to standards. " We've reached a point where landlords are trying so many strategies to push out long-standing tenants," Atri said. A spokesperson for Starlight Investments disputed this in an email, telling CBC Toronto that it's invested more than $30 million in improvements and that the maintenance program is robust, as "demonstrated with a 99.6% maintenance resolution rate." Dar disagrees. He joined the rent strike back in May 2023. It went until November 2023, at which time tenants were ordered to pay their rent into a trust through the LTB. Finally, at the request of the LTB in March 2025 tenants began paying their rent again directly to their landlords. "We've been fighting this for [the] last two to three years," Dar said. "I'm alone and I'm a senior citizen and I have a limited amount of earnings or pension, which makes it harder if they are going to make us pay a lot more money." Some tenants like Khalil Aldroubi, who lives with his wife and five children, say they don't think it's fair to start paying again, considering the conditions they are living in. "The cabinets in the kitchen — none of them, even upper or lower, open or close properly," he said. He says maintenance that is done is done at "a low level." Aldroubi says his fridge is also leaking brown fluid, but he fears telling maintenance about it because he might be given a worse fridge as a result. Building has gotten safer, more liveable since takeover, landlord says Now that residents have been ordered to pay the landlord again, Atri says it shows that they are trying to comply with the rules despite the landlord not complying with their obligations. That's why last week's hearings were so important, she says. "It's the first time a landlord like Starlight and PSP investments has been put to a test of what the standards are for large scale landlords," she said. "At this point they're using tactics and strategies that allow long-standing tenants' units to fall into disrepair while completely renovating [other] units to bring in higher paying tenants." In a statement, Starlight Investments' senior vice-president, Penny Colomvakos, told CBC Toronto that the buildings have gotten safer and liveability has improved since the company took over. She says the above-guideline increases were approved by the Landlord and Tenant Board. "Concerns about potential neglect or displacement are contradicted by both our ongoing investment in the community and our continued efforts to expand rent relief and support our residents," Colomvakos said. As for Dar, he says he fears where he goes from here.
Yahoo
13-06-2025
- Business
- Yahoo
Public sector pension fund looks for more ways to invest in Canada as U.S. risks grow
The Public Sector Pension Investment Board has been quietly assessing whether it has under-utilized a 'home-ice advantage' and is looking for more ways to invest in Canada, chief executive Deb Orida said, a potentially timely pivot as the United States, a popular destination for pension investments, is looking riskier. The internal look at portfolio design also comes as Ottawa is looking to 'catalyze' billions of dollars in private investment to shore up the economy and reduce dependence on the U.S. 'We're asking (ourselves) whether there's opportunities to leverage our global capabilities in areas like infrastructure here at home,' Orida said as the investment manager for the pensions of federal government workers, the Canadian Forces and the Royal Canadian Mounted Police posted a 12.6 per cent return for the fiscal year that ended March 31, with assets climbing to nearly $300 billion. She said the renewed focus at home stemmed from a wide consideration of factors influencing investing, including geopolitical realignment over the past couple of years, and was not done in direct response to either the Canadian government's desire for stepped-up domestic pension investments or the potential for tax and trade tensions with the U.S. to change the value proposition of investing there. 'It may have all come together at the same time. But really, for us, it's about having the capabilities… better capabilities than we did, say, a decade ago, to make good investments in Canada, because we have this expertise and ability to add value,' she said. International expertise that could be brought to assets in Canada, should they be made available, includes investing in airports and data centres, she said, adding that PSP has a subsidiary that specifically invests and operates airports around the world. Earlier this year, AviAlliance sold a stake in the Budapest airport and purchased three others in the United Kingdom: Aberdeen, Glasgow and Southampton. As for data centres, PSP Investments and Macquarie Asset Management bought a control stake in AirTrunk in 2020 that was profitably sold in 2024 to a consortium of investors led Blackstone. PSP has around $70 billion in investments in Canada, representing about 20 per cent of its portfolio, and that's before including the purchase of a minority stake on Ontario's 407 toll road, a deal that closed this month. Orida said there is not a specific target for increasing domestic investments. Rather, the pension manager will include its new focus on what's it's calling the 'Canada power intersection initiative' in making decisions that maximize returns without taking on undue risk. PSP Investments is also focusing on its platform in Europe. 'We're well positioned in Europe. We have a great team in London,' she said. 'It's a cross-asset class team where we have private equity, real estate, infrastructure, (and) private credit expertise.' As for the United States, she said there has been no decision to pause or pull back on investments there as a result of trade and potential tax developments. But new risks are being taken into consideration, including the potential for new tax costs stemming from a controversial bill making its way through the U.S. Congress, when assessing investments there, she said. 'It's not a black and white turning away. It's rather an incorporation of the additional uncertainty, or risk, or potential implication of changes in tax laws, and then a holistic assessment of the risk adjusted return after factoring in all of that right relative to your other opportunities,' Orida said. The potential changes to years of favourable tax treatment, which may be applied to Canadian investors in the U.S. if the Senate passes the legislation as the House of Representatives has done, are contained in section 899 of a large budget package U.S. President Donald Trump has dubbed 'One Big Beautiful Bill.' How PSP Investments is navigating tumultuous markets PSP Investments posts 4.4% return 'We have analyzed the potential impacts of 899, and looked at different scenarios and analyzed the potential impacts on our existing portfolio,' she said. 'As well, (we have) put thought to how we would incorporate that into new underwritings if there are new underwriting that are attractive, and how we would try to incorporate that uncertainty and potential impact.' • Email: bshecter@
Yahoo
13-06-2025
- Business
- Yahoo
PSP Investments looks to beef up domestic portfolio amid government pressure
The Public Sector Pension Investment Board has been quietly assessing whether it has under-utilized a 'home-ice advantage' and is looking for more ways to invest in Canada, chief executive Deb Orida said, a potentially timely pivot as the United States, a popular destination for pension investments, is looking riskier. The internal look at portfolio design also comes as Ottawa is looking to 'catalyze' billions of dollars in private investment to shore up the economy and reduce dependence on the U.S. 'We're asking (ourselves) whether there's opportunities to leverage our global capabilities in areas like infrastructure here at home,' Orida said as the investment manager for the pensions of federal government workers, the Canadian Forces and the Royal Canadian Mounted Police posted a 12.6 per cent return for the fiscal year that ended March 31, with assets climbing to nearly $300 billion. She said the renewed focus at home stemmed from a wide consideration of factors influencing investing, including geopolitical realignment over the past couple of years, and was not done in direct response to either the Canadian government's desire for stepped-up domestic pension investments or the potential for tax and trade tensions with the U.S. to change the value proposition of investing there. 'It may have all come together at the same time. But really, for us, it's about having the capabilities… better capabilities than we did, say, a decade ago, to make good investments in Canada, because we have this expertise and ability to add value,' she said. International expertise that could be brought to assets in Canada, should they be made available, includes investing in airports and data centres, she said, adding that PSP has a subsidiary that specifically invests and operates airports around the world. Earlier this year, AviAlliance sold a stake in the Budapest airport and purchased three others in the United Kingdom: Aberdeen, Glasgow and Southampton. As for data centres, PSP Investments and Macquarie Asset Management bought a control stake in AirTrunk in 2020 that was profitably sold in 2024 to a consortium of investors led Blackstone. PSP has around $70 billion in investments in Canada, representing about 20 per cent of its portfolio, and that's before including the purchase of a minority stake on Ontario's 407 toll road, a deal that closed this month. Orida said there is not a specific target for increasing domestic investments. Rather, the pension manager will include its new focus on what's it's calling the 'Canada power intersection initiative' in making decisions that maximize returns without taking on undue risk. PSP Investments is also focusing on its platform in Europe. 'We're well positioned in Europe. We have a great team in London,' she said. 'It's a cross-asset class team where we have private equity, real estate, infrastructure, (and) private credit expertise.' As for the United States, she said there has been no decision to pause or pull back on investments there as a result of trade and potential tax developments. But new risks are being taken into consideration, including the potential for new tax costs stemming from a controversial bill making its way through the U.S. Congress, when assessing investments there, she said. 'It's not a black and white turning away. It's rather an incorporation of the additional uncertainty, or risk, or potential implication of changes in tax laws, and then a holistic assessment of the risk adjusted return after factoring in all of that right relative to your other opportunities,' Orida said. The potential changes to years of favourable tax treatment, which may be applied to Canadian investors in the U.S. if the Senate passes the legislation as the House of Representatives has done, are contained in section 899 of a large budget package U.S. President Donald Trump has dubbed 'One Big Beautiful Bill.' How PSP Investments is navigating tumultuous markets PSP Investments posts 4.4% return 'We have analyzed the potential impacts of 899, and looked at different scenarios and analyzed the potential impacts on our existing portfolio,' she said. 'As well, (we have) put thought to how we would incorporate that into new underwritings if there are new underwriting that that are attractive, and how we would try to incorporate that uncertainty and potential impact.' • Email: bshecter@
CTV News
13-06-2025
- Business
- CTV News
PSP Investments earns 12.6 per cent return, tops reference portfolio
The Canada flag flies atop the Peace Tower on Parliament Hill in Ottawa on Friday, May 5, 2023. THE CANADIAN PRESS/Sean Kilpatrick MONTREAL — The Public Sector Pension Investment Board says it earned a return of 12.6 per cent for its latest financial year ended March 31. The results topped the investment fund's reference portfolio, which showed a one-year return of 11.1 per cent. PSP Investments says the results came from strength in its infrastructure, private equity, public market equities and credit investments portfolios. Net assets under management totalled $299.7 billion on March 31. PSP Investments chief executive Deborah Orida says the fund delivered strong returns and showed resilience in uncertain times. PSP Investments manages investments for the pension plans of the federal public service, the Canadian Forces, the RCMP and the Reserve Force. This report by The Canadian Press was first published June 13, 2025. The Canadian Press
