The Caisse de dépôt et placement du Québec (CDPQ) has agreed to provide US$240 million in senior financing to TerraPact to support the expansion of the company’s real estate portfolio across the U.S. and in B.C., the organizations announced.

Montreal-based CDPQ is a global investment group that invests in global real estate and a wide array of other sectors, ranking as one of Canada’s largest institutional investors. Waltham, Mass.-based TerraPact owns and operates properties that underpin North America’s wireless, broadband, and energy critical infrastructure.

In addition to supporting the expansion of TerraPact’s holdings in the U.S. and B.C., sectors, the investment will refinance the company’s existing debt structure.

TerraPact, a Columbia Capital portfolio company, manages a highly diversified platform of long-term ground leases and rights of way. The portfolio covers approximately 700 assets.

“TerraPact is a strategically positioned ground-lease platform which occupies a core position in the infrastructure value chain, delivering connectivity and energy across North America,” said Marc Cormier, CDPQ’s executive vice-president and head of the asset manager’s fixed income business. “With this transaction, CDPQ is providing a bespoke infrastructure financing solution as sole lender, tailored to propel TerraPact’s growth ambitions over the years to come.”

TerraPact’s portfolio allows asset owners to monetize their holdings through flexible and economically advantageous transactions, according to the organizations. The firm and CDPQ have done business together previously.

“We are excited to continue our partnership with CDPQ,” said TerraPace CEO Ben Myers. “This growth financing will allow us to continue our multi-year strategy of becoming one of America’s premier energy and digital infrastructure landowners.”

The new financing agreement reinforces TerraPact’s strategic positioning within the infrastructure sector and underscores CDPQ’s comitment to supporting innovative, long-term growth initiatives in North America, said the two partners.

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