08/15/2014 02:10 EDT | Updated 10/15/2014 05:59 EDT

AIMCo acquires $520.3-million mortgage portfolio from OMERS

EDMONTON - Alberta Investment Management Corp. says it has acquired a $520.3-million mortgage portfolio from the Ontario Municipal Employees Retirement System, commonly known as OMERS.

AIMCo says the acquisition of 50 high-quality and geographically dispersed Canadian mortgages fits well with its existing holdings secured by institutional quality, income-producing properties.

No other details on the deal were disclosed.

AIMCo, which invests on behalf of 27 pension, endowment and government clients in Alberta, is one of Canada's largest and most globally diversified institutional investment managers with assets under management of more than $80 billion.

With $3-billion in loans, AIMCo is also one of Canada's leading mortgage lenders.

OMERS, with more than $65 billion in net assets, provides pension administration and products and services to almost 440,000 members in Ontario.