Ontario Teachers’ completes acquisition of Heritage Royalty Partnership

Ontario Teachers' Pension Plan (Teachers') today announced it has completed the $3.3 billion acquisition of Heritage Royalty Limited Partnership (HRP), a former subsidiary of Cenovus Energy Inc. (Cenovus) that holds a broad portfolio of oil and gas royalties in Western Canada.

HRP owns approximately 4.8 million fee title acres in Alberta, Saskatchewan and Manitoba and also holds gross overriding royalties on 0.5 million acres at Cenovus' Pelican Lake and Weyburn properties, two large-scale, long-life oil projects. HRP's approximately 40 employees are being brought together in one Calgary office location.

About Teachers'
The Ontario Teachers' Pension Plan (Teachers') is Canada's largest single-profession pension plan, with $154.5 billion in net assets as of December 31, 2014.  It holds a diverse global portfolio of assets, 80% of which is managed in-house, and has earned an annualized rate of return of 10.2% since the plan's founding in 1990. Teachers' is an independent organization headquartered in Toronto. Its Asia Pacific region office is located in Hong Kong and its European, Middle East and African region office is in London. The plan, which is fully funded, invests and administers the pensions of 311,000 active and retired teachers in Ontario. For more information, visit otpp.com and follow us on Twitter @OtppInfo.