The Caisse de dépôt et placement du Québec’s real estate division, Ivanhoé Cambridge, has announced it will acquire the 50% interest in Montreal’s Place Ville Marie that it doesn’t own from AIMCo.
The deal, which is valued at $400 million, was submitted to the Competition Bureau for approval.
“We are very proud to seize this new opportunity,” says Daniel Fournier, chairman and CEO of Ivanhoé Cambridge. “Place Ville Marie is more than just a building; it is at the real estate core of the city and, more than ever, the cornerstone of our Montreal property portfolio.”
The company plans to invest $100 million in a revitalization plan for the office complex.
Place Ville Marie has its own shopping promenade, five towers and 150 tenants, and is directly linked to the underground metro network, to the intercity and suburban trains, as well as to the city’s pedestrian underground network.
Related articles: