The Caisse de dépôt et placement du Québec’s real estate arm is forming a second investment vehicle for projects in the province’s urban centres.
Ivanhoé Cambridge is partnering with investment firm Claridge Inc., as well as local developers, to grow its real estate portfolio in Montreal and Quebec City.
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“We are proud to be investing in the development of promising projects in Quebec,” said Ezio Sicurella, executive vice-president of residential, hotels and real estate investment funds at Ivanhoé Cambridge, in a news release. “These projects, put together by Quebec developers, are enabling us to fulfil our investment goals while supporting the industry’s growth. Moreover, each project generates substantial economic activity at the regional level and creates jobs at numerous small- and medium-sized companies.”
In 2016, Ivanhoé Cambridge created its first investment vehicle in the province, investing $100 million into nine residential projects in greater Montreal and one in the Quebec City area. Some of the projects, comprising of condos, rental stock and office buildings, have been completed while others are still under construction.
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“The collaboration with Ivanhoé Cambridge has been successful thus far and we remain confident that this investment platform will enable both companies to meet their performance goals, and to help Quebec developers achieve success and grow their businesses,” said Wayne Heuff, executive vice-president and managing director at Claridge Real Estate.