Ivanhoé Cambridge, the real estate subsidiary of the Caisse de dépôt et placement du Québec, has purchased an undisclosed stake in Shanghai-based real estate developer Chongbang.
Ivanhoé Cambridge and Dutch pension asset manager APG Asset Management will invest a total of US$920 million in Chongbang.
Chongbang presently owns and operates 4.6 million square feet of retail and commercial space in Shanghai with another 4.5 million square feet under development.
Singapore’s sovereign wealth fund, GIC, is an existing shareholder of Chongbang.
“Chongbang exemplifies Ivanhoé Cambridge’s growth strategy of building strategic alliances with prominent real estate companies that are proven industry leaders,” says Rita-Rose Gagné, executive vice-president, growth markets, for Ivanhoé Cambridge. “We are enthusiastic about teaming up with other experienced institutional shareholders to ensure Chongbang’s continued growth and future success.”