Ivanhoé Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec, is entering a new joint venture to construct multifamily rental units in Chile.
The deal, reached with Greystar Real Estate Partners, will focus on build-to-rent properties in Santiago, the nation’s capital and largest city.
In a press release, Adriano Mantesso, managing director and head of Latin America at Ivanhoé, said the investment organization was drawn to the growth potential offered by the rental market in South America’s cities. “We are very excited to once again join Greystar as an early mover in delivering the next generation of rental housing communities in a new market and [to] contribute to setting new standards in resident services and community design for the people of Chile.”
Read: Caisse reinvesting in Quebec energy company, CPPIB and Oxford selling Toronto landmark
In other real estate news, the Public Sector Pension Investment Board is entering a joint venture to develop modern warehouses in urban infill locations.
Alongside its partner, Bridge Industrial, PSP Investments has allocated an initial US$550 million to the joint venture, which will be used to create warehouse spaces in coastal U.S. cities. The first two properties will be developed in California and New Jersey. The agreement follows a similar joint venture between the PSP and Bridge that focused on the development of industrial properties in the U.K.
In a press release, Carole Guérin, managing director and head of Americas at PSP Investments, noted the institutional investor was eager to replicate the success of the initial joint venture on the other side of the Atlantic. “We are strategically aligned to leverage the transition to e-commerce with high-quality properties that provide jobs in local communities while incorporating sustainable design features.”
Read: Caisse co-investing in sustainable energy, AIMCo acquiring U.K. warehouses
And the Canada Pension Plan Investment Board is entering an agreement with a sustainable consulting firm to deliver its recently announced decarbonization approach.
The deal, with Toronto-based Environmental Resources Management, will help the CPPIB identify existing portfolio companies that can generate value from decarbonization. During a pilot scheme, ERM will work with these companies to establish and implement a roadmap.
In a press release, Debora Orida, the CPPIB’s global head of real assets and chief sustainability officer, said ERM was selected because of its expertise in several industries targeted by the investment organization.
“Decarbonization of competitively advantaged companies in strategic sectors that are essential, but high-emitting presents a significant investment opportunity and is aligned with our strategy to anticipate and proactively manage [environmental, social and governance] risks and opportunities, including climate change-related ones, to drive long-term financial performance across existing and new investments.”
Read: CPPIB targeting high carbon emitters for long-term investments