Ivanhoé Cambridge, the principal real estate subsidiary of the Caisse de dépôt et placement du Québec, has announced investments in Brazil totalling more than $300 million for the acquisition, expansion and building of shopping centres, as well as the reinforcement of a strategic partnership.
“These new projects confirm our intent to press on with our foray into emerging countries and move forward with our real estate investment plan for Brazil,” said Daniel Fournier, chairman and CEO of Ivanhoé Cambridge.
Through its joint venture with Brazil-based Ancar, Ivanhoé Cambridge has purchased land in Fortaleza, Brazil’s fifth-largest city, for the purpose of building a large-scale shopping centre. As part of this transaction, Ivanhoé Cambridge has forged a new partnership with Rossi Residencial, a local construction and engineering company that owns several parcels of land in Brazil.
Ivanhoé Cambridge is also investing in an expansion project at one of its existing properties, Natal Shopping in Natal.
“Following the acquisition of an additional interest in Botafogo Praia Shopping in Rio de Janeiro back in January, the timing is perfect for these additional investments,” said Claude Sirois, senior vice-president, emerging markets, Ivanhoé Cambridge. “The demand for shopping centres in Brazil is keeping pace with the country’s dynamic economy. This is an exceptional opportunity for us to position ourselves as a partner of choice for local retailers and investors in a key market in which we will continue to invest.”
In addition, Ivanhoé Cambridge announced it has acquired an increased interest in its joint venture with Ancar. The venture now co-owns 10 shopping centres.