The real estate subsidiary of the Caisse de dépôt et placement du Québec, Ivanhoé Cambridge, has purchased an approximate 40% interest in a portfolio of properties located in downtown Denver from the Canada Pension Plan Investment Board (CPPIB) for more than US$200 million ($225.9 million).
The CPPIB had been part of the original joint venture, which owns properties such as the US Bank Tower and the Tabor Center, since 2007.
With this transaction, Ivanhoé Cambridge becomes one of the main landlords in Denver’s commercial business district, with an ownership position representing approximately 6% of Class A office inventory in downtown Denver.
“We are pleased with the progress in executing our strategy of building a critical mass of high-quality office properties while diversifying our footprint across leading U.S. markets,” says Adam Adamakakis, executive vice-president, investments, United States, at Ivanhoé Cambridge.
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