Skip to main content

The Globe and Mail

Caisse’s real estate unit teams to build on U.S. residential presence

The Caisse de depot et placement du Quebec (CDP) in Montreal on July 21, 2010.

Christinne Muschi/The Globe and Mail

The Caisse de dépôt et placement du Québec de depot's real estate arm is building on its U.S. residential presence by joining a group that has a portfolio of 27 apartment properties in key locations across the country.

Ivanhoé Cambridge said on Tuesday it's joining a partnership of the Real Estate Principal Investment Area of Goldman, Sachs & Co., Greystar Real Estate Partners and others in the portfolio of Class A and Class B apartment communities boasting 8,010 units.

The assets are in markets that consist of high barriers to entry as well as high potential for economic and job growth, says Ivanhoe Cambridge.

Story continues below advertisement

"Ivanhoé Cambridge's significant participation in this transaction aligns perfectly with our strategic plan to seize promising real estate investment opportunities and increase our critical mass with a well-distributed diversification in priority U.S. markets," Sylvain Fortier, executive vice-president, residential and hotels, said in a new release.

The partnership comes after Goldman, Sachs and Greystar's recent acquisition of the assets from Equity Residential in a deal valued at $1.5-billion (U.S.).

Ivanhoé Cambridge, one of the 10 biggest real estate companies in the world with a portfolio that includes malls and office buildings, has been pushing aggressively into residential real estate in the U.S. and Canada recently.

Last month, it said it is investing $1-billion (Canadian) to remake Vancouver's Oakridge Centre mall into a small city, including about 3,000 residential units in 13 towers.

Last October, the company announced a joint venture with Shea Properties to build a luxury apartment community of 648 units in the Silicon Valley city of San Jose, close to where Apple Inc.'s new head office campus is being built.

Ivanhoé Cambridge also has a strong presence in Manhattan.

The company did not provide financial details about the partnership with Goldman, Sachs and Greystar.

Story continues below advertisement

Report an error Licensing Options
About the Author
Quebec Business Correspondent

Bertrand has been covering Quebec business and finance since 2000. Before joining The Globe and Mail in 2000, he was the Toronto-based national business correspondent for Southam News. He has a B.A. from McGill University and a Bachelor of Applied Arts from Ryerson. More

Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨