Ivanhoé Cambridge, the real estate arm of Canada’s second-largest pension fund, La Caisse de dépôt et placement du Québec, has acquired a London office building for approximately £130 million ($196.7 million; €177 million).
Ivanhoé purchased 21 Lombard Street, a 116,000 square foot office, located in the City from an undisclosed seller. The property is leased entirely to international bank UBS.
“We are very proud of this acquisition, our third office property in the City of London in less than six months,” said Meka Brunel, executive vice president, Europe at Ivanhoé Cambridge commented.
Back in December, Ivanhoe acquired Stonecutter Court, a 150,000 square feet office in London leased to the global consulting firm Deloitte, for £112 million from real estate investment firm Hines’ Global REIT. Then in March, Ivanhoé purchased 3 Minster Court, an office property located in the City for more than £170 million. 3 Minster Court is a 275,000 square foot neo-gothic property built in the early 1990s and is leased to London Underwriting Center.
“We remain focused on a clear investment strategy of building a critical mass of quality office assets in London, alongside our partner Greycoat,” added Brunel.
DTZ represented the seller in the transaction, while London-based property agents Greycoat and Knight Frank acted for Ivanhoé Cambridge.
As of December 2014, Ivanhoé Cambridge had C$42 billion (€31.57 billion; $33.33 billion) in assets in management.