Return to search

Ivanhoé Cambridge forms Montreal RE JV

The real estate arm of the Canadian pension plan is partnering with a local investment firm to deploy C$100 million in the local market.

Ivanhoé Cambridge has partnered with Montreal-based investment firm Claridge Real Estate to invest C$100 million (€68.6 million, $77 million) across asset classes in Montreal, the groups said Wednesday.

The joint venture will seek opportunistic investments in the residential, mixed-use, light industry and low-density office building sectors, according to the statement. The typical investment will range between C$5 million and C$15 million per project.

“This structuring approach will generate an attractive return for our investors, while encouraging local companies and investors and boosting the economy of the greater metropolitan area,” Sylvain Fortier, chief investment officer at Ivanhoé Cambridge, said in a statement Wednesday.

The partnership will be managed by Claridge and led by Wayne Heuff as executive vice president. Heuff founded a real estate advisory firm in 1995 that has worked with Canadian pensions, real estate investment trusts and other groups.

Montreal “is our backyard and we know the market, the players and have years of successful investment history,” Heuff told PERE. “There is ample development activity in the Montreal area today and we expect the same to to continue for the foreseeable future.”

Ivanhoé Cambridge is the real estate subsidiary of pension Caisse de dépôt et placement du Québec. The investment manager had more than C$55 billion in assets as of December 31, 2015. Claridge and Ivanhoé Cambridge previously partnered to create the Au Sommet Place Ville Marie project, developing the top four floors of a Montreal skyscraper with dining and entertainment.