MONTREAL, Feb. 8, 2012 /CNW Telbec/ - Ivanhoé Cambridge adds to its
roster of rental housing units in Silicon Valley with the acquisition
of three new residential buildings near San Jose, California. The
Quebec-based real estate company now owns over 1,400 apartments in one
of the most dynamic regions of the United States.
This new transaction by Ivanhoé Cambridge, a real estate subsidiary of
the Caisse de dépôt et placement du Québec, involves the purchase of
484 rental housing units across three buildings located in Cupertino,
Sunnyvale and San Jose, home to some of the world's largest information
technology companies, notably Apple, Facebook, Google, IBM and Intel.
"The residential market in Silicon Valley meets several of our
investment criteria and forms an essential part of our strategic
business plan," explained Daniel Fournier, Chairman of the Board and
Chief Executive Officer of Ivanhoé Cambridge. "As in the case of the
Rockhill Complex in Montreal and several buildings we acquired in
central London, Silicon Valley has quality buildings with a significant
critical mass in a growing market."
Last December Ivanhoé Cambridge announced the purchase of The Park
Kiely, a 948-unit rental apartment complex located in San Jose. The
three new properties, Verandas, Woodbridge and The Reserve, have been
acquired for CAD $136 million and complement our current presence in
the region. All buildings are within a 5-kilometre radius. Demmon
Partners currently manages The Park Kiely and will assume management of
the three new properties.
"These buildings are situated in an exceptional location and enable us
to leverage synergies in terms of building management," added Sylvain
Fortier, President, Residential, Ivanhoé Cambridge. "We are reinforcing
our position in a region which will see remarkable growth over the next
Silicon Valley is known as one of the wealthiest areas of the U.S. In
2011, average family income figures were above the national average and
the region saw the highest job creation numbers in the country. Market
studies indicate that the area's population growth should increase to
5% by 2016.
In addition to high-tech companies, the Valley features a number of
prestigious universities and some of the top elementary schools in
California. Furthermore, Apple's new Silicon Valley campus is slated
for completion by 2015 and will be built less than a kilometre from the
Verandas and Woodbridge.
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the 10 largest real estate companies in the
world with assets in 24 countries valued at over CAD$30 billion as at
December 31, 2010. Ivanhoé Cambridge is a real estate subsidiary of
the Caisse de dépôt et placement du Québec (www.lacaisse.com), one of Canada's leading institutional fund managers. Through its
subsidiaries, Ivanhoé Cambridge's residential portfolio invests in
multi-residential rental buildings in large urban centres in Canada,
the United States and Europe. For more information, visit www.ivanhoecambridge.com.
SOURCE IVANHOE CAMBRIDGE
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