An investment of over CAD $150 million
A new partnership with top industry players
MONTREAL, Feb. 1, 2012 /CNW Telbec/ - Ivanhoé Cambridge, a real estate
subsidiary of the Caisse de dépôt et placement du Québec, has made its
foray into London's residential market with an investment of over
CAD$150 million to acquire rental buildings in some of the city's most
"In accordance with our strategic plan, we are acquiring
multi-residential buildings in target urban centres. Following our
recent purchases in Montreal and in San José (United States), London is
a natural top choice," said Daniel Fournier, Chairman of the Board and
Chief Executive Officer of Ivanhoé Cambridge.
The transaction consists in the purchase of four multi-residential
buildings, totaling 207 units, in the very heart of London, including
some of the city's most prestigious neighbourhoods, known as "Prime
Central London": South Kensington, Hyde Park, Bayswater and Marylebone.
By the same token, Ivanhoé Cambridge, through a real estate subsidiary,
enters into a partnership with Residential Land, a London-based real
estate firm, and Apollo Global Real Estate Management.
"This acquisition is strategically important, as it enables Ivanhoé
Cambridge to penetrate an exceptional sector that is particularly
difficult in terms of access," stated Sylvain Fortier, President of
Ivanhoé Cambridge/Residential. "It's also an excellent opportunity to
forge sustainable relationships in a most promising market with
partners who have a proven track record."
The parties' agreement gives majority partner Ivanhoé Cambridge an
opportunity to invest in the acquisition of other residential buildings
exclusively with Residential Land and Apollo Global Real Estate
Management, the global real estate investment group affiliated with
Apollo Global Management. The Quebec-based company, through its
subsidiary, will play a significant decision-making role in the
partnership's major orientations.
"Central London's residential market presents some excellent business
opportunities, and this partnership puts us in a position to seize
them," added Bruce Ritchie, CEO and founder of Residential Land, a
private corporation with over 1,200 units of rental housing. Apollo
Global Real Estate Management, which already has a presence in the
London market, will invest directly in the partnership, and will play a
strategic role in its management. Roger Orf, head of the Apollo Global
Real Estate Management group in Europe, concluded: "We believe our
seasoned executives are well-positioned to capitalize on opportunities
in this fragmented market."
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the 10 largest real estate companies in the
world. Through its multiple subsidiaries, it holds 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. 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.
About Residential Land
The Residential Land Group is a private corporation established by
developer Bruce Ritchie in 1991, and it is now one of the largest
private residential landlords in Prime Central London. Residential Land
has conducted several hundred major transactions since its beginnings
and now counts some 110 employees. For more information about
Residential Land, please visit www.residentialland.com.
About Apollo Global Real Estate Management
Apollo (NYSE: APO) is a leading global alternative asset manager with
offices in New York, Los Angeles, Houston, London, Frankfurt,
Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under
management of more than $65 billion as of September 30, 2011, in
private equity, credit-oriented capital markets and real estate funds
invested across a core group of nine industries where Apollo has
considerable knowledge and resources.
Apollo Global Real Estate Management is a fully integrated operating
division of Apollo that sources, underwrites and structures investments
in commercial real estate assets, companies and operating platforms
through its multi-disciplinary team of real estate investment
professionals. Apollo Global Real Estate's investment professionals
manage $7.9 billion in real estate assets as of September 30, 2011. For
more information about Apollo, please visit www.agm.com.
SOURCE IVANHOE CAMBRIDGE
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