The development of a critical mass of multiresidential properties is
successfully moving forward in the British capital
MONTREAL, Oct. 23, 2013 /CNW Telbec/ - Ivanhoé Cambridge announced today
that it has added 105 residential units to its London portfolio,
located in two high demand districts in the British capital. The
transaction, completed through the partnership with Residential Land
and Apollo Global Real Estate represents an investment of
Cdn$73 million on the part of Ivanhoé Cambridge and brings the number
of rental housing units owned by the company in London to 359.
"These new acquisitions strengthen our position in London's
much-sought-after market and reinforce our business relationship with
Residential Land and Apollo Global Real Estate, key partners that play
a major role in the implementation of our investment strategy in the
British capital," said Sylvain Fortier, Executive Vice President,
Residential and Hotels, Ivanhoé Cambridge.
Ivanhoé Cambridge now owns eight multiresidential properties in London,
seven of which are located within a 2.5-km radius in Prime Central
London, while Kew Bridge Court, on the outskirts of the district,
diversifies the company's range of rental housing.
These transactions come at a time when market analysis suggests that
rising demand, a shortage of rental housing and tighter mortgage
conditions are making it more difficult for people to find living
"The additions of Imperial House and Kew Bridge Court to our
partnership's growing portfolio are in-line with our overall strategy
to acquire high-quality, well-located rental housing. We believe
London continues to be one of the strongest residential markets in the
world and the demand for the type of units in these two properties
continues to grow," said Roger Orf, Head of Apollo Global Real Estate
"Both properties are fantastic additions to the portfolio. Kew Bridge
Court is a high yielding investment opportunity of scale with
significant development potential and Imperial House provides the
partnership with an investment in Kensington that will no doubt benefit
from the substantial capital and rental growth we are seeing in the
most prime areas of central London. We look forward to continuing to
source this kind of opportunity for the partnership in the future"
added Bruce Ritchie, founder and CEO of Residential Land.
Kew Bridge Court
The newly acquired Kew Bridge Court rental housing complex comprises
94 superior-quality apartments in five separate buildings located in
Chiswick, an affluent suburb less than 10 km west of Buckingham Palace
which is well served by public transit. The Kew Bridge Court
transaction includes the right to develop and build an additional seven
residential units at the owner's discretion.
Located in one of London's most desirable residential districts, the
building complex has a number of excellent features that complement the
other assets in Ivanhoé Cambridge's portfolio of multiresidential
buildings in London.
The Imperial House multiresidential complex, which consists of 11 modern
and recently refurbished apartments with abundant space, is located in
the heart of the Royal Borough of Kensington and Chelsea, very close to
Hyde Park, a key area of Prime Central London. The Imperial House
complex offers excellent potential to increase in value.
The Kew Bridge Court and Imperial House complexes were both acquired
through Ivanhoé Cambridge's partnership with Residential Land and
Apollo Global Real Estate, which was formed in February 2012. These new
acquisitions are in keeping with the company's plan to build a critical
mass of multiresidential properties in certain target cities.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages
its high-level expertise in all aspects of real estate, including
investment, development, asset management, leasing and operations, to
deliver an optimal return for its investors. Through its multiple
subsidiaries, its assets in more than 20 countries are valued at over
Cdn$35 billion as at December 31, 2012. Ivanhoé Cambridge is a real
estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For more
information, visit ivanhoecambridge.com.
About Residential Land
Bruce Ritchie's Residential Land group of companies has been one of the
most prolific residential investors in Prime Central London in the last
decade. Residential Land currently owns and manages a portfolio of
approximately 1,000 flats, houses, hotels and commercial properties
across 24 postcodes in Prime Central London. It is valued in excess of
£1 billion. Residential Land also has extensive experience in
co-investing in partnerships with both private and institutional
investors. For more information, visit www.residentialland.com.
About Apollo Global Management
Apollo Global Real Estate is an indirect subsidiary of Apollo Global
Management, LLC. Apollo Global Management, LLC together with its
subsidiaries (collectively, "Apollo") is a leading global alternative
investment manager with offices in New York, Los Angeles, Houston,
London, Frankfurt, Luxembourg, Singapore, Hong Kong and Mumbai. As of
June 30, 2013, Apollo had assets under management of approximately
US$113 billion in its private equity, credit and real estate funds
invested across a core group of nine industries where Apollo has
considerable knowledge and resources. For more information about
Apollo, please visit www.agm.com.
Image with caption: "Ivanhoé Cambridge acquires 105 residential units in London : Kew Bridge Court and Imperial House (CNW Group/Ivanhoé Cambridge)". Image available at: http://photos.newswire.ca/images/download/20131023_C6345_PHOTO_EN_32440.jpg
SOURCE: Ivanhoé Cambridge
For further information:
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