The acquisitions with a value of Cdn$100 million (£63.3 M) bring the number of rental units held in the UK capital to 254
MONTREAL, Dec. 5, 2012 /CNW Telbec/ - Ivanhoé Cambridge announced today it has acquired majority ownership interests in two multiresidential complexes, Peony Court and Chantrey House, respectively in South Kensington and Belgravia, both highly sought-after districts in Prime Central London. These new assets will contribute to maintaining Ivanhoé Cambridge's momentum within the multiresidential real estate market in the British capital.
Earlier this year, Ivanhoé Cambridge, along with its new partners Residential Land and entities affiliated with Apollo Global Real Estate, announced the acquisition of four multiresidential buildings totalling 207 rental units in Prime Central London. Through this partnership, Ivanhoé Cambridge is entitled to participate in any acquisition opportunity that is brought to the attention of the partners and matches its investment criteria.
"London is an attractive market, and continuing our expansion there is a stimulating challenge," said Daniel Fournier, Chairman and Chief Executive Officer of Ivanhoé Cambridge. "These transactions, which are perfectly in keeping with our strategic plan, demonstrate the key role that our partners can play through their local expertise and network in helping us achieve our objectives and generate interesting returns for our depositors."
Peony Court
Peony Court is a multiresidential complex comprising 19 units in three
separate buildings. It features seven two-storey townhouses and 18
parking spaces, including two interior garages, which are exceedingly
rare in London. It is also superbly well located, between Fulham Road
and King's Road, two key arteries renowned for their shops and
restaurants. The acquisition of Peony Court was conducted under the
existing partnership with London-based firms Residential Land and
Apollo Global Real Estate.
"All of the properties acquired in London to date are located within a 2.5-km radius. Prime Central London has always been an attractive destination for large corporations looking for office space, but also for affluent individuals and families, who appreciate its culture and attractions," explained Sylvain Fortier, President, Residential, Ivanhoé Cambridge.
Commenting on the transaction, Roger Orf, Head of Apollo Global Real Estate in Europe, said, "Peony Court is a welcome addition to our growing multiresidential portfolio with Residential Land and Ivanhoé Cambridge. We believe the property's desirable location, coupled with its associated amenities, makes it an appealing investment for our partnership."
Bruce Ritchie, founder and CEO of Residential Land, commented: "Peony Court and Chantrey House represent exactly the type of properties the partnership is looking to purchase, particularly since each has an existing income stream as well as long-term rental improvement and refurbishment opportunities. We look forward to sourcing many more similar opportunities in the near future."
Chantrey House
Chantrey House is a multiresidential complex consisting of 28 rental
units and five commercial spaces. Its high-quality, renovated dwellings
are first-rate choices for prosperous clients looking for a
pied-à-terre in an exceptional location. The Chantrey House acquisition
was completed through a partnership with Residential Land.
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the 10 largest real estate companies in the
world. Through its multiple subsidiaries, its assets totalled more than
Cdn$30 billion and could be found in over 20 countries around the world
as at December 31, 2011. 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. 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 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 residentialland.com.
About Apollo Global Management
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 September
30, 2012, Apollo had assets under management of approximately US$110
billion in its private equity, credit and real estate funds invested
across a core group of nine industries, including commodities, where
Apollo has considerable knowledge and resources. For more information
about Apollo, please visit the company's website agm.com.
Image with caption: "Ivanhoé Cambridge acquires Chantrey House, a prestigious multiresidential complex, in Prime Central London. (CNW Group/IVANHOE CAMBRIDGE)". Image available at: http://photos.newswire.ca/images/download/20121205_C6348_PHOTO_EN_21588.jpg
Image with caption: "Ivanhoé Cambridge acquires Peony Court, a prestigious multiresidential complex, in Prime Central London. (CNW Group/IVANHOE CAMBRIDGE)". Image available at: http://photos.newswire.ca/images/download/20121205_C6348_PHOTO_EN_21590.jpg
SOURCE: IVANHOE CAMBRIDGE
For further information:
Sébastien Théberge
Senior Director, Public Affairs and Communications
sebastien.theberge@ivanhoecambridge.com
Media line: 1 866 456-3342
Global: +1.514.847.4171
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