MONTREAL, May 18, 2016 /CNW Telbec/ - Claridge and Ivanhoé Cambridge announce today the creation of a partnership that aims to invest alongside private property developers in mid-sized real estate projects in the Greater Montreal region.
To achieve their goals, the partners are setting up an investment vehicle whose objective is to invest about $100 million. The real estate development projects sought after by the partnership will be mainly in the residential, mixed-use, light industry and low-density office buildings sectors. The typical investment will range between $5 million and $15 million per project.
"We feel privileged to be associated with a partner as prominent as Ivanhoé Cambridge," said
Pierre Boivin, President and Chief Executive Officer of Claridge. "Together, we will facilitate the realization of innovative projects that will generate growth for Montreal's economy while supporting local developers."
Sylvain Fortier, Chief Investment Officer and Executive Vice President, Residential, Hotels and Real Estate Investment Funds, Ivanhoé Cambridge, said: "We are very enthusiastic about continuing our association with Claridge, one of our partners in the Au Sommet Place Ville Marie project, for developments in the Greater Montreal region. 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."
The partnership will be managed by Claridge Real Estate and led by Wayne Heuff as Executive Vice President and Managing Director. Mr. Heuff will leverage his lengthy experience in the real estate industry to manage the projects that will be recommended to the partnership.
Founded in 1987 by Charles Bronfman, Claridge is an investment firm headquartered in Montreal. It represents the interests of the Stephen Bronfman family. It is actively engaged in managing a diversified portfolio of third-party investments as well as direct interests in companies active in the food, technologies, energy, real estate and entertainment industries.
About Ivanhoé Cambridge
Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and companies in select cities around the world. It does so prudently with a long-term view to optimize risk-adjusted returns. Founded in Quebec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners that are leaders in their respective markets.
Through subsidiaries and partnerships, Ivanhoé Cambridge holds interests in close to 500 properties, consisting primarily in office, retail, residential and logistics real estate. Ivanhoé Cambridge held more than Cdn$55 billion in assets as at December 31, 2015. The Company is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada's leading institutional fund managers. For further information: ivanhoecambridge.com.
SOURCE Ivanhoé Cambridge