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Ivanhoe Cambridge Invest in London Residential Market
February, 2012
Ivanhoe Cambridge has recently made in investment of $150 million in London’s residential real estate market to acquire rental buildings throughout the city.
Daniel Fournier, Chairman of the Board and Chief Executive Officer of Ivanhoe Cambridge says, “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 Jose (United States), London is a natural top choice.
The transaction consists of four multi-residential buildings which total 207 units. Some of the areas include South Kensington, Hyde Park, Marylbone and Bayswater.
Ivanhoe Cambridge, through a real estate subsidiary, has also entered into a partnership with Residential Land, a London-based real estate firm, as well as Apollo Global Real Estate Management.
“This acquisition is strategically important, as it enables Ivanhoe Cambridge to penetrate an exceptional sector that is particularly difficult in terms of access,” notes Sylvain Fortier, President of Ivanhoe 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 agreement gives majority partnership to Ivanhoe Cambridge with an opportunity to invest in the acquisition of other residential buildings. The Quebec-based company, through its subsidiary, will play a significant 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,” noted Bruce Ritchie, CEO and founder of Residential Land. Apollo Global Real Estate Management will play a strategic role in its management.
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