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Ivanhoe Cambridge partners on US$400M Silicon Valley office property deal
MONTREAL - The real estate subsidiary of one of Canada's largest pension funds is buying 73 office buildings in California's Silicon Valley region in partnership with two American partners.
Ivanhoe Cambridge, owned by the Caisse de depot et placement du Quebec, says the deal, involving the investment of more than US$400 million, provides the group with 6.4 million square feet of leasable space which has a "very attractive potential long-term return."
The buildings were part of a portfolio sold by Mission West Properties Inc.
"This investment . . . enables us to acquire a critical mass of assets in a rental market that is seeing one of the best growth rates in the United States," said Bill Tresham, president, global investments for Ivanhoe Cambridge.
"We look forward to working with our experienced partners, TPG (Real Estate) and DivcoWest, to increase the value of the office and R&D properties through additional investments and through strong asset management committed to meeting tenant needs."
Ivanhoe Cambridge, with assets in more some 20 countries valued at more than $30 billion, is a subsidiary of the Caisse, which has some $176 billion of assets under management, primarily from public and private pension and insurance funds in Quebec.
DivcoWest, with offices in San Francisco and Boston, is a real estate investment and management firm, has more than 30 million square feet of commercial space in locations throughout the US.
TPG Real Estate is the real estate arm of TPG, a Texas-based investment firm with US$54.5 billion of assets under management.
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Oil falls below $96 ahead of crude stocks report, Bernanke testimony
4:49 AM 0BANGKOK - The price of oil fell Wednesday as investors waited for a report on U.S. crude stocks and the ...
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