April 9, 2013

Ivanhoé Cambridge and partners join a partnership of Goldman Sachs and Greystar in a portfolio of 8,010 units in 27 multiresidential properties in the U.S.

An investment in a US$1.5 billion portfolio across key U.S. markets.

Ivanhoé Cambridge has joined a partnership of the Real Estate Principal Investment Area of Goldman, Sachs & Co., Greystar Real Estate Partners and Other partners in a portfolio of 27 high-quality multiresidential properties in core strategic Locations across the United States. The partnership follows Goldman Sachs and Greystar’s recent acquisition of the assets from Equity Residential in a transaction valued at US$1.5 billion.

The income-producing portfolio of Class A and Class B apartment communities features 8,010 units located in markets that are characterized by high barriers to entry as well as strong economic and job growth potential. The vast majority of the assets were built in the years 1990-2000 and are located in high-performing sub-markets of key U.S. cities. The partners have agreed to embark upon a multi-year maintenance and renovation investment program for all assets.

“Ivanhoé Cambridge’s significant participation in this transaction aligns perfectly with our strategic plan to seize promising real estate investment opportunities and increase our critical mass with a well-distributed diversification in priority U.S. markets,” said Sylvain Fortier, Executive Vice-President, Residential and Hotels. “We believe we found in Greystar a highly skilled, respected operator and investment partner. The investment and operational expertise of the partnership will serve to strengthen the value of the assets and generate attractive returns for our investors.”

“This transaction fits perfectly in our investment strategy to acquire assets with strong existing cash flows at values below replacement cost located in markets with high employment and population growth,” said Bob Faith, Greystar’s Chairman and CEO. “We are pleased to begin this relationship with new partners who believe in the strength and growth of this market segment in the United States.”

About Greystar Real Estate Partners
Greystar Real Estate Partners is a fully integrated multifamily company offering expertise in property management, development and investment throughout the United States. Headquartered in Charleston, SC., Greystar is the largest operator of apartments in the United States and manages approximately 200,000 units in 100+ markets with over 5,000 team members. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class services in the multifamily real estate business. Greystar’s innovative business model integrates the management, development and investment disciplines of the multifamily industry. To learn more about Greystar, visit www.Greystar.com

About Goldman, Sachs & Co.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. The Real Estate Principal Investment Area is part of the Merchant Banking Division. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

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