Ivanhoé Cambridge and Claridge announce today the creation of a second investment vehicle for real estate projects in Quebec’s urban centres, primarily Quebec City and Montréal.
The first $100-million Quebec vehicle, launched in 2016, has invested in 9 residential projects in Greater Montreal and one in the Quebec City area. All of the vehicle’s projects are under construction or have been completed. Including both condos and rental housing, these projects are varied: high- or medium-density rental housing, mixed use, student housing and upscale condos.
The second vehicle announced today will add to the growth of Ivanhoé Cambridge’s portfolio in the Montreal and Quebec City areas, investing alongside local developers.
“We are proud to be investing in the development of promising projects in Quebec,” stated Ezio Sicurella, Executive Vice President, Residential, Hotels and Real Estate Investment Funds. “These projects, put together by Quebec developers, are enabling us to fulfil our investment goals while supporting the industry’s growth. Moreover, each project generates substantial economic activity at the regional level and creates jobs at numerous small and medium-sized companies.”
Noted Wayne Heuff, Executive Vice President and Managing Director, Claridge Real Estate: “We are highly satisfied with the investments we have made up to now in real estate development projects.” He added: “By nature, each project is complex and different and our developer-partners’ skills are brought to light. The collaboration with Ivanhoé Cambridge has been successful thus far, and we remain confident that this investment platform will enable both companies to meet their performance goals and to help Quebec developers achieve success and grow their businesses.”
Examples of projects
Here are five projects in which Ivanhoé Cambridge and Claridge have chosen to invest:
|Developer||Project||Type||City||Numbers of units|
|Immostar||LOGES Saint-Nicolas||Rental housing||Saint-Nicolas||857|
|Pur Immobilia||Gardenville Longueuil||Condos||Longueuil||98|
|Bâtimo||1111 Atwater (site of the former Montreal Children’s Hospital)||Mixed use||Montreal||324/23|
|Canderel||6795 Marconi||Conversion to loft-style offices||Montreal||9,800 m2 (105,000 ft2)|
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. claridgeinc.com