Ivanhoe Cambridge, the real estate arm of Canada’s largest pension fund manager, says it will invest $300-million to build a 45-storey office tower in downtown Chicago.
The River Point tower will be developed by the Hines real estate firm, which will be a co-investor with the Montreal-based company.
Ivanhoe Cambridge chairman and chief executive officer Daniel Fournier said the project responds to increased corporate demand for quality real estate.
“River Point also offers us the chance to strengthen our strategic partnership with Hines, a flagship player in high-end real estate in the U.S. and around the globe,” Mr. Fournier said.
Hines and Ivanhoe Cambridge have previously collaborated on Eighth Avenue Place in Calgary and the T1 tower in Paris.
The Chicago tower will be on land co-owned by local businessman Larry Levy.
It was the second large investment announced Wednesday by Ivanhoe Cambridge, which manages assets for the Caisse de dépôt et placement du Québec.
Ivanhoe said it’s spending $130-million to acquire an 88.5-per-cent interest in a Brazilian shopping centre.
“This major investment will continue to enhance our presence in the shopping centre segment in Brazil at a time of steady middle-class growth throughout the country,” said Claude Sirois, senior vice-president of emerging markets.
Shopping Centre Boulevard Rio Iguatemi is in downtown Rio de Janeiro, with a gross leasable area of 26,000 square metres and a current occupancy rate of 97 per cent.