The Caisse de dépôt et placement du Québec's real estate arm is acquiring a landmark apartment complex in Montreal, a high-profile addition to its growing residential portfolio.
Ivanhoe Cambridge Residential, a recently created entity that is part of the Caisse's real estate subsidiary Ivanhoe Cambridge Group, said Wednesday the purchase of the six-building Rockhill complex – a the foot of Mount Royal – is its first acquisition in the residential sector in Quebec.
The value of the transaction was not disclosed. The seller is Canapen Group.
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"Ivanhoe Cambridge Residential contributes to the diversification of the real estate portfolio of the Group by shining a spotlight on the multi-residential rental buildings that we own in large urban centres in Canada, the United States and Europe," Ivanhoe Cambridge Group chairman and chief executive Daniel Fournier said in a statement.
"This transaction represents an important milestone in our acquisition strategy. Ivanhoe Cambridge Residential intends to position itself as a quality player in the multi-residential sector, paying constant attention to making our real estate assets more profitable, thanks to prudent and proactive management," Ivanhoe Cambridge Residential president and CEO Sylvain Fortier said in the news release.
The deal is part of a sweeping repositioning of the Caisse's real estate investments, which include office and commercial as well as residential assets around the world valued at about $30-billion.