GLOBAL – Ivanhoe Cambridge, the property division of Canada's Caisse de depot et Placement du Québec, will be targeting the US, European, Chinese and Brazilian property markets as it seeks to invest CAD10bn (€7.4bn) in new capital.
Caisse recently announced that it would gradually increase its real estate allocation, with CAD30bn overseen by Ivanhoe at the end of 2010.
Meka Brunel, executive vice-president for Europe at Ivanhoe Cambridge, said: "We have additional capital to deploy, thanks to our solid financial results and following the decision by our major shareholder, la Caisse, to allocate more funds to real estate, private equity and infrastructure."
The real estate manager said it planned to move the capital into a number of markets globally.
"In Europe, some assets have reached a maturity, or we have done the work of creating value, and will put on the market," she said, noting that the office portfolio would be re-focused.
"We are repositioning our office portfolio to focus on Paris and London," she said. "We are paying special attention to the US market in some of the key coastal cities where we already have a presence like Silicon Valley, Seattle, New York, Boston and Washington, DC, as well as Chicago."
She singled out the Brazilian market as having produced "exceptional" results, and said the company was looking to increase investment in local joint venture Ancar Ivanhoe to boost its shopping centre business.
"In Canada, we are investing mostly in office and retail development projects," Brunel noted.
China is another market Ivanhoe Cambridge is considering.
"China remains an investment destination for us," Brunel said. "Considering the amazing rate of urbanisation and the growth of the middle class in key emerging markets such as China, shopping centres are developing into new cities being created."
On an overall basis, Ivanhoe Cambridge will be looking at three main sectors.
"The three property types for us are multi-residential/multifamily, shopping centres and office buildings," Brunel said. "Each investment will be looked at using our own risk/return grid."
