Ivanhoé Cambridge plans to deploy $500m (€394m) into Mexican real estate.
The Canadian investor has entered into a joint venture with US-headquartered Black Creek Group to develop mixed-used projects in Mexico City, Monterrey and Guadalajara.
The joint venture will use Black Creek’s MIRA development platform.
More than $100m will be invested in a residential development in the Mexico City borough of Cuajimalpa, adjacent to the Santa Fe business district.
The project consists of two residential condominiums covering nearly 500,000sqft of space.
Rita-Rose Gagné, executive vice president for growth markets at Ivanhoé Cambridge, said Ivanhoé Cambridge, a subsidiary of Caisse de dépôt et placement du Québec, was “setting a major foothold in Mexico” that would “provide excellent access to opportunities, including long-term investments in a portfolio of high-quality assets”.
Gagné added: “The investment is part of Ivanhoé Cambridge’s strategy of developing a long-term, active presence in growth markets.
“The economic growth and demographic trends in Mexico are producing a large and sustained local demand for commercial and residential real estate.”
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