Ivanhoé Cambridge has bought a core London office asset for £122m (€143m).

The real estate arm of the Caisse de depot et placement du Quebec, of the Canadian pension fund, has bought Stonecutter Court from Hines Global REIT.

The deal follows the firm’s sale of its stake in Woolgate Exchange, a London office scheme it recently sold to Cathay Life Insurance, having paid £265m for the asset in a joint venture with private equity firm TPG early last year.

Stonecutter Court, a 150,000sqft property, is mainly let to Deloitte.

“London is one of the key European cities in which Ivanhoé Cambridge wants to build a critical mass of high-quality assets,” said Meka Brunel, executive vice president for Europe.

The property’s location, in London’s midtown, “responds precisely” to the investor’s long-term investment objectives, Brunel said.

The Toronto-based investor will invest in city-based real estate over a five-year period, according to recent media reports citing chief executive, Daniel Fournier. The firm is looking to open a London office as a European base.

The firm has been involved in some significant transactions this year, including purchases in the US and sales in Canada and in Spain. The firm is to invest up to $500m in Mexican, mixed-use real estate.

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