Ivanhoé Cambridge has joined Claridge in a real estate development joint venture in Montreal.
The investor said the partnership would invest alongside private property developers in mid-sized real estate projects in the Greater Montreal region.
The joint venture will look to invest around CAD100m (€68.5m), with a focus on the residential, mixed-use, light industry and low-density office sectors.
Typical investments will range between $5m and $15m per project.
Pierre Boivin, president and chief executive of Claridge, said: “Together, we will facilitate the realisation of innovative projects that will generate growth for Montreal’s economy, while supporting local developers.”
Sylvain Fortier, global CIO and executive vice-president of residential, hotels and real estate investment funds at Ivanhoé Cambridge, said the investor was enthusiastic about continuing its association with Claridge, with which it has previously partnered for the Au Sommet Place Ville Marie project.
“This structuring approach will generate an attractive return for our investors, while encouraging local companies and investors and boosting the economy of the greater metropolitan area,” Fortier said.
The partnership will be managed by Claridge Real Estate and led by Wayne Heuff as executive vice-president and managing director.
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