Investment Management Corporation of Ontario (IMCO) has confirmed Tishman Speyer as its first US office and multi-residential investment partner.
In the latest IPE Real Assets magazine, Jean Michel, IMCO’s CIO said the C$63.3bn (€42bn) manager was close to finalising its first partnership to invest in the US office market, partnering with an unnamed company that is capable of developing assets there.
This was likely to be followed by a similar arrangement targeting the multifamily market in the US, Michel said in the interview.
In a joint announcement today, IMCO and Tishman Speyer said they have created a joint venture established to build a portfolio of new developments and repositioned office and multi-residential properties in major US gateway cities.
With IMCO’s initial commitment of $500m and additional co-investment opportunities of $250m, IMCO and Tishman Speyer will jointly acquire and develop property in major supply-constrained US markets, the companies said.
The venture will target new development opportunities and well-located office and multi-residential assets in need of renovation.
Michel said: “This partnership allows us to access larger transactions where few bidders can compete.
”Tishman Speyer has a consistent track record in project delivery, which makes it an ideal partner for us.”
Tishman Speyer president and CEO Rob Speyer said: “Demand is very strong for high-quality office space and multifamily housing in US gateway cities, and we believe that will be the case for the foreseeable future.
“This alliance will help to fuel our ability to help meet that demand, working with a partner that is financially well positioned and experienced in successful investment.”