CPPIB sells Denver office assets to Ivanhoé Cambridge

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Ivanhoé Cambridge has bought a 40% stake in a US office portfolio from the Canada Pension Plan Investment Board (CPPIB).

The real estate subsidiary of the Caisse de dépôt et placement du Québec said it paid $200m (€160m) for the stake in a portfolio of properties in Denver, Colorado.

The portfolio includes the US Bank Tower and the Tabot Center.

CPPIB had owned the stake since 2007.

Ivanhoé Cambridge said the deal made it one of Denver’s main commercial business district landlords, with around 6% of class A office space.

The company said the US city offered a top-performing office market, driven by high-growth industries, including energy, healthcare, technology and aerospace.

The transaction is Ivanhoé Cambridge’s sixth with Callahan Capital Properties, which will asset manage the portfolio and is also an equity partner.

The two companies have jointly invested more than $2.4bn in US real estate.

Adam Adamakakis, executive vice-president for US investments at Ivanhoé Cambridge, said the company was looking to build a “critical mass of high-quality office properties”, while diversifying across the US.