Ivanhoé Cambridge has sold a 50% stake in IDI Logistics, a US logistics business it recently acquired from Brookfield, to Oxford Properties.

The C$60bn (€39.72bn) property investment arm of Quebec’s sovereign fund, Caisse de dépôt et placement du Québec, said it completed the acquisition of IDI Logistics in November last year and has now signed a joint venture partnership with Oxford Properties to invest in IDI Logistics.

Financial details were undisclosed.

The joint venture will own the operating and development company, a portfolio of 111 operating assets covering 31m square feet, 35 development projects covering 16m square feet and IDI’s landbank of 33 land parcels allowing for an additional build-out potential of 17m square feet.

Mario D. Morroni, the executive vice president in charge of North America industrial at Ivanhoé Cambridge, said: “This transaction perfectly illustrates our plan to capture the growth in demand for logistics globally, which includes a meaningful increase of our investments in that sector across four continents.

”In just over two years, we have grown our overall committed investments in the industrial and logistics sector from more than C$2B to more than C$9B.”

Kevin Egan, the head of New York and US investments at Oxford Properties, said: “This acquisition represents Oxford’s first logistics acquisition in the US, is complementary to our Canadian industrial portfolio and is consistent with our investment strategy to establish and grow a portfolio of best-in-class logistics assets across the globe.

“Furthermore, it highlights the evolution and growth of our US business which now actively invests and manages across the office, retail, multifamily, logistics and credit sectors with approximately US$15.1bn (€13.21bn) of assets under management.”

Oxford Properties is the real estate arm of Canadian pension fund OMERS.