Ivanhoé Cambridge has invested an undisclosed sum in Germany to buy a mixed-use building project.
The C$64bn (€41.5bn) real estate subsidiary of the Caisse de dépôt et placement du Québec said it has acquired Alte Post Quartier project in Neukölln, a borough in Berlin with Commodus as co-investor.
The 16,000sqm asset comprises offices, new residential apartments and services such as a restaurant, a gym and storage facilities.
Commodus will act as asset and development manager, overseeing the project.
Karim Habra, head of Europe and Asia-Pacific at Ivanhoé Cambridge, said: “With the acquisition of Alte Post Quartier in Berlin, we continue to reinforce our presence in Germany, one of the key markets for our growth in Europe.
“Developing and owning landmark mixed-use properties in prosperous and global cities within vibrant neighbourhoods is a major component of Ivanhoé Cambridge’s strategy going forward.”
Christian Daumann, head of investments Germany at Ivanhoé Cambridge, said the acquisition project underpins Ivanhoé’s commitment to Berlin and “we particularly seek to invest in areas such as Neukölln that is experiencing genuine urban renewal”.
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