NORTH AMERICA - Ivanhoe Cambridge has completed investments totalling $234m (€179.3m) into apartments located in Silicon Valley, California.

The deals include one new apartment development and one existing property. 

The real estate company will invest $171m into the development of the 648-unit ICS Transit Village. 

It also acquired the Kimberly Woods project for $63m. 

These investments were done with a local operating partner, Shea Properties.

Daniel Fournier, chairman and chief executive at Ivanhoe Cambridge, said: "The Silicon Valley region continues to provide excellent investment opportunities in the residential market. 

"Conditions in this market, which boasts the most favourable employment prospects anywhere in the US, are a strong incentive for us to build critical mass in rental stock. 

"Our venture with Shea Properties exemplifies the type of partnership we seek to develop as we pursue our growth in the US."

The Transit Village complex will be a development with two five-storey buildings. 

Groundbreaking is planned for spring of next year, and the project should be completed by year-end 2015.

Sylvain Fortier, president at Ivanhoe Cambridge Residential, said: "Scarcity of land and restrictions on home construction make the rental market highly attractive for people wishing to settle in Silicon Valley.

"We are very pleased to be partnering with Shea Properties, a large company that shares the same values and long-term vision as Ivanhoe Cambridge."

Ivanhoe Cambridge - the real estate subsidiary of the Caisse de depot et placement du Quebec - will be putting in $2.5m worth of improvements in to the Kimberly Woods project.

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