As part of an ongoing property aggregation strategy with partners Veritas Investments, Inc. (Veritas), Ivanhoé Cambridge has acquired 11 multi-residential properties in San Francisco, California. Together, the acquired properties represent a total investment of $190-million U.S. This brings the number of American properties jointly owned by the partners to 20.
“We are very pleased with the excellent start to the implementation of our investment strategy with Veritas in San Francisco, reflected in a portfolio of very well-located assets with good value-creation potential,” says Sylvain Fortier, Executive Vice President of Residential, Hotels and Real Estate Investment Funds at Ivanhoé Cambridge. “Veritas is an excellent partner with which we want to grow large-scale critical mass in San Francisco in the mid-term.”
The 11 properties are located in highly sought-after areas of San Francisco including Nob Hill, Russian Hill, Noe Valley and The Mission.
“We are fortunate to have acquired such high-quality assets in one of the world’s strongest markets for innovation, business, and quality of life,” says Yat-Pang Au, Founder and CEO of Veritas. “We are even more thrilled about teaming up with Ivanhoé Cambridge to create and capture value, as we share common culture and vision.”