Claridge and Ivanhoé Cambridge are teaming up to invest alongside private property developers in mid-sized real estate projects based in Montreal.
The partners will be investing about $100 million in projects that include a mix of residential, mixed-use, light industrial and low-density office buildings, with about $5 to $15 million per project.
“We feel privileged to be associated with a partner as prominent as Ivanhoé Cambridge,” said Pierre Boivin, president and chief executive officer of Claridge. “Together, we will facilitate the realization of innovative projects that will generate growth for Montreal’s economy while supporting local developers.”
Wayne Heuff, executive vice-president and managing director of Claridge, will lead the management of the new partnership.
“This structuring approach will generate an attractive return for our investors, while encouraging local companies and investors and boosting the economy of the greater metropolitan area,” added Sylvain Fortier, chief investment officer and executive vice-president of residential, hotels and real estate investment funds at Ivanhoé Cambridge.
The team is currently working together on creating an entertainment and dining observatory on the upper four floors of 1, Place Ville Marie office building. The Au Sommet Place Ville Marie project is anticipated to open in 2016, a year before Montreal celebrates its 375th anniversary.