Ivanhoé Cambridge Buys 105 Additional Residential Units in London
- Oct 25, 2013
Ivanhoé Cambridge, a real estate subsidiary of the Caisse de dépôt et placement du Québec, a Canadian institutional fund manager, has recently announced it has added Imperial House and Kew Bridge Court, totaling 105 residential units, to its London portfolio.
The transaction, which was completed through the partnership with Residential Land and Apollo Global Real Estate, represents a Cdn $73 million (around $70.3 million) investment from Ivanhoé Cambridge and increases the total number of rental housing units owned by the company in London to 359. The new additions are situated in two high-demand districts in the English capital.
“These new acquisitions strengthen our position in London’s much-sought-after market and reinforce our business relationship with Residential Land and Apollo Global Real Estate, key partners that play a major role in the implementation of our investment strategy in the British capital,” said Sylvain Fortier, executive vice president, Residential and Hotels, Ivanhoé Cambridge in a prepared statement.
The real estate company now owns eight multi-family properties in London. Seven of the properties are located within a 1.5-mile radius in Prime central London, while Kew Bridge Court is situated on the outskirts of the district, which, according to the company, diversifies its range of rental housing.
“The additions of Imperial House and Kew Bridge Court to our partnership’s growing portfolio are in-line with our overall strategy to acquire high-quality, well-located rental housing. We believe London continues to be one of the strongest residential markets in the world and the demand for the type of units in these two properties continues to grow,” said Roger Orf, Head of Apollo Global Real Estate in Europe.
The Kew Bridge Court rental housing features 94 high-end apartments in five buildings located in Chiswick, a suburb less than seven miles west of Buckingham Palace. The transaction for the property includes the right to develop and build an extra seven residential units at the owner’s discretion.
The Imperial House multi-residential complex features 11 modern and recently renovated apartments located in the heart of the Royal Borough of Kensington and Chelsea, close to Hyde Park.
“Both properties are fantastic additions to the portfolio,” said Bruce Ritchie, founder & CEO of Residential Land. “Kew Bridge Court is a high yielding investment opportunity of scale with significant development potential and Imperial House provides the partnership with an investment in Kensington that will no doubt benefit from the substantial capital and rental growth we are seeing in the most prime areas of central London. We look forward to continuing to source this kind of opportunity for the partnership in the future.”