2016-05-18
Caisse's Ivanhoé partners with Bronfman family's Claridge on Montreal real estate plan
Canadian pension fund giant Caisse de dépôt et placement du Québec and the Bronfman family's private equity firm Claridge are partnering in a new real estate development effort in the Montreal region.

Caisse property subsidiary Ivanhoé Cambridge and Claridge said Wednesday they're setting up a business alliance with the goal of investing together with private property developers in mid-sized real estate projects in and around Quebec's biggest city.

The partners are aiming to invest about $100-million and will target residential, mixed-used, light industry or low-density office building projects. A typical investment will range between $5-million and $15-million per project, the partners said. Wayne Heuff of Claridge will manage the partnership, they said.

The capital deployment comes as Ivanhoé pushes ahead with a much larger $1-billion plan to redevelop Montreal's downtown core - an effort that includes a $140-million renovation of the city's Fairmont Queen Elizabeth Hotel and the construction of a new 27-storey tower to house Manulife Financial Corp.'s Quebec employees.

Claridge and Ivanhoé are also partners on a separate project to revamp the top four floors of the Place Ville Marie office tower to use as an observatory and entertainment area. The 47-storey tower, designed by architect I.M. Pei, is one of the city's most distinctive buildings.

Representing the interests of the Stephen Bronfman family, Claridge is invested in a number of businesses including Cirque du Soleil and villa rental company Luxury Retreats. Ivanhoé had assets worth a stated $55-billion at the end of 2015, including stakes in some of the world's premier properties.

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