MONTREAL, Oct. 9, 2015 /CNW Telbec/ – Ivanhoé Cambridge and its partner Residential Land announced today the acquisition of Hamlet Gardens and 4B Merchant Square in London for approximately £160 million.
Located in London’s sought-after Ravenscourt Park, Hamlet Gardens comprises four buildings totalling 122 residential units. With its central location, very close to Paddington Station, 4B Merchant Square consists of 60 residential units surrounded by some of London’s most renowned landmark parks, restaurants and retail destinations. These transactions bring to 16 the number of multifamily assets owned by the partnership in London.
“These acquisitions further our investment strategy of acquiring quality residential properties in key submarkets of London,” said Sylvain Fortier, Executive Vice President and Global Chief Investment Officer, Ivanhoé Cambridge. “London remains a very attractive market, especially for this type of high-demand residential product. Our partnership of the last four years with Residential Land is a competitive advantage for our success there.”
Bruce Ritchie, Chief Executive Officer and Founder of Residential Land, noted: “We are delighted to be continuing to make substantial private rented-sector investments in central London with our partner Ivanhoé Cambridge. This transaction highlights the success of our partnership in the market, particularly in such prime locations as Paddington and Ravenscourt Park.”
About Ivanhoé Cambridge
Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and companies in select cities around the world. It does so prudently with a long-term view to optimize risk-adjusted returns. Founded in Quebec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners that are leaders in their respective markets.
Through subsidiaries and partnerships, Ivanhoé Cambridge has direct or indirect interests in over 160 million ft2 (up to 15 million m2) of office, retail and logistics properties as well as in more than 23,000 multiresidential units. Ivanhoé Cambridge held more than Cdn$48 billion in total assets as at June 30, 2015. The Company is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada’s leading institutional fund managers. For further information: ivanhoecambridge.com.
About Residential Land
Bruce Ritchie’s Residential Land group of companies has been one of the most prolific residential investors in prime central London in the last decade. Residential Land currently owns and manages a portfolio of approximately 1,000 flats, houses, hotels and commercial properties across 24 postal codes in prime central London. It is valued in excess of £1B. Residential Land also has extensive experience in co-investing in partnerships with both private and institutional investors. For more information, visit residentialland.com.
SOURCE Ivanhoé Cambridge