Key Takeaways
- • Ivanhoé Cambridge and Claridge Real Estate launched a second $100 million investment vehicle for Quebec real estate projects, expanding on a successful first partnership established in 2016.
- • The 2016 inaugural fund deployed $100 million across nine residential projects in greater Montreal and one in Quebec City, with multiple assets completed or under active construction.
- • The second vehicle targets residential, mixed-use, light industrial, and low-density office properties across Quebec's urban centres, particularly Montreal and Quebec City.
- • Ivanhoé Cambridge, the real estate arm of Caisse de dépôt et placement du Québec (CDPQ), is leveraging its partnership with Montreal-based Claridge Inc., a diversified private investment firm with holdings in private equity, hedge funds, public equities, and real estate.
- • The partnership supports regional economic development, with projects generating substantial economic activity and employment at small and medium-sized enterprises across the province.
Summary
Ivanhoé Cambridge, the real estate investment arm of Quebec's Caisse de dépôt et placement du Québec (CDPQ), and Claridge Real Estate announced on December 11, 2018, the creation of a second $100 million investment vehicle targeting Quebec's urban real estate markets. This expansion builds on the success of an inaugural partnership launched in 2016, which deployed $100 million across ten residential and mixed-use projects across greater Montreal and Quebec City.
The first investment vehicle, established in 2016, committed capital to nine residential projects in the greater Montreal area and one in the Quebec City region. These projects—comprising condominiums, rental housing stock, and office buildings—represent a mix of completed assets and properties still under construction, demonstrating the fund's active deployment and long-term construction timelines.
The second vehicle will maintain a similar investment thesis, targeting residential properties, mixed-use developments, light industrial assets, and low-density office buildings in Quebec's primary urban markets. Ezio Sicurella, executive vice-president of residential, hotels and real estate investment funds at Ivanhoé Cambridge, emphasized the strategic importance of the partnership, stating that the projects "are enabling us to fulfil our investment goals while supporting the industry's growth" and noted that "each project generates substantial economic activity at the regional level and creates jobs at numerous small- and medium-sized companies."
Wayne Heuff, executive vice-president and managing director at Claridge Real Estate, characterized the initial collaboration as successful, expressing confidence that the expanded platform would enable both firms to "meet their performance goals and help Quebec developers achieve success and grow their businesses." Claridge, a Montreal-headquartered private investment firm with diversified exposure across private equity, hedge funds, public equities, and real estate, brings significant institutional experience to the partnership. The vehicle will work directly with local Quebec developers to source and execute investment opportunities across the targeted asset classes.
The first investment vehicle, established in 2016, committed capital to nine residential projects in the greater Montreal area and one in the Quebec City region. These projects—comprising condominiums, rental housing stock, and office buildings—represent a mix of completed assets and properties still under construction, demonstrating the fund's active deployment and long-term construction timelines.
The second vehicle will maintain a similar investment thesis, targeting residential properties, mixed-use developments, light industrial assets, and low-density office buildings in Quebec's primary urban markets. Ezio Sicurella, executive vice-president of residential, hotels and real estate investment funds at Ivanhoé Cambridge, emphasized the strategic importance of the partnership, stating that the projects "are enabling us to fulfil our investment goals while supporting the industry's growth" and noted that "each project generates substantial economic activity at the regional level and creates jobs at numerous small- and medium-sized companies."
Wayne Heuff, executive vice-president and managing director at Claridge Real Estate, characterized the initial collaboration as successful, expressing confidence that the expanded platform would enable both firms to "meet their performance goals and help Quebec developers achieve success and grow their businesses." Claridge, a Montreal-headquartered private investment firm with diversified exposure across private equity, hedge funds, public equities, and real estate, brings significant institutional experience to the partnership. The vehicle will work directly with local Quebec developers to source and execute investment opportunities across the targeted asset classes.
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