Caisse plans investment in Mexico

Money will go to mixed-use urban communities.

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Mexico FlagThe Caisse de dépôt et placement du Québec’s real estate subsidiary, Ivanhoé Cambridge, plans to invest up to US$500 million in the development of mixed-use urban communities in Mexico.

It will invest primarily in the cities of Mexico City, Monterrey and Guadalajara and has partnered with Black Creek Group, a real estate private equity firm with extensive experience sponsoring real estate companies in the country.

Ivanhoé Cambridge’s first investment of more than US$100 million will be used for a residential development project located in the Mexico City borough of Cuajimalpa, adjacent to the Santa Fe business district.

The project consists of two residential condominium buildings comprising 479 residential units.

“With this investment, Ivanhoé Cambridge is setting a major foothold in Mexico, which will provide excellent access to opportunities, including long-term investments in a portfolio of high-quality assets,” says Rita-Rose Gagné, executive vice-president, growth markets, with Ivanhoé Cambridge.

“The investment is part of Ivanhoé Cambridge’s strategy of developing a long-term, active presence in growth markets,” she adds. “The economic growth and demographic trends in Mexico are producing a large and sustained local demand for commercial and residential real estate.”

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