Ivanhoé Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec, is part of a joint venture acquiring a heritage listed property in Melbourne, Australia.
Alongside its partner, the Ironside Group, Ivanhoé Cambridge will create 56,000 square metres of office and retail space a building known as the Younghusband Woolstores, which sits on a 1.57 hectare site. Originally built in 1906, the facade of the historic industrial building will be preserved during its redevelopment.
The joint venture will immediately commence work on the project with its first stage expected to be completed by early 2024. In later stages of the development, the joint venture intends to bring the building in line with several environmental and sustainability ratings, including one which would require it to be carbon neutral.
The investment is part of a growth acceleration strategy within Australia that’s targeting mixed-use projects for development. In a press release, George Agethen, co-head of Asia-Pacific at Ivanhoé Cambridge, said the partnership with Ironside made it possible to pursue the opportunity.“We are particularly proud of the sustainable characteristics of Younghusband, anticipating our commitment to make all our development projects net-zero carbon from 2025.”
In other news, the Ontario Municipal Employees’ Retirement System is selling its interest in a Chilean liquified natural gas company to a consortium.
The OMERS will sell its 34.6 per cent stake in GNL Quintero to a consortium formed by EIG and Fluxys. According to a press release, the funds raised by the sale will be used to grow the OMERS’ portfolio in its focus markets and across its five priority investment themes — energy transition, mobility, connectivity, community and natural systems.
GNLQ, which is responsible for the reception, unloading, storage and regasification of liquified natural gas, first secured an investment from the OMERS in 2017. In the press release, Gisele Everett, senior managing director for the Americas at the OMERS’ infrastructure division, said the institutional investor had strengthened its position by supporting various initiatives at GNLQ. “We are proud of having worked to position GNLQ for the future, including by supporting the company’s plans to initiate a project to produce green hydrogen for central Chile.”