Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, is buying a parcel of real estate in the 11th arrondissement in Paris.

The 4,000 square metre complex consists of a residential building, a former industrial space and a private roadway. The firm is set to redevelop the site, in partnership with Assembly, into a combination of luxury lofts, multi-purpose workspaces and retail. The new complex is scheduled for completion in late 2023.

“This acquisition is an off-market opportunity that we were able to seize at the height of the COVID-19 crisis and which demonstrates our agility and determination to follow our convictions,” said Karim Habra, executive vice-president, head of Europe and Asia Pacific at Ivanhoé Cambridge, in a press release. “This exceptional asset perfectly complements our Paris portfolio and its redevelopment is further testament to Ivanhoé Cambridge’s commitment to revitalizing neighbourhoods around mixed-use projects adapted to new uses.”