Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, is teaming up with Round Hill Capital to buy residential properties in Berlin.

The first purchase in the joint venture, which looks to grow a portfolio of residential assets with an initial focus on the Berlin metropolitan area, totals 362 units for about $111 million.

Read: OMERS acquires U.S. medical manager, Caisse takes on office venture

“The Berlin residential housing market benefits from favourable macro/micro-economic trends, attractive yields and good rental growth,” said Michael Bickford, founder and chief investment officer of Round Hill Capital, in a press release. “We are pleased to partner with Ivanhoé Cambridge for our new Berlin residential strategy and make our first investments.”

The purchase brings Ivanhoé Cambridge’s total global real estate portfolio close to $11 billion.

Read: Caisse invests in travel app, PSP in British ports group

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

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