Ivanhoe Cambridge, the real estate arm of the Caisse de dépôt et placement de Québec, made two announcements today regarding investment opportunities in Brazil and Chicago.
The company said that it is spending $130 million to acquire an 88.5% interest in a Brazilian shopping centre, and $300 million to build a 45-storey office tower in downtown Chicago.
Shopping Centre Boulevard Rio Iguatemi is located in downtown Rio de Janeiro, with a gross leasable area of 26,000 square metres and a current occupancy rate of 97%. The transaction will be carried out by Ancar Ivanhoe Shopping Centres, with the Brazilian affiliate assuming full management of Boulevard Rio Iguatemi.
The River Point tower in Chicago will be developed by the Hines real estate firm, which will be a co-investor with Ivanhoe Cambridge. The two have previously collaborated on Eighth Avenue Place in Calgary and the T1 tower in Paris.
The Chicago tower will be on land co-owned by local businessman Larry Levy.
Montreal-based Ivanhoe Cambridge is one of the world’s 10 largest real estate companies with properties in more than 20 countries and assets worth more than $30 billion.