The acquisitions with a value of Cdn$100 million (£63.3 M) bring the number of rental units held in the UK capital to 254
MONTREAL, Dec. 5, 2012 /CNW Telbec/ - Ivanhoé Cambridge announced today it has acquired majority ownership interests in two multiresidential complexes, Peony Court and Chantrey House, respectively in South Kensington and Belgravia, both highly sought-after districts in Prime Central London. These new assets will contribute to maintaining Ivanhoé Cambridge's momentum within the multiresidential real estate market in the British capital.
Earlier this year, Ivanhoé Cambridge, along with its new partners Residential Land and entities affiliated with Apollo Global Real Estate, announced the acquisition of four multiresidential buildings totalling 207 rental units in Prime Central London. Through this partnership, Ivanhoé Cambridge is entitled to participate in any acquisition opportunity that is brought to the attention of the partners and matches its investment criteria.
"London is an attractive market, and continuing our expansion there is a stimulating challenge," said Daniel Fournier, Chairman and Chief Executive Officer of Ivanhoé Cambridge. "These transactions, which are perfectly in keeping with our strategic plan, demonstrate the key role that our partners can play through their local expertise and network in helping us achieve our objectives and generate interesting returns for our depositors."
Peony Court is a multiresidential complex comprising 19 units in three separate buildings. It features seven two-storey townhouses and 18 parking spaces, including two interior garages, which are exceedingly rare in London. It is also superbly well located, between Fulham Road and King's Road, two key arteries renowned for their shops and restaurants. The acquisition of Peony Court was conducted under the existing partnership with London-based firms Residential Land and Apollo Global Real Estate.
"All of the properties acquired in London to date are located within a 2.5-km radius. Prime Central London has always been an attractive destination for large corporations looking for office space, but also for affluent individuals and families, who appreciate its culture and attractions," explained Sylvain Fortier, President, Residential, Ivanhoé Cambridge.
Commenting on the transaction, Roger Orf, Head of Apollo Global Real Estate in Europe, said, "Peony Court is a welcome addition to our growing multiresidential portfolio with Residential Land and Ivanhoé Cambridge. We believe the property's desirable location, coupled with its associated amenities, makes it an appealing investment for our partnership."
Bruce Ritchie, founder and CEO of Residential Land, commented: "Peony Court and Chantrey House represent exactly the type of properties the partnership is looking to purchase, particularly since each has an existing income stream as well as long-term rental improvement and refurbishment opportunities. We look forward to sourcing many more similar opportunities in the near future."
Chantrey House is a multiresidential complex consisting of 28 rental units and five commercial spaces. Its high-quality, renovated dwellings are first-rate choices for prosperous clients looking for a pied-à-terre in an exceptional location. The Chantrey House acquisition was completed through a partnership with Residential Land.
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the 10 largest real estate companies in the world. Through its multiple subsidiaries, its assets totalled more than Cdn$30 billion and could be found in over 20 countries around the world as at December 31, 2011. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. Ivanhoé Cambridge's residential portfolio invests in multi-residential rental buildings in large urban centres in Canada, the United States and Europe. For more information, visit ivanhoecambridge.com.
About Residential Land
Bruce Ritchie's Residential Land group of companies has been one of the most prolific residential investors in Prime Central London in the last decade. Residential Land currently owns and manages a portfolio of approximately 1,000 flats, houses, hotels and commercial properties across 24 postcodes in Prime Central London. It is valued in excess of £1 billion. Residential Land also has extensive experience in co-investing in partnerships with both private and institutional investors. For more information, visit residentialland.com.
About Apollo Global Management
Apollo Global Management, LLC together with its subsidiaries (collectively, "Apollo") is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Hong Kong and Mumbai. As of September 30, 2012, Apollo had assets under management of approximately US$110 billion in its private equity, credit and real estate funds invested across a core group of nine industries, including commodities, where Apollo has considerable knowledge and resources. For more information about Apollo, please visit the company's website agm.com.
SOURCE IVANHOE CAMBRIDGE
Image with caption: "Ivanhoé Cambridge acquires Chantrey House, a prestigious multiresidential complex, in Prime Central London. (CNW Group/IVANHOE CAMBRIDGE)". Image available at: http://photos.newswire.ca/images/download/20121205_C6348_PHOTO_EN_21588.jpg
Image with caption: "Ivanhoé Cambridge acquires Peony Court, a prestigious multiresidential complex, in Prime Central London. (CNW Group/IVANHOE CAMBRIDGE)". Image available at: http://photos.newswire.ca/images/download/20121205_C6348_PHOTO_EN_21590.jpg