PARIS, France, Jan. 22, 2016 /PRNewswire/ - Ivanhoé Cambridge announced today the dissolution of its partnership with Blackstone and the end of their concert with regards to Gecina.
This announcement also confirms Ivanhoé Cambridge's holding, through affiliates, of 14,514,107 shares of the French REIT Gecina. With approximately 23%, Ivanhoé Cambridge is now Gecina's principal shareholder.
"The dissolution of the partnership and concert with Blackstone, decided by mutual agreement, marks the culmination of a productive collaboration between our two groups," said Meka Brunel, Executive Vice President, Europe, for Ivanhoé Cambridge. "As Gecina's principal shareholder, we are continuing our participation in the development of one of France's finest property companies, whose strategy of leadership in the office sector will enable it to pursue enhancing value creation for its clients as well as its shareholders."
About Ivanhoé Cambridge
Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and companies in select cities around the world. It does so prudently with a long-term view to optimize risk-adjusted returns. Founded in Quebec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners that are leaders in their respective markets. Through subsidiaries and partnerships, Ivanhoé Cambridge has direct or indirect interests in over 160 million ft2 (up to 15 million m2) of office, retail and logistics properties as well as in more than 23,000 multiresidential units. Ivanhoé Cambridge held more than Cdn$48 billion in total assets as at June 30, 2015. The Company is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada's leading institutional fund managers. For further information: ivanhoecambridge.com.
SOURCE Ivanhoé Cambridge