Canadian pension funds are going to be invested in housing and urban development projects in Mexico, it was announced this week.
Ivanhoe Cambridge, the real estate unit of the Caisse de depot et placement du Quebec, a public pension funds manager, is teaming up with United States-based Black Creek Group with an investment of up to US $500 million.
Its first project, reported to be its first foray into Mexico, will be a residential development in the borough of Cuajimalpa in Mexico City consisting of two residential condominium buildings with 479 units in total.
It will invest $100 million in the 46,500-square-meter project.
Black Creek is a private-equity firm and real estate company with 17 years’ experience in Mexico in building infrastructure, retail and residential developments, targeting low and middle-income Mexican families. Another market is second homes for American and Canadian baby-boomers.
“With this investment, Ivanhoe Cambridge is setting a major foothold in Mexico, which will provide excellent access to opportunities, including long-term investments in a portfolio of high-quality assets,” said Rita-Rose Gagne, an executive vice-president with Ivanhoe Cambridge.
“The investment is part of Ivanhoe Cambridge’s strategy of developing a long-term, active presence in growth markets. The economic growth and demographic trends in Mexico are producing a large and sustained local demand for commercial and residential real estate.”
The Caisse manages public pension funds in the province of Quebec and is the second largest such fund manager in Canada, with assets of CAD $200 billion.
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