MONTREAL — Two Quebec firms, Ivanhoe Cambridge and Claridge Real Estate, have announced plans to invest in a second set of projects in Quebec’s urban centres, primarily Quebec City and Montreal.
The new $100-million investment plan for new projects follows a similar $100-million commitment by the companies in 2016 that resulted in support for nine residential projects in Montreal and one in Quebec City, said a recent release.
All of the first batch of projects are under construction or have been completed.
The projects include both condos and rental housing, with high- or medium-density, mixed-use and student housing in the mix.
Among five partnership projects currently under construction or in development are:
- the Loges Saint-Nicolas rental housing build in Saint-Nicolas, with 857 units under development by Immostar;
- the Gardenville Longueuil condo project, with 98 units in partnership with PUR Immobilia;
- a mixed-use project with 347 total units at 1111 Atwater in Montreal under development by Batimo;
- a loft-conversion office project at 6795 Marconi in Montreal being developed by Canderel; and
- a condo project in District Hochelaga in Montreal with 240 units under development by Altius.
“We are proud to be investing in the development of promising projects in Quebec,” said Ezio Sicurella, Ivanhoe Cambridge executive vice-president, in the statement.
“These projects, put together by Quebec developers, are enabling us to fulfil our investment goals while supporting the industry’s growth. Moreover, each project generates substantial economic activity at the regional level and creates jobs at numerous small and medium-sized companies.”
Wayne Heuff, Claridge executive vice-president, said in the statement, “We are highly satisfied with the investments we have made up to now in real estate development projects.
“By nature, each project is complex and different and our developer-partners’ skills are brought to light. The collaboration with Ivanhoe Cambridge has been successful thus far, and we remain confident that this investment platform will enable both companies to meet their performance goals and to help Quebec developers achieve success and grow their businesses.”
Ivanhoe Cambridge holds interests in more than 1,000 buildings, primarily in the residential, office, retail, industrial and logistics sectors, representing more than $60 billion in assets as of June 30.
The firm is a real estate subsidiary of the fund manager Caisse de depot et placement du Quebec.