Last week Ivanhoé Cambridge announced the acquisition of a total of 73 office buildings in Silicon Valley. In partnership with affiliates of TPG and DivcoWest, IC further expands their US portfolio of properties. The deal allows these partners access to some 6.4 million square feet of long terms lease property in and around San Jose.
Ivanhoé Cambridge’s President, Global Investments, Bill Tresham (at left), had this to offer about the move:
“This investment of more than 400 M$US enables us to acquire a critical mass of assets in a rental market that is seeing one of the best growth rates in the United States. We look forward to working with our experienced partners, TPG and DivcoWest, to increase the value of the office and R&D properties through additional investments and through strong asset management committed to meeting tenant needs.”
About Ivanhoé Cambridge: This world-class property owner, manager, developer and real estate investing company specializes in shopping centers, office buildings and multiresidential properties. A real estate subsidiary of the Caisse de dépôt et placement du Québec, the firm is headquartered in Montreal with branch offices in Toronto, Calgary, Vancouver, Madrid, Luxembourg, Shanghai and Paris.