August 3, 2012 / 6:10 PM / 5 years ago

Ivanhoé Cambridge expands real estate portfolio in Brazil

2 Min Read

TORONTO, Aug 3 (Reuters) - Ivanhoé Cambridge, the real estate arm of Canadian pension fund Caisse de dépôt et placement du Québec, announced on Friday it is growing its commercial real estate portfolio in Brazil with a C$132.8 million ($132.9 million) investment in the country.

Montreal-based Ivanhoé Cambridge, which is among the top 10 real estate companies in the world, said it was acquiring a 73.2 percent stake in Shopping Golden Square - a shopping center that is under development around São Paulo.

This centre, set to open in April 2013, builds on Ivanhoé's existing portfolio of 11 other shopping centers around Brazil. Ivanhoé said about half the rental space at the shopping centre has already been reserved.

"We are pleased to enhance our competitive position in São Paulo," Claude Sirois, Ivanhoé's head of commercial Investment and Emerging Markets, said in a statement.

The firm is also ready to begin expanding its PortoVelho shopping centre that was opened in 2008 and developed with its Brazilian partner, Ancar Ivanhoe.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below