IvanhoÃ© Cambridge buys more Silicon Valley apartment buildings
By Ilaina Jonas
NEW YORK, Oct 9 (Reuters) - IvanhoÃ© Cambridge Inc has expanded its apartment ownership in Silicon Valley, spending $234 million for a project under construction and an existing building, the real estate arm of Canadian pension fund Caisse de dÃ©pÃ´t et placement du QuÃ©bec said Tuesday.
IvanhoÃ© Cambridge said it spent $63 million, which includes $2.5 million for upgrades, to buy Kimberly Woods, a 208-unit building near four other complexes it already owns.
It also plans to invest $171 million to build ICS Transit Village, a 648-unit five-story project, with U.S. company Shea Properties. Ground breaking is scheduled for spring 2013, with construction expected to be completed by the end of 2015.
The project is located near Hitachi, Kaiser Hospital and IBM Research and will be an easy trip to Apple Inc's
new campus for 13,000 employees.
The two projects will bring IvanhoÃ© Cambridge's apartment holdings in the tech-heavy Silicon Valley to nearly 2,300 units.
IvanhoÃ© Cambridge has plans to own apartment buildings in 10 global cities. In addition to Silicon Valley, its U.S. apartment holdings include buildings in New York. It owns apartments in Montreal and London and plans to enter Washington, D.C., Boston, Los Angeles, Toronto, Vancouver and Paris.
About 75 percent to 80 percent of IvanhoÃ© Cambridge's $32 billion real estate portfolio is in office buildings or retail real estate, such as malls and shopping centers.
The company wants about 10 percent or 12 percent of the portfolio to be in residential real estate, up from its start of 4 percent, Sylvain Fortier, president of IvanhoÃ© Cambridge's residential unit. That would be about $3.5 billion, including debt.
(Editing by Andre Grenon)
Keywords: USPROPERTY IVANHOECAMBRIDGE/