Real estate arm eyes more SF properties

Toronto

IVANHOE Cambridge, fresh from buying 11 apartment buildings in San Francisco's most exclusive neighbourhoods, is seeking additional purchases in the city, where rents are soaring.

The real estate arm of Caisse de Depot et Placement du Quebec, Canada's second-largest pension fund manager, said on Wednesday that it bought more than US$190 million of multifamily properties with partner Veritas Investments Inc. Montreal-based Ivanhoe Cambridge is planning total investments of US$1 billion in the city, along with similar amounts in London and New York, in the next three years, said Sylvain Fortier, head of the investor's apartment and hotel unit.