Ivanhoé Cambridge and Veritas buy San Francisco properties for $190 mln

Ivanhoé Cambridge has partnered with Veritas Investments to buy more multi-family properties in San Francisco. The new investment, which totals over US$190 million, brings the number of properties jointly owned by Ivanhoé and Veritas to 20 in total. The properties reflect a total of 580 housing units to date. Ivanhoé, the real estate investment arm of the Caisse de dépôt et placement du Québec, began partnering with the U.S.-based Veritas in 2014.


Ivanhoé Cambridge grows its portfolio of multifamily buildings in San Francisco with Veritas Investments

New investments of more than US$190 million to acquire 11 properties

MONTREAL, Jan. 28, 2015 /PRNewswire/ – Ivanhoé Cambridge announced today the acquisition, with its partner Veritas Investments, Inc. (Veritas), of 11 multifamily properties in San Francisco, California. These new investments of more than US$190 million bring to 20 the number of properties owned jointly by Ivanhoé Cambridge and Veritas, representing a total of 580 housing units to date.

These acquisitions are part of an ongoing residential property aggregation strategy in San Francisco via an exclusive partnership created in 2014 with Veritas, a well-established investment and management company in San Francisco. An initial group of nine properties valued at nearly US$50 million was previously acquired, contributing to the strategy of building a critical mass in some of the city’s key districts.

“We are very pleased with the excellent start to the implementation of our investment strategy with Veritas in San Francisco, reflected in a portfolio of very well-located assets with good value-creation potential,” said Sylvain Fortier, Executive Vice President, Residential, Hotels and Real Estate Investment Funds, at Ivanhoé Cambridge. “Veritas is an excellent partner with which we want to grow large-scale critical mass in San Francisco in the mid-term.”

For his part, Yat-Pang Au, Founder and CEO of Veritas, stated: “We are fortunate to have acquired such high-quality assets in one of the world’s strongest markets for innovation, business, and quality of life. We are even more thrilled about teaming up with Ivanhoé Cambridge to create and capture value, as we share common culture and vision.”

The acquired properties are located in some of the most favorable neighborhoods in the center of San Francisco, ranging from the traditional exclusive districts of Lower and Upper Nob Hill and Russian Hill to the trend-setting lifestyle neighborhoods of NOPA, Noe Valley and The Mission.

Expansion and relocation by major technology and creative companies continue to draw the interest of large numbers of employees wishing to live in the heart of San Francisco, creating a favorable environment for the multifamily rental market as evidenced by a low vacancy rate and demographic factors that support long-term demand.

Note to editors: high-resolution images are available on request.

About Ivanhoé Cambridge
Ivanhoé Cambridge leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver optimal returns for its investors. Its assets, held through multiple subsidiaries and located mainly in Canada, the United States, Europe, Brazil and Asia, totaled more than Cdn$40 billion as at December 31, 2013. Its portfolio consists mainly of shopping centers, office and multifamily properties. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada’s leading institutional fund managers. For further information: ivanhoecambridge.com.

About Veritas Investments, Inc.
San Francisco-based Veritas Investments, Inc. is one of the largest owners and operators of multifamily and mixed-use properties in San Francisco and the Bay Area. Vertically integrated, the firm and its affiliates number over 100 employees in property management, leasing, project management, redevelopment, accounting, asset management, financing and investment management.

SOURCE Ivanhoé Cambridge

Photo courtesy of Ivanhoé Cambridge