Canada’s Ivanhoe Cambridge snaps up City property for £170m
CANADIAN pension fund Ivanhoe Cambridge yesterday bolstered its presence in the UK after snapping up 3 Minster Court, off Fenchurch Street, in the City for £170m.
The real estate arm of Caisse de Depot et Placement du Quebec – one of Canada’s leading fund managers – has been on the hunt for prime assets to buy in the capital.
The deal comes just months after it bought Stonecutter Court, near Holborn, from US firm Hines for £112m.
Minster Court, a 275,000 square-foot neo-gothic office complex, was built in the early 1990s by the Prudential and is leased to London Underwriting Center.
Meka Brunel, the executive vice president for Europe said: “Three Minster Court meets our investment objective to build critical mass of high-quality assets in London.
“EC3 is one of the most sought-after office markets in London. We believe we can add value to the property over time.”
Property companies Greycoat, FREO and advisory firm DTZ acted for Ivanhoe Cambridge.
Through multiple subsidiaries and partnerships, Ivanhoe Cambridge holds about CA$42bn (£22bn) of assets, mainly in Canada, the United States, Europe, Brazil, Mexico and Asia.