Montreal, Quebec, and San Francisco, California, August 4, 2014 – Ivanhoé Cambridge announced today that it has created a partnership with Veritas Investments, Inc. (Veritas) to acquire multiresidential properties in San Francisco, California. An initial portfolio has been assembled, comprising nine properties already acquired or that are in the process of being acquired, representing a preliminary investment of nearly US$50 million. This new partnership provides access to numerous investment opportunities with a high potential for value creation in various neighbourhoods in the heart of San Francisco.
“The multiresidential market in San Francisco being highly fragmented, we are convinced that Veritas, with its deep market knowledge, will help us build a critical mass of assets in some of the city’s key districts,” said Sylvain Fortier, Executive Vice President, Residential, Hotels and Real Estate Investment Funds, at Ivanhoé Cambridge. “Veritas has demonstrated the fundamental qualities we were looking for to enter this market, namely diversified real estate experience, crucial local expertise and a strong commitment to quality assets.”
For his part, Yat-Pang Au, Founder and CEO of Veritas, stated: “We are pleased to count on the experience and depth of an established investor such as Ivanhoé Cambridge, which shares our vision and will help put our expertise to use. This partnership will give us the capacity to make numerous transactions, targeted renovations, reposition certain assets and realize the full potential of their value.”
The initial portfolio consists of 159 residential units in nine buildings located in various central San Francisco neighbourhoods, including Lower Nob Hill, Noe Valley, Inner Mission, Alamo Square, Duboce Triangle, Westwood Park, Mission Dolores and Cow Hollow. The expansion and relocation by major technology companies continue to draw the interest of large numbers of employees wishing to live in the heart of San Francisco, creating a favourable environment for the multifamily rental market. The vacancy rate is low, and demographic factors support long- term demand.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that 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, totalled more than Cdn$40 billion as at December 31, 2013. Its portfolio consists mainly of shopping centres, office and multiresidential 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.