Canada’s Ivanhoé Cambridge and Singapore’s Mapletree have formed a platform to invest in high-quality and sustainable workplace assets in key economic hubs in India, with an investment capacity of C$2.5 billion (US$1.87 billion).
The focus will be on assets that are benefiting from “exponential growth in technology-led innovation activities anchored by global capability centres, as well as large domestic and international technology services corporations”, the two property investment firms say in a joint statement on February 11.
The ownership structure of the platform was not disclosed. Its portfolio of assets, according to the firms, will meet industry benchmarks on sustainability credentials, aligning with their net zero goals.
Ivanhoé Cambridge, the property investment arm of pension fund Caisse de dépôt et placement du Québec, aims to achieve net zero carbon emissions by 2040, and Mapletree by 2050.
“This partnership continues our growth plans for the Asia Pacific region, bringing diversification to our portfolio and resilience to our returns,” George Agethen, Ivanhoé Cambridge’s Asia Pacific co-head, says in the statement.
This is the Canadian company’s latest push into the Asia Pacific property market, and comes almost two years after it partnered with Indian real estate investment firm Embassy Group to form a $500 million property investment platform.
It also teamed up with Germany’s Allianz Real Estate to form a $2 billion Japan multi-family residential properties fund in December 2021.
Ivanhoé Cambridge had C$69 of assets under management as of December 2021.
Mapletree had around S$78.7 billion ($59.07 billion) of assets under management as of March 2022.
