MONTREAL – Ivanhoe Cambridge said Wednesday it has acquired an apartment complex in San Jose, Calif., for US$235 million.
The deal includes 31 two-and three-storey buildings with a total of 948 studio, one-and two-bedroom apartments, as well as four swimming pools, sports grounds, a play area for children and 1,442 spaces.
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The residential complex was built between 1968 and 1972 and had a 95 per cent occupancy rate.
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Ivanhoe Cambridge, the real estate arm of the Caisse de depot et placement du Quebec, has assets in 24 countries valued at over C$30 billion.
The Caisse manages funds primarily for public and private pension and insurance plans.
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