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Real estate giant enters Brazilian market |
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Monday, 18 September 2006 |
MONTREAL —Ivanhoe Cambridge, the real estate giant is entering the Brazilian market with a stake in management company Ancar Gestao. The properties are: Conjunto Nacional in Brasilia; Shopping Iguatemi in Porto Alegre; and Nova America in Rio de Janeiro. The three shopping centres will continue to be managed by Ancar on behalf of the new joint venture.
The company, with assets of about $9.3 billion, is also active in the United States, Asia and Europe and its holdings include 65 shopping centres. Based in Montreal, Ivanhoe Cambridge is a real estate subsidiary of Quebec's Caisse de depot et placement, the largest institutional fund manager in Canada. It is one of Canada's top property owners, managers, developers and investors, focusing on shopping centres located in urban areas. The transaction in Brazil "marks a new stage in Ivanhoe Cambridge's strategy to geographically diversify its portfolio and expand its network," said CEO Rene Tremblay. Ancar is a private real estate company founded in 1972 by the Carvalho family. Its current chairman is Sergio Andrade de Carvalho.
Edwina Baniqued
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