Ivanho茅 Cambridge has invested an undisclosed sum in Germany to buy a mixed-use building project.
The C$64bn (鈧�41.5bn) real estate subsidiary of the Caisse de d茅p么t et placement du Qu茅bec said it has acquired Alte Post Quartier project in Neuk枚lln, a borough in Berlin with Commodus as co-investor.
The 16,000sqm asset comprises offices, new residential apartments and services such as a restaurant, a gym and storage facilities.
Commodus will act as asset and development manager, overseeing the project.
Karim Habra, head of Europe and Asia-Pacific at Ivanho茅 Cambridge, said: 鈥淲ith the acquisition of Alte Post Quartier in Berlin, we continue to reinforce our presence in Germany, one of the key markets for our growth in Europe.
鈥淒eveloping and owning landmark mixed-use properties in prosperous and global cities within vibrant neighbourhoods is a major component of Ivanho茅 Cambridge鈥檚 strategy going forward.鈥�
Christian Daumann, head of investments Germany at Ivanho茅 Cambridge, said the acquisition project underpins Ivanho茅鈥檚 commitment to Berlin and 鈥渨e particularly seek to invest in areas such as Neuk枚lln that is experiencing genuine urban renewal鈥�.
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