New York, NY-
Paul Hastings LLP, a leading global law firm, represented Ivanhoé Cambridge, the second largest pension fund in Canada, in the creation of a new partnership with Black Creek Group (Black Creek), a real estate private equity firm with extensive experience sponsoring real estate companies in Mexico.
Ivanhoé Cambridge, a real estate subsidiary of institutional fund manager Caisse de dépôt et placement du Québec, together with Black Creek, will invest in the development of mixed-use urban communities in the main cities of Mexico including Mexico City, Monterrey and Guadalajara through MIRA, Black Creek’s fully-integrated real estate and development platform in Mexico. Ivanhoé Cambridge intends to invest up to US$500 million in assets, as part of its strategy of developing a long-term active presence in growth markets.
Ivanhoé Cambridge’s first investment by way of MIRA of more than US$100 million in assets will be used for a residential development project located in the Mexico City borough of Cuajimalpa, adjacent to the Santa Fe business district. The project consists of two residential condominium buildings with approximately 500,000 ft2 (46,500 m2) of net saleable area comprising 479 residential units.
The partnership indicates the opportunities for investment in Mexico where the enormous growth and demographic trends create a large and sustained local demand for commercial and residential real estate.
Latin America partners Luke Iovine
and Michael Fitzgerald
led the Paul Hastings team, which also included associates Melissa Muscat
, Ulric Lewen
, Nicole LaMontagne
, Sergey Milyukov
, and Todd Schmid. Paul Hastings LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.