A unit of the Caisse de Depot et Placement du Quebec, Montreal, and the money manager for Stichting Pensioenfonds ABP, Heerlen, Netherlands, raised a combined $920 million to invest in Chinese retail real estate developer Chongbang Group.
Ivanhoe Cambridge, the real estate investment management unit of the C$225.9 billion ($183.4 billion) Caisse, joined with APG Asset Management, which has €400 billion ($451 billion) in assets under management, including those of the €344 billion ABP, to participate in the second institutional capital raising for Chongbang.
Both Ivanhoe Cambridge and APG will have an undisclosed ownership stake in Chongbang. GIC, Singapore's $300 billion sovereign wealth fund, already owns a stake in the developer.
Ivanhoe Cambridge invested $500 million in the capital raise, said Sebastien Theberge, Ivanhoe Cambridge spokesman. The remainder will come from APG.
It's Ivanhoe Cambridge's first investment in Chongbang, he said.
Chongbang will use the proceeds to acquire core retail properties in Shanghai.
