Ivanhoe Cambridge establishes presence in the heart of California's Silicon Valley

MONTREAL, Dec. 7, 2011 /PRNewswire/ - Ivanhoe Cambridge announces its acquisition today of The Park Kiely, a major complex comprising 948 rental units in San Jose, California, in the heart of Silicon Valley - a region that is home to preeminent information technology companies. Located near the prestigious Stanford University campus, The Park Kiely's "neighbours" include Apple, Facebook, Google and IBM.

The transaction is valued at US$235M, for the complex of 31 two- and three-storey buildings located on almost 1.4 million square feet of land. The property includes a small number of studios as well as one- and two-bedroom apartments and offers residents a range of services, including four swimming pools, sports grounds and a play area for children.

"This new transaction represents the second phase of our acquisition strategy. It demonstrates once again, our intention to acquire high-calibre buildings with critical mass, in excellent locations, that are attractive from a financial perspective over the short- and long-term," stated Sylvain Fortier, President Residential, Ivanhoe Cambridge.

In-depth study of the region's economy concludes that significant job creation and the sustainable strength of the economy in the San Jose region create conditions that are conducive to development. As an additional benefit, this property falls within the area served by the Cupertino Union school district, one of the highest-rated in California.

"Ivanhoe Cambridge has once again succeeded in seizing an excellent business opportunity," asserted Daniel Fournier, Chairman of the Board and Chief Executive Officer of Ivanhoe Cambridge. "Our acquisition last July of the Rockhill complex in Montreal confirmed our intent to establish a presence here at home, and today's news clearly demonstrates our expertise in finding quality assets in Quebec and all over the world," he added.

About Ivanhoe Cambridge
Ivanhoe Cambridge is one of the 10 largest real estate companies in the world, with assets in 24 countries valued at over C$30B as at December 31, 2010. Ivanhoe Cambridge is the real estate arm of the Caisse de depot et placement du Quebec. Ivanhoe Cambridge Residential invests in multi-residential rental buildings in large urban centres in Canada, the United States and Europe

The Park Kiely Highlights

      1. This 948-unit multi-residential complex is located in the heart of        Silicon Valley (Cupertino, San Jose West), a region boasting one        of the strongest records for job creation in the United States.                                                                                 2. One benefit of this complex is its excellent location, with        Highway 280 running along its southern edge, and its proximity to        major universities (Stanford University) and information        technology companies such as Apple, Facebook, Google and IBM.                                                                                 3. Additional factors - aside from topographic restrictions on real        estate development in this region - include the extreme scarcity        of vacant lots, high construction costs and regulations on        development density rights that rank among the most restrictive in        the United States.                                                                                 4. This business opportunity meets the requirements of Ivanhoe        Cambridge May 2011 strategic plan: to acquire high-calibre        buildings with critical mass in excellent locations, in markets        with imposing barriers to entry and conditions that promote        long-term growth in the building's value.                                                                                 5. Our in-depth study of the regional economy led us to conclude that        two factors - major job creation and the strength of the economy        in the San Jose region (located south of San Francisco) - are a        good fit for our business plan.                                                                                 6. Plans for Apple's new 176-acre campus, which is expected to raise        the number of employees in this area from 9,500 to 13,000, will        undoubtedly impact demand and, consequently, the vacancy rate. An        additional benefit is the property's location within the Cupertino        Union School District - one of the highest-rated in California.                                                                                 7. The total cost of this acquisition is US$235M.                                                                                 8. Asset summary                                                                                    Type of building           Residential, built between 1968 and                                       1972         Address                    355 Kiely Blvd. - San Jose,                                               California         Number of buildings/units  31/948                                          Land surface (sq. ft.)     1,398.963                                       Residential area (sq. ft.) 815,010                                         Number of parking spaces   1,442 in total                                  Occupancy rate             95%                                                       Number of apartments: 948             --  Studio: 78 (8%)            --  1 bedroom: 469 (49%)            --  2 bedrooms: 401 (43%)                                                                                   10 two-storey and 21 three-storey buildings, all equipped with        elevators        Average unit area: 860 sq. ft.        Services offered: Swimming pools (4), clubhouse, soccer        fields/tennis courts/volleyball courts, children's playground, dog        park.    

Ivanhoe Cambridge Residential

Source: http://c.moreover.com/click/here.pl?r5708856578&f=378

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