Ivanhoe Cambridge, the real estate arm of Canada’s second largest pension fund manager CDPQ, is looking to re-enter Indian real estate with a joint venture with Ajay Piramal’s Piramal Fund Management, said a source in the know.
Both the partners are planning to set up a $250-million JV, which will provide equity capital to developers of residential projects, the source added. “Currently, the documentation is on and the deal is expected to be signed within a month.” When contacted, an Ivanhoe Cambridge spokesperson said: “Ivanhoé Cambridge is actively seeking investment opportunities in Indian real estate. We do not comment on speculations in the market.” Ivanhoe Cambridge held CAD55 billion in total assets as on December 31, 2015. Its parent CDPQ already opened its India office earlier this year and appointed World Bank executive Anita Marangoly George as South Asia head. It has committed Rs 1,000 crore for Indian energy sector.