A subsidiary of one of Canada’s biggest pension funds has paid more than £170m for a landmark office building in the City of London.
Ivanhoé Cambridge — the real estate arm of the Caisse de dépôt et placement du Québec pension fund — acquired the 275,000 sq ft 3 Minster Court from an un-named owner.
Built in the 1990s by Prudential, Minster Court – a three office development surrounding an impressive courtyard –was designed by architects GMW Partnership.
Its distinctive architectural style has been dubbed ‘postmodern-gothic’ and it earned the building a brief appearance in the 1996 film 101 Dalmatians, as the exterior of Cruella De Vil’s fashion house. Three Minster Court is fully let to the London Underwriting Centre.
The deal follows the Canadian institutional investor’s £112m purchase of Stonecutter Court from Hines Global late last year. Its latest purchase, off Fenchurch Street, is a good addition to Ivanhoé Cambridge’s London portfolio according to Meka Brunel the company’s executive vice-president for Europe.
“Three Minster Court meets our investment objective to build critical mass of high-quality assets in London. EC3 is one of the most sought-after office markets in London. We believe we can add value to the property over time,” she said.
Last year Montreal-based Ivanhoé sold another London property, Woolgate Exchange, to Cathay Life Insurance, less than two years after purchase.
Founded in 1953, Ivanhoé Cambridge’s property portfolio is primarily made up of shopping centres, office buildings and residential properties. It also has controlling interests in logistics sites, real estate investment funds and hotels in Canada, the United States, Europe, Brazil, Mexico and Asia.
Previous Post
Agents appointed for 103 Colmore Row
