India: CDPQ arm, Embassy ink deal to set up office platform

Photo by Livemint

Ivanhoé Cambridge, a real estate subsidiary of Canada’s second-largest pension fund Caisse de dépôt et placement du Québec (CDPQ), and the Embassy Group have signed an agreement to set up a commercial office platform, said two people familiar with the development, requesting anonymity.

The platform will be set up as an alternative investment fund (AIF) and is awaiting markets regulator, the Securities and Exchange Board of India (Sebi)’s approval. “It’s an 80:20 joint venture platform with a development timeline of five years. Ivanhoe Cambridge will put in $150 million to start with, and Embassy’s contribution will be $30 million. It will also provide existing land parcels for some projects,” said one of the two people.

When contacted, spokespeople of Embassy and Ivanhoe Cambridge declined to comment.

The Ivanhoe-Embassy fund will develop greenfield office projects across cities, but primarily in Bengaluru, where Embassy has a stronghold.

Once the Embassy-Indiabulls merger is complete, the new office platform will be a part of the merged entity.

“For Ivanhoe Cambridge, the partnership model makes sense. While direct investing requires control in ready assets, an investor needs development partners for under-construction projects. Investors with a long-term investment view continue to believe in the office asset class. However, there are also a few who are questioning whether large offices are needed,” said Shashank Jain, partner, deals, PWC.

This article was first published on livemint.com.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.