Greystar Real Estate Partners and Ivanhoé Cambridge to Form Multifamily Joint Venture in Chile
Santiago, Chile – 20 January 2022 – Greystar Real Estate Partners LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing properties, and Ivanhoé Cambridge, a global real estate industry leader, have extended a collaboration that spans multiple countries by forming a new joint venture to pursue multifamily real estate opportunities in Chile.
The multifamily asset class is still emergent in Chile, and investments in the sector has historically come from local capital. The partnership between Greystar and Ivanhoé Cambridge represents the first global institutional capital investment in multifamily real estate in Chile, marking an important milestone and a groundbreaking opportunity for the industry and the country. This partnership is an important next step in Greystar’s strategy to establish a regional investment platform that addresses the clear and compelling demographic and macroeconomic trends that favor rental housing across Latin America. It also marks the first investment of Ivanhoé Cambridge in Chile, demonstrating its commitment to further diversify its international portfolio while accelerating its investments in the multifamily sector.
Greystar and Ivanhoé Cambridge have partnered on multiple North American and international joint ventures over the years. They will initiate the partnership in Santiago, where they will develop and acquire multifamily projects in submarkets that are centrally located, well-connected, desirable, and with strong rental demand. The venture’s mandate aligns with the vision of both partners to seek innovative, sustainable, accessible, and efficient ways to bring purpose-built and professionally managed rental housing communities to new markets, and to enrich lives and achieve superior investment returns through renter-centric designs and exceptional service delivery.
"Our joint venture with Ivanhoé Cambridge in Chile is a landmark achievement and key indicator of the continued growth and strength of our global strategic alliance as we expand further into international markets,” said Tom Livelli, Managing Director at Greystar. “Together with Ivanhoé Cambridge’s capital investment and Greystar’s in-house capabilities and extensive local relationships, we are opening the door to transform the renter experience in Chile, where we continue to see a bright future and tremendous long-term potential."
Adriano Mantesso, Managing Director, Head of Latin America at Ivanhoé Cambridge, added: "We’re delighted to launch this new investment strategy in Chile and to diversify our portfolio in Latin America. We believe in the growth potential of the residential rental market in major cities across the region, increasingly attracting global institutional capital and meaningfully transforming the renter experience. We are very excited to once again join Greystar as an early mover in delivering the next generation of rental housing communities in a new market and contribute to setting new standards in resident services and community design for the people of Chile."
Greystar Media Inquiries
Zain Abouseido
zain.abouseido@greystar.com
Tel: +1 215.398.0628
Ivanhoé Cambridge Media Inquiries
Julie Benoit
julie.benoit@ivanhoecambridge.com
Tel: +33 7 86 89 34 23
Mexico y Chile:
Rocío Zabaleta
jrzabaleta@llorenteycuenca.com
Tel: +33 7 86 89 34 23
Brasil
Gustavo Rio Branco
gbranco@llorenteycuenca.com
Tel: +55 (11) 9 8369 5269
About Greystar
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates approximately $230 billion of real estate in 215 markets globally including offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 754,000 units/beds, and has a robust institutional investment management platform with approximately $49.9 billion of assets under management, including $22.6 billion of development assets. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com. Please refer to Greystar Investment Group's Form ADV for additional information about the adviser.
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,100 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$60.4 billion in real estate assets as at December 31, 2020 and is a real estate subsidiary of Caisse de dépôt et placement du Québec (cdpq.com),a global investment group. For more information: ivanhoecambridge.com.