Canada's second-largest pension fund has bought Deloitte’s City offices from Hines Global Reit for £112m as it looks to step up its exposure to the London office property market.
Ivanhoe Cambridge, the real estate arm of Canada’s Caisse de depot et placement du Quebec, said yesterday it has bought Stonecutter Court near Holborn.
The 150,000 square-foot office property is leased principally to Deloitte as part of its London headquarters campus.
“London is one of the key European cities in which Ivanhoe Cambridge wants to build a critical mass of high-quality assets,” said Meka Brunel, Ivanhoe Cambridge’s vice president for Europe, said.
“Stonecutter Court’s location in Midtown and its overall features respond precisely to our long term investment objectives,” he added.
The sale by Hines follows a string of acquisitions in the City by the US-based firm including One Westferry Circus and 25 Cabot Square. DTZ acted for Hines while CBRE and Greycoat acted for Ivanhoe Cambridge.