Quebec investment fund pays $360M for piece of Manhattan building
(QMI AGENCY FILES)
MONTREAL - Quebec's pension fund announced Monday that it purchased a $360-million stake in a 40-storey midtown Manhattan office building.
Sebastien Theberge, spokesperson for Ivanhoe Cambridge, which is the real estate arm of the Caisse de depot et placement du Quebec, said Monday that the building's "location, size and quality" will allow the pension fund to "generate attractive returns" for Quebec depositors.
Theberge said the Caisse is not assuming any debt with the purchase.
The Caisse now owns the building with The Swig Company, a private investment firm headquartered in San Francisco. Theberge said that together both companies own over 99% of the building.
The Caisse manages the financial deposits of many of Quebec's public and private pension plans, several insurance plans, as well as the revenues of the province's liquor commission.
The property is located at 1411 Broadway, in midtown Manhattan. The building was built in 1970 and according to The Swig Company's website, "is the premier location for leading fashion centre tenants" including the Levi Strauss Company.