Two-Year Strategy Ends with Acquisition

16 & 50 Laguna are mixed-use buildings in San Francisco owned by Ivanhoe Cambridge.

SAN FRANCISCO—Ivanhoé Cambridge has completed the acquisition of light industrial specialist Evergreen Industrial Properties from TPG Real Estate. Financial terms of the transaction were not disclosed and Ivanhoe Cambridge declined to elaborate on requests for additional comment by GlobeSt.com. Ivanhoe Cambridge owns retail, office and multifamily properties so this acquisition likely fills a void for the company, GlobeSt.com learns.

“We are very enthusiastic about this acquisition. We started looking at companies in the industrial real estate sector over two years ago with the intention of making a strategic investment in this asset class,” says Arthur Lloyd, president, office North America, at Ivanhoé Cambridge. “Industrial real estate offers an attractive current return and good diversification for our office portfolio in terms of underlying economic drivers. We believe we have found the right fit with Evergreen. We continue to look for opportunities as we plan to grow our industrial business in the years to come.”