MEXICO CITY—Canada's Ivanhoé Cambridge says it has formed a new partnership with which it will invest more than $500 million in Mexico. The partnership is with Black Creek Group, a real estate private equity firm with extensive experience sponsoring real estate companies in Mexico.

Ivanhoé Cambridge, together with Black Creek, will invest in the development of mixed-use urban communities in major markets in Mexico including, but not limited to, Mexico City, Monterrey and Guadalajara by way of MIRA, a fully-integrated real estate development platform.

Ivanhoé Cambridge's first investment by way of MIRA of more than $100 million in assets will be used for a residential development project located in the Mexico City borough of Cuajimalpa, adjacent to the Santa Fe business district. The project consists of two residential condominium buildings with approximately 500,000 square feet of net saleable area comprising 479 residential units.

“With this investment, Ivanhoé Cambridge is setting a major foothold in Mexico, which will provide excellent access to opportunities, including long-term investments in a portfolio of high-quality assets,” explained Rita-Rose Gagné, executive vice president, growth markets, for Ivanhoé Cambridge. “The investment is part of Ivanhoé Cambridge's strategy of developing a long-term, active presence in growth markets. The economic growth and demographic trends in Mexico are producing a large and sustained local demand for commercial and residential real estate.”

Jim Mulvihill, founding partner of Black Creek Group, added: “Our venture with Ivanhoé Cambridge underscores the tremendous investment opportunities in Mexico and the strength and potential of MIRA's platform. We look forward to working with Ivanhoé Cambridge and continuing to develop world-class urban communities in Mexico.”

Jaguar Growth Partners acted as advisor to Ivanhoé Cambridge on this transaction and FTI Consulting on the financial aspects of the investment.

Ivanhoé Cambridge is a global real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver optimal returns for its investors. Its assets, held through multiple subsidiaries, are located mainly in Canada, the United States, Europe, Brazil and Asia. Black Creek, founded in 1993, is a broad-based institutional real estate firm headquartered in Denver, CO.