The Quebec pension fund’s real estate unit will fund 80 per cent of the new venture, with Embassy Group kicking in the other 20 per cent. The partners will focus on developing mixed-use properties in Bengaluru and Chennai, two popular centres for tech companies in India. (The Logic)
Talking point: India’s consumer market has grown rapidly in recent years, along with an onslaught of tech companies to satisfy demand. My colleague Murad reported late last year on Shopify’s expanding presence in the country; Amazon, Facebook and Google have likewise poured billions into the growing market. Ivanhoé’s partnership with Embassy—whose first buildings are slated to be completed in 2024—could capitalize on companies looking for office space. Also this week, real estate brokerage Compass, backed by fellow Canadian pension fund manager CPP Investments, filed to go public. The New York-based startup reported growing revenue and shrinking losses as the pandemic boosted demand for buying and selling homes online.