QuadReal Property Group Partners with Mattamy Homes on Condo Development, While Forming Korean JV with IGIS
Posted on 09/27/2022
QuadReal Property Group is the real estate unit of British Columbia Investment Management Corporation.
QuadReal Property Group formed a US$ 1 billion partnership with IGIS Asia Investment Management, the pan-Asian focused fund management arm of IGIS Asset Management, Korea’s largest real estate asset manager, and global real estate company. The programmatic joint venture will develop logistics assets in Korea. The partners will capitalize on structural drivers underpinning demand for logistics space in South Korea, including accelerating e-commerce penetration and an acute shortage of Grade-A tenant accommodation. QuadReal will provide the majority of capital with the IGIS team responsible for originating, developing and operating the assets, leveraging its vertically integrated platform which has recently delivered roughly 322,000 square meters of logistics space into the market.
On September 13, 2022, QuadReal Property Group agreed to work with condo developer Mattamy Homes as a joint venture partner for the first phase of its Cloverdale Mall redevelopment project in Toronto. In collaboration with QuadReal, Mattamy will develop the signature condo project on the standalone 2.3 acre “Triangle Site” located at 2 & 10 The East Mall Crescent, kickstarting the transformation of the 32-acre shopping center site into a vibrant, sustainable, and innovative mixed-use urban community. Proposed for the Triangle Site is a 32-storey tower and an 8-storey mid-rise component totaling 500+ condos and 2,400 square feet of retail. Mattamy will acquire a partial interest in the site and will be the execution partner for development, construction, and sales & marketing on the Triangle Site. QuadReal will continue to maintain overall strategic direction of the district master plan along with maintaining long-term ownership of the retail and purpose-built rental components. Proposed plans for the larger 32-acre Cloverdale Mall site, located at the intersection of Highway 427 and Dundas Street West in Central Etobicoke, include a re-envisioned retail offering in keeping with 21st century community-based needs; a mix of residential units including for-sale condo and rental apartment housing; parkland and green space; a new streets and blocks network; community amenities; and, below grade parking. Taking a long term phased approach, QuadReal Property Group aims to redevelop the site keeping several goals top of mind including a focus on sustainable design, transit integration, improved connectivity, and thoughtful assimilation into the surrounding neighborhood.
Keywords: IGIS Asset Investment.
