Quebec's C$125bn (US$81bn) pension fund, Caisse de dépôt et placement du Québec (CDP) has launched Maestro, a new real estate investment and advisory service, aimed at institutional investors.
The new unit, which is owned by CDP's real estate subsidiary Cadim and Maestro's senior executives, offers a range of real estate services, including property acquisition, asset management and advisory services. Maestro's operations will focus primarily on the residential real estate sector, and aims to serve mainly pension funds.
One of Maestro's immediate priorities will be the launch of an investment fund made up of seniors residences, with an initial equity capital of C$50m (US$32.5m) to C$75m (US$49m). The fund is scheduled to be launched by the end of 2001. The firm also plans to create other Canadian multi-residential investment funds, designed to cater to pension funds.
Maestro will take control of the Acanthus Real Estate Corporation portfolio, worth approximately C$490m (US$318.7m). Acquired by Cadim in September, the portfolio contains several residential properties located across Canada and comprising a total of approximately 5,000 units.
The firms client roster currently includes National Bank of Canada, Standard Life and the Canada Lands Company.
By Geoffrey Ho
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