Ivanho茅 Cambridge plans to deploy $500m (鈧�394m) into Mexican real estate.
The Canadian investor has entered into a joint venture with US-headquartered Black Creek Group to develop mixed-used projects in Mexico City, Monterrey and Guadalajara.
The joint venture will use Black Creek鈥檚 MIRA development platform.
More than $100m will be invested in a residential development in the Mexico City borough of Cuajimalpa, adjacent to the Santa Fe business district.
The project consists of two residential condominiums covering nearly 500,000sqft of space.
Rita-Rose Gagne虂, executive vice president for growth markets at Ivanhoe虂 Cambridge, said Ivanhoe虂 Cambridge, a subsidiary of Caisse de de虂po虃t et placement du Que虂bec, was 鈥渟etting a major foothold in Mexico鈥� that would 鈥減rovide excellent access to opportunities, including long-term investments in a portfolio of high-quality assets鈥�.
Gagne虂 added: 鈥淭he investment is part of Ivanhoe虂 Cambridge鈥檚 strategy of developing a long-term, active presence in growth markets.
鈥淭he economic growth and demographic trends in Mexico are producing a large and sustained local demand for commercial and residential real estate.鈥�
