Bruce Ritchie’s Residential Land has made a purchase for its £1bn private-rented residential fund with Canadian pension fund manager Ivanhoé Cambridge.
The pair have bought Native Land’s Chantrey House scheme in London’s Belgravia for £37.5m, in what is believed to be their sixth deal.
Native Land bought the block for £20.75m in July 2009 from Grosvenor, using a £10m interest-free loan that it won in Property Week and Bank of Scotland’s £30m Search for Property Entrepreneurs competition in 2008.
Native Land asset managed the 35,000 sq ft block of 28 flats and five shops. It has now sold it to Prime London Ventures, the vehicle set up in February by Residential Land and Ivanhoé, the property arm of Caisse de Dépôt et Placement du Québec, which is investing through Apollo Global Investors.
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