Shea Properties and Ivanhoé Cambridge Begin Construction on ASCENT, a 650-Unit Apartment Community in San José

Shea Properties and Ivanhoé Cambridge announced today that construction is underway on ASCENT, a 650-unit luxury apartment community featuring one- to three-bedroom residences with high-end finishes throughout and marketleading amenities for its residents. The community, which represents an investment of more than US$ 200 million, is anticipated to open in San José by spring 2015.

“ASCENT brings a new level of resort-style living to San José,” said Greg Anderson, Senior Vice President of Multi-Family Acquisitions and Development for Shea Properties. “The area is extremely competitive, as there are so many large employers. In order for us to attract renters to our community, we need to offer something more compelling.”

For his part, Sylvain Fortier, Executive Vice President, Residential, Hotels and Real Estate Investment Funds, Ivanhoé Cambridge added: “We’re very proud to bring ASCENT to life in a market we strongly believe in and in which we have invested significantly over the past two years. It allows us to diversify our rental offering in Silicon Valley. Like Shea Properties, our well-established expert partner in high-end real estate in the U.S., we believe ASCENT will redefine luxury living in the region.”

With a focus on outdoor entertainment, the community will include a luxurious, resort-style, saltwater pool and spa, courtyard kitchens featuring professional appliances, BBQ stations, an authentic pizza oven, a comprehensive fitness center, a yoga courtyard, and a sprawling park with more than one acre of space for residents to enjoy.

Located in South San José, ASCENT is one of the many projects underway in the area. The Village Oaks neighborhood retail center, featuring big-box retailers Target and Safeway, is being built directly across the street and is scheduled to open late 2014. The development is also within walking distance of the Cottle Light Rail Station and close to the 85 and 101 freeways.

“ASCENT is close to employers, shopping, dining and entertainment venues, and it offers a lifestyle of convenience and luxury to its renters,” added Mr. Anderson.

Scheduled to begin leasing in 2015, ASCENT will feature luxury units ranging from 65 m² (700 sq.ft.) for a one bedroom to 130 m² (1,400 sq.ft.) for a three-bedroom unit. The homes will include mid-century modern influenced architecture, quartz countertops, deluxe stainless steel appliances and premier flooring, cabinetry and fine finishes throughout.

Shea Properties’ Apartment Acquisition and Development Department is renowned for building Class A multi-family apartment communities throughout California. The multi-faceted team has extensive experience in the development of a full spectrum of apartment communities, from garden-style walk-up neighborhoods, to high-density wrap products, to mixed-use developments.

For more information on ASCENT, visit www.sheaapartments.com/ascent.

About Shea Properties

Shea Properties, headquartered in Aliso Viejo, California, is a diversified real estate company responsible for the acquisition, design, development, construction and management of business parks, shopping centers, apartment communities and mixed-use environments. Since beginning operations in 1969, annual revenues have grown steadily to more than $200 million, while the overall value of the portfolio has grown to more than $2.25 billion. Shea Properties owns and operates approximately 6,150 apartment units and 5.5 million square feet of office, industrial and retail space in California and Colorado. Currently, Shea Properties has nearly $1 billion in development projects underway. For more information, visit www.sheaproperties.com.

About Ivanhoé Cambridge

Ivanhoé Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver an optimal return for its investors. Through its multiple subsidiaries, its assets in more than 20 countries were valued at over Cdn$35 billion as at December 31, 2012. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (www.cdpq.com), one of Canada's leading institutional fund managers. For more information, visit www.ivanhoecambridge.com