Ivanhoé Cambridge, a real estate subsidiary of Canada’s second-largest pension fund Caisse de dépôt et placement du Québec (CDPQ), and the Embassy Group have signed an agreement to set up a commercial office platform, reports have said.

The platform will be set up as an alternative investment fund (AIF) and is awaiting market regulator, the Securities and Exchange Board of India (Sebi)’s approval.

It’s an 80:20 joint venture platform with a development timeline of five years. Ivanhoe Cambridge will put in $150 million to start with, and Embassy’s contribution will be $30 million. It will also provide existing land parcels for some projects, the reports added.

The Ivanhoe-Embassy fund will develop greenfield office projects across cities, but primarily in Bengaluru, where Embassy has a stronghold.

Once the Embassy-Indiabulls merger is complete, the new office platform will be a part of the merged entity.