The Caisse de dépôt et placement du Québec has announced the consolidation of its real estate subsidiaries under a single banner: Ivanhoe Cambridge Group.
“The real estate sector, which operates in a fiercely competitive market environment, is currently in a global consolidation phase,” said Michael Sabia, president and CEO of the Caisse. “The changes announced today will enable us to fully utilize the expertise of our teams in their respective market segment to seize growth opportunities that can provide depositors with the long-term returns they need.”
Until now, Ivanhoe Cambridge had consisted of the Caisse’s shopping centre portfolio, while its residential sectors were managed by SITQ. This division will remain in place at the operational level, with overarching corporate responsibilities handled by Ivanhoe Cambridge Group.
The combined entity has over $30 billion in assets in 24 countries, making it one of the 10 largest real estate companies in the world.
“The new group, which will provide easier access to major transactions and increase our efficiency, will improve our ability to compete internationally,” said Daniel Fournier, chairman and CEO of Ivanhoe Cambridge Group.