Ivanhoé Cambridge

1001 Rue Du Square-victoria, Montreal, Quebec, H2Z 2B5, Canada

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About Ivanhoé Cambridge

Summary

Ivanhoé Cambridge Inc., a subsidiary of the Caisse de dépôt et placement du Québec (CDPQ), is a prominent Canadian real estate company based in Montreal, Quebec. With a diverse global portfolio, it engages in investment, development, asset management, operations, and leasing across multiple sectors, including multi-residential properties, industrial/logistics real estate, shopping centres, office properties, and hotels. As of December 31, 2020, the value of its assets exceeded C$60.4 billion, with holdings in Canada, the United States, Europe, Brazil, and Asia.

History

The history of Ivanhoé Cambridge Inc. traces its origins to May 12, 1953, when Montreal businessman Sam Steinberg founded Ivanhoe Corporation. Steinberg, known for building the Steinberg’s grocery store chain, established the company with a focus on real estate. In 1954, Ivanhoe opened its first shopping centre, Dorval Gardens, in the Montreal area. This marked the beginning of Ivanhoe’s commitment to developing shopping centres in growing urban areas.

By the 1980s, Ivanhoe had become the largest real estate company in Quebec and the sixth-largest in Canada. In 1990, the Caisse de dépôt et placement du Québec (CDPQ) acquired Ivanhoe Inc., which at the time held a portfolio of 36 shopping centres, primarily located in Quebec and Ontario, valued at approximately C\$1 billion. This acquisition was a significant step for Ivanhoe, enabling it to expand its operations further.

In 1960, Cambridge Leaseholds Limited was founded in Windsor, Ontario, by members of the Tabachnik and Odette families. Cambridge focused on developing shopping centres, opening its first such centre, Gateway Plaza, in Windsor. Over the next decade, Cambridge expanded its portfolio across Ontario, New Brunswick, and Alberta. The company went public in 1969 and soon after began acquiring and building additional shopping centres. In 1984, Cambridge Shopping Centres Limited was formed and soon acquired all outstanding shares of Cambridge Leaseholds Limited.

In the early 1990s, CDPQ began acquiring shares in Cambridge Shopping Centres, increasing its ownership interest from 15.3% to 23.4% in 1993. This was followed by Ivanhoe’s acquisition of Cambridge in 1999, when Ivanhoe became the majority shareholder. In 2000, Ivanhoe and Cambridge merged to form Ivanhoé Cambridge Inc., consolidating their resources and establishing one of Canada’s leading real estate firms.

During the next few years, Ivanhoé Cambridge divested itself of small and medium-sized shopping centres that no longer met its strategic goals. The company continued to grow its portfolio, and in 2011, CDPQ consolidated its real estate subsidiaries under the Ivanhoé Cambridge name. This consolidation combined Ivanhoé Cambridge’s operations in shopping centres, office buildings, multi-residential buildings, and real estate investment funds.

In 2021, Ivanhoé Cambridge transferred the management of its Canadian shopping malls to JLL, marking a new phase in its portfolio management strategy. By 2025, the company transitioned to operating under the name La Caisse, reinforcing its position as a global leader in real estate investment.

Portfolio

Ivanhoé Cambridge, now operating under the name La Caisse, manages a global real estate portfolio valued at approximately C$77 billion, accounting for 9% of the total assets held by its parent company, Caisse de dépôt et placement du Québec (CDPQ). The portfolio is highly diversified, encompassing over 1,500 properties across various sectors and regions, including North America, Europe, and Asia-Pacific. As of December 31, 2024, this global presence reflects a commitment to long-term value creation and sustainability.

In Canada, the company holds a significant portfolio, including high-profile projects such as the CIBC Square in Toronto, a joint venture with Hines valued at over C$2 billion. It also maintains a strong presence in major cities like Montreal and Vancouver. In the United States, key investments include a 48% stake in Stuyvesant Town–Peter Cooper Village in New York and a 50% interest in IDI Logistics, a logistics platform operating across the U.S. This reflects Ivanhoé Cambridge’s focus on both urban and industrial assets in the region. In Europe, the company has notable holdings such as the Tours DUO office complex in Paris and a 15% stake in Gecina, a French real estate investment company. The company’s European portfolio is diversified across office, residential, and retail sectors.

The company has also established a growing presence in the Asia-Pacific region, with investments in Australia, where it is involved in the development of student residences through Scape, with investments nearing AUD 1 billion. Additionally, it has significant stakes in multifamily residential assets in Japan, focusing on high-demand cities. This strategic geographical diversification allows Ivanhoé Cambridge to capture opportunities in diverse and rapidly evolving markets.

Sector-wise, the portfolio is heavily weighted towards industrial and logistics properties, with significant investments in platforms such as IDI Logistics in the U.S. and PURE Industrial in Canada. The company has committed to expanding its logistics infrastructure, exemplified by the Fos-sur-Mer logistics warehouse expansion in France. In the office sector, the company has made strategic investments in prime office spaces, including the CIBC Square in Toronto and the Tours DUO in Paris. These developments are reflective of the company’s focus on high-quality office spaces in central locations.

In the residential sector, Ivanhoé Cambridge has invested in multifamily residential projects in high-demand markets such as Japan and Australia, responding to the growing demand for rental housing. While the retail sector has undergone adjustments in recent years, the company continues to manage key assets like the Centre Eaton de Montréal, reflecting its ongoing involvement in the retail space and its commitment to integrating modern retail experiences.

La Caisse’s real estate investment approach focuses on long-term performance through active asset management and strategic development. The company places a strong emphasis on forming best-in-class partnerships with leading real estate fund managers and partners globally. This is complemented by the agility and expertise of its teams, which allows it to adapt to evolving market conditions. Furthermore, La Caisse is committed to sustainable development, aiming for carbon neutrality by 2040, in line with its dedication to environmental, social, and governance (ESG) principles.

Leadership Team

Rana Ghorayeb | Executive Vice-President and Head of Real Estate
George Agethen | Managing Director, Real Estate, Asia Pacific and Latin America
Christina Forrest | Managing Director, Real Estate, Europe
Karen Horstmann | Managing Director, Real Estate, United States
Annie Houle | Managing Director, Real Estate, Canada
Patrick O’Malley | Managing Director and Partner, Special Situations, Real Estate
David Petrie | Managing Director and Partner, Transformation

References

Ivanhoé Cambridge | Real estate industry leader | Ivanhoé Cambridge
Ivanhoé Cambridge | Wikipedia
Ivanhoe Cambridge II Inc. | Morningstar
Ivanhoe Cambridge Inc – Company Profile and News | Bloomberg
Ivanhoé Cambridge and PIMCO Prime Real Estate | Caisse de dépôt et placement du Québec
Ivanhoé Cambridge | Valtech
Ivanhoé Cambridge | Institution Profile | Private Equity International

1001 Rue Du Square-victoria, Montreal, Quebec, H2Z 2B5, Canada

Website https://www.ivanhoecambridge.com/en/

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