Ivanhoé Cambridge
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Private Subsidiary of Caisse de dépôt et placement du Québec | |
| Industry | Commercial real estate |
| Founded | May 12, 1953 |
| Headquarters | Montreal, Quebec, Canada |
Key people | Daniel Fournier, Chairman & CEO |
| Total assets |
 $55 billion CAD (31 December 2015) |
| Owner | Caisse de dépôt et placement du Québec |
Number of employees | 1699 (at December 31, 2015) |
| Website | www.ivanhoecambridge.com |
Ivanhoé Cambridge is a global real estate company active in all aspects of real estate. Its areas of expertise are investment, development, asset management, operations and leasing. It is a subsidiary of the Caisse de dépôt et placement du Québec pension fund. The Company's real estate portfolio consists primarily of shopping centres, office buildings and multiresidential properties. It also has ownership interests in logistics services (storage and distribution) buildings, real estate investment funds and hotels. The first entity in the real estate portfolio, Ivanhoe Corporation, was founded in 1953[1] by Sam Steinberg, the Montreal businessman who built Steinberg's grocery store chain. Ivanhoé Cambridge, headquartered in Montreal, has more than 1,700 employees worldwide. The value of its assets, located mostly in Canada, the United States, Europe, Brazil and Asia, totalled more than CA$55 billion at December 31, 2015.[2] Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec,[3] one of Canada’s biggest institutional fund managers.
History ; The origins of Ivanhoé Cambridge
Ivanhoe Corporation
The initial entity in what later became the Ivanhoé Cambridge real estate group dates to May 12 of 1953, when Montreal businessman Sam Steinberg, who built the Steinberg grocery store chain, founded Ivanhoe Corporation. In 1954, Ivanhoe opened its first shopping centre, Dorval,[4] in the Montreal area. During the 1950s and 1960s, the Company focused on building shopping centres in the Greater Montreal area and also built projects in Ontario, especially in the Ottawa area.
In the 1980s, Ivanhoe Corporation, which had become Ivanhoe Inc.,[5] was the largest real estate company in Quebec and the sixth-biggest in Canada.[4]
When the Caisse de dépôt et placement du Québec acquired Ivanhoe Inc. in 1990,[6] its portfolio consisted of 36 shopping centres,[4] located mostly in Quebec and Ontario. The value of Ivanhoe's real estate portfolio was then about C$1 billion,[7] making it one of Canada’s largest real estate companies. Ivanhoé Cambridge is now among 10 largest real estate companies in the world.[8]
Ivanhoe specialized in medium-sized and large shopping centres located in urban areas.[9] Its best-known shopping centres in the 1990s included :
- Galeries Rive Nord in Repentigny
- Place Montréal Trust in Downtown Montreal
- Mail Champlain in Brossard
- Place Sainte-Foy in Quebec City
In 2000,[10] Ivanhoe’s portfolio grew to include Centre Eaton de Montréal, a prestigious shopping centre located along the city’s main commercial artery.
Cambridge Shopping Centres Limited
While Ivanhoe was growing, Cambridge Leaseholds Limited was founded in Windsor, Ontario, in 1960, by members of the Tabachnik and Odette families.[11] Two years later, the Company opened its first Cambridge-branded shopping centre, Gateway Plaza in Windsor. Many other shopping centres were built by Cambridge throughout the decade in Ontario, New Brunswick and Alberta. Cambridge Leaseholds Limited became a public company, listed on the Toronto Stock Exchange, in 1969.[10] In 1971, the Company opened its first Quebec shopping centre, Les Rivières, in Trois-Rivières. One year later, it built Les Galeries de Hull, also in Quebec. In 1984, Cambridge Shopping Centres Limited was created and acquired all outstanding shares of Cambridge Leaseholds Limited. Cambridge continued to grow by building or acquiring interests in shopping centres in British Columbia, Ontario and Newfoundland as well as in California, in the United States.
At the start of the 1990s, Cambridge Shopping Centres Limited, with more than 1,000 employees, had real estate assets exceeding CA$2 billion. In 1992, two years after it was acquired by the Caisse de dépôt et placement du Québec, Ivanhoé began purchasing shares in Cambridge Shopping Centres Limited. Its interest grew from 15.3% to 23.4% in 1993.[12] In August 1999, Ivanhoe became the majority shareholder in Cambridge following a CA$331 million investment. On October 1, 2000,[10] Cambridge Shopping Centres Limited became a wholly owned subsidiary of Ivanhoé. Less than four months later, In February 2001, Ivanhoé and Cambridge Shopping Centres Limited were merged under the name Ivanhoé Cambridge Inc.[10] It became one of Canada’s biggest real estate management, development and investment companies. Ivanhoé Cambridge disposed of its small and medium-sized shopping centres in the following years of the merger. In recent years, Ivanhoé Cambridge has also divested itself of large shopping centres that no longer met its expectations.[13][14] Place Sainte-Foy is the sole shopping centre originally built by the former Ivanhoé that is still managed by its successor company, Ivanhoé Cambridge. The company still has under its management a handful of shopping centres that were constructed by Cambridge Shopping Centres. Ivanhoe Cambridge also has ownership in malls that are operated by other real estate companies such as Cadillac Fairview.
SITQ
In the mid-1980s, while Ivanhoé and Cambridge were building and acquiring shopping centres in Quebec and elsewhere in Canada, the Caisse de dépôt et placement du Québec created the Société immobilière Trans-Québec (SITQ) in 1984,[15] specializing in real estate investment, management and development. SITQ focused on three particular business sectors: office buildings and hotels, multiresidential buildings and retirement homes, and, finally, real estate investment funds. In 1991,[16] the acquisition of the 1981 McGill College building marked a turning point in SITQ’s strategy, with a growing emphasis on high-quality office buildings in the heart of major urban centres. Two years later, the company conducted its first international acquisition,[17] the Centre de conférences Albert Borschette in Brussels, in partnership with Compagnie immobilière de Belgique. In 1996,[18] SITQ began negotiations to acquire five office buildings in suburban Paris’s La Défense business district. The transaction, completed in 1997, positioned SITQ as one of the major real estate owners in La Défense. Over the next few years, the Prisma, Friedland, Anjou and Adria office buildings, together with all land still available in La Défense, were added to the SITQ portfolio. The Tour T1 and Immeuble B would be erected there. Expansion continued in outside markets throughout the decade, and SITQ built a major portfolio of buildings. There were also acquisitions in the United States, the United Kingdom, Germany and India. At December 31, 2009, the value of SITQ’s portfolio was CA$17.8 billion.[15]
Ivanhoé Cambridge
On April 21, 2011, the Caisse de dépôt et placement du Québec announced[19] it was grouping its real estate subsidiaries into a single entity, Ivanhoé Cambridge. The new Company brings together its existing subsidiaries in shopping centres (Ivanhoé Cambridge) and in office buildings, hotels, multiresidential buildings and retirement homes, as well as real estate investment funds (SITQ).
Shopping centers portfolio
Its shopping centre portfolio includes 54 malls:
Office Portfolio
Its office building portfolio includes 42 properties:
Multiresidential Portfolio
Ivanhoe Cambridge has interests in 89 multiresidential properties including the Peter Cooper Village in Manhattan, New York.
Ivanhoé Cambridges' different names
At its founding in 1953, the company name was Ivanhoe Corp. It was only in 1969 that the Company officially became Ivanhoe Corporation. Later, in 1977, following a new incorporation, the Company was renamed Ivanhoe Inc. When the Caisse de dépôt et placement du Québec acquired the Company in 1990,[20] Ivanhoé came to be spelled with an acute accent, in both English and French, to emphasize the organization’s francophone identity. Meanwhile, Cambridge was founded in Windsor, Ontario, under the name Cambridge Leaseholds Limited in 1960. In 1984, Cambridge Shopping Centres Limited was created and acquired all the outstanding shares of Cambridge Leaseholds Limited. Ivanhoé and Cambridge Shopping Centres Limited were merged in February 2001. The Company then adopted the name Ivanhoé Cambridge Inc.[10]
Bibliography
- Gibbon, Ann; Hadekel, Peter (1990). Steinberg: The Breakup of a Family Empire. Toronto: Macmillan of Canada. ISBN 0-7715-9102-0.
- Marchand, Sarah; Linteau, Paul-André (2009). Investir, construire et habiter le monde, Les 25 ans de SITQ. Histoire et perspectives (in French). Montreal: Boréal. ISBN 978-2-7646-0666-7.
References
- ↑ Document of incorporation, Government of Quebec, Inspector General of Financial Institutions, Corporations branch, May 12, 1953
- ↑ Ivanhoé Cambridge - 2013 Activity Report
- ↑ http://www.lacaisse.com/
- 1 2 3 Gibbon & Hadekel 1990.
- ↑ Letters patent. Government of Québec, Department of Consumers, Co-operatives and Financial Institutions, Companies Department. November 1, 1977
- ↑ Caisse de dépôt et placement du Québec (1992). 1991 Annual Report (PDF). Montreal: Caisse de dépôt et placement du Québec. ISBN 2-550-22762-X.
- ↑ Caisse de dépôt et placement du Québec (1991). 1990 Annual Report (PDF). Montreal: Caisse de dépôt et placement du Québec. ISBN 2-550-21552-4.
- ↑ Vaughan Mills, Shopping-Canada.com. Quoted: 28 June 2015.
- ↑ Caisse de dépôt et placement du Québec (1999). 1998 Operations Report (PDF). Montreal: Caisse de dépôt et placement du Québec. ISBN 2-550-34337-9.
- 1 2 3 4 5 Caisse de dépôt et placement du Québec (2001). 2000 Operations Report (PDF). Montreal: Caisse de dépôt et placement du Québec. ISBN 2-550-37202-6.
- ↑ Cambridge History: A Chronology of Major Events From 1960 to Today (May 1994)
- ↑ Caisse de dépôt et placement du Québec (1994). 1993 Annual Report (PDF). Montreal: Caisse de dépôt et placement du Québec. ISBN 2-550-28655-3.
- ↑ http://www.lexpert.ca/magazine/big-real-estate-deals/ivanhoe-cambridge-sells-five-malls-to-primaris-retail-reit-5099/
- ↑ http://affaires.lapresse.ca/economie/immobilier/201408/26/01-4794782-cominar-achete-un-portefeuille-de-15-immeubles-divanhoe-cambridge.php
- 1 2 Caisse de dépôt et placement du Québec (July 12, 2010). "Caisse de dépôt et placement du Québec and SITQ announce appointment of William Tresham as Chief Operating Officer, Office Real Estate" (Press release). Montreal. Retrieved August 27, 2014.
- ↑ Marchand & Linteau 2009, p. 69.
- ↑ Marchand & Linteau 2009, p. 93.
- ↑ Marchand & Linteau 2009, p. 98.
- ↑ Caisse de dépôt et placement du Québec (April 21, 2011). "The Caisse de dépôt et placement du Québec consolidates its operating real estate subsidiaries under one banner: Ivanhoe Cambridge Group" (Press release). Montreal. Retrieved August 27, 2014.
- ↑ Caisse de dépôt et placement du Québec, 1989 Annual Report