MONTREAL, April 21 /PRNewswire/ - As part of its 2009 strategic plan to strengthen its foundations for the future, the Caisse de dépôt et placement du Québec today announced the consolidation of its real estate subsidiaries under one banner, Ivanhoe Cambridge Group. The new group will include its real estate subsidiaries active in shopping centres (Ivanhoe Cambridge) and the office and residential sectors (SITQ).
"With this initiative, we continue to streamline our practices to benefit even more from our clear comparative advantage in real estate: our operational expertise," said Michael Sabia, President and Chief Executive Officer of the Caisse. "The real estate sector, which operates in a fiercely competitive market environment, is currently in a global consolidation phase. 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."
"With over $30 billion in assets in 24 countries, Ivanhoe Cambridge Group is already one of the world's 10 largest real estate companies. 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 Chief Executive Officer of Ivanhoe Cambridge Group. "The single management structure will also promote knowledge sharing and collaboration between the operating entities, enhance career opportunities for our employees and strengthen support functions based on the best practices of both organizations," he added.
Each subsidiary will continue to operate independently. More corporate-oriented responsibilities, such as finance, human resources, governance and strategy, will be shared. "Our goal is to capitalize on our distinctive strengths to become one of tomorrow's largest real estate operators," said Mr. Fournier.
Effective today, Ivanhoe Cambridge Group's senior management will include the following executives:
- Daniel Fournier, Chairman & Chief Executive Officer, Ivanhoe Cambridge Group
- Kim McInnes, President & Chief Executive Officer, Ivanhoe Cambridge
- William R.C. Tresham, President and Chief Executive Officer, SITQ
- Sylvain Fortier, President and Chief Executive Officer, Ivanhoe Cambridge Residential
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2010, it held $151.7 billion in net assets. As one of Canada's leading institutional fund managers, the Caisse invests in major financial markets, private equity and real estate. For more information: www.lacaisse.com.
SOURCE CAISSE DE DEPOT ET PLACEMENT DU QUEBEC