Ivanhoé Cambridge

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Ivanhoé Cambridge, Inc.
Private
Subsidiary of Caisse de dépôt et placement du Québec
Industry Commercial real estate
Founded May 12, 1953; 64 years ago (May 12, 1953)
Headquarters Montreal, Quebec, Canada
Key people
Daniel Fournier, Chairman & CEO
Total assets Increase C$56 billion (2016)
Total equity Increase C$29 billion (2015)
Number of employees
1400 (2016)
Parent Caisse de dépôt et placement du Québec
Website www.ivanhoecambridge.com

Ivanhoé Cambridge is a Canadian real estate company with assets around the globe. Its areas of activity are investment, development, asset management, operations and leasing. 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 1,400 employees worldwide. The value of its assets, located mostly in Canada, the United States, Europe, Brazil and Asia, totalled CA$56 billion at December 31, 2016.[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[edit]

Ivanhoe Corporation[edit]

The initial entity in what later became the Ivanhoé Cambridge real estate group dates to May 12, 1953, when Montreal businessman Sam Steinberg, who built the Steinberg's 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]

Steinberg's grocery store, 1960s

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 :

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[edit]

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]

SITQ[edit]

Logo SITQ.jpg

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,[13] 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,[14] 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,[15] the Centre de conférences Albert Borschette in Brussels, in partnership with Compagnie immobilière de Belgique. In 1996,[16] 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.[13]

Ivanhoé Cambridge[edit]

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.[17][18] 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.

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).

Ivanhoé Cambridges' different names[edit]

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]

Portfolio[edit]

Shopping Centers[edit]

Montreal Eaton Centre
Property Name Location Country
Mapleview Shopping Centre Burlington Canada
Metropolis at Metrotown Burnaby Canada
The CORE Calgary Canada
CrossIron Mills Calgary Canada
Deerfoot Meadows Calgary Canada
Market Mall Calgary Canada
Southgate Centre Edmonton Canada
Montreal Eaton Centre Montreal Canada
Complexe Les Ailes Montreal Canada
Galeries d'Anjou Montreal Canada
Place Montréal Trust Montreal Canada
Woodgrove Centre Nanaimo Canada
Outlet Collection at Niagara Niagara-on-the-Lake Canada
Oshawa Centre Oshawa Canada
Bayshore Shopping Centre Ottawa Canada
Fairview Pointe-Claire Pointe-Claire Canada
Laurier Québec Quebec City Canada
Place Sainte-Foy Quebec City Canada
Richmond Centre Richmond Canada
Carrefour de l'Estrie Sherbrooke Canada
Guilford Town Centre Surrey Canada
Fairview Mall Toronto Canada
Tsawwassen Mills Tsawwassen Canada
Vaughan Mills Vaughan Canada
Mayfair Shopping Centre Victoria Canada
Conestoga Mall Waterloo Canada
Wilmersdorfer Arcaden Berlin Germany
Paunsdorf Center Leipzig Germany
La Nova Changsha China
Conjunto Nacional Brasília Brazil
Parque das Bandeiras Shopping Campinas Brazil
Pantanal Shopping Cuiabá Brazil
North Shopping Fortaleza Fortaleza Brazil
North Shopping Joquei Fortaleza Brazil
Via Sul Shopping Fortaleza Brazil
North Shopping Maracanaú Maracanaú Brazil
Natal Shopping Natal Brazil
Shopping Nova Iguaçu Nova Iguaçu Brazil
Shopping Center Iguaremi Porto Alegre Porto Alegre Brazil
Porto Velho Shopping Porto Velho Brazil
Botafogo Praia Shopping Rio de Janeiro Brazil
Shopping Downtown Rio de Janeiro Brazil
Shopping Nova Iguaçu Rio de Janeiro Brazil
Shopping Nova América Rio de Janeiro Brazil
CenterVale Shopping São José dos Campos Brazil
Golden Square Shopping São Paulo Brazil
Shopping Interlagos São Paulo Brazil
Mary Brickell Village Miami United States

Source: Ivanhoé Cambridge - Activity Report 2016

Offices[edit]

Property name Location Country
Metrotown Office Complex Burnaby Canada
Eighth Avenue Place Calgary Canada
TD Canada Trust Tower Calgary Canada
TD Square Office Calgary Canada
415 Saint-Antoine Ouest Montreal Canada
455 Saint-Antoine Ouest Montreal Canada
Édifice Jacques-Parizeau Montreal Canada
1000 De La Gauchetière Montreal Canada
Le 1500 Montreal Canada
Place Ville-Marie Montreal Canada
Montreal World Trade Centre Montreal Canada
Édifice Price Quebec City Canada
Liberty Place Sydney Australia
Newport Corporate Center Bellevue United States
One Boston Place Boston United States
10 & 120 South Riverside Plaza Chicago United States
180 North Lasalle Chicago United States
515 North State Chicago United States
River Point Chicago United States
410 17th Street Denver United States
Tabor Center Denver United States
US Bank Tower Denver United States
PacMutual Los Angeles United States
1211 Avenue of the Americas New York City United States
1411 Broadway New York City United States
1745 Broadway New York City United States
330 Hudson New York City United States
Three Bryant Park New York City United States
MWest Properties Silicon Valley United States
1111 Third Avenue Seattle United States
999 Third Avenue Seattle United States
Second & Spring Seattle United States
U.S. Bank Centre Seattle United States
21 Lombard Street London United Kingdom
Stonecutter Court London United Kingdom
The Minster Building London United Kingdom

Source: Ivanhoé Cambridge - Activity Report 2016

Residential and Hotels[edit]

Ivanhoé Cambridge is the owner of many multiresidential buildings in big cities around the world. These properties are located in London, New York City, San José, Seattle, Montreal and Quebec City.

Ivanhoé Cambridge is also the owner of five hotels in Canada and the United States:

- Queen Elizabeth Hotel (Montreal)

- Château Frontenac (Quebec City)

- W Montréal (Montreal)

- Fairmont Royal York (Toronto)

- Fairmont Olympic Hotel (Seattle)

Source: Ivanhoé Cambridge - Activity Report 2016

Projects[edit]

Ivanhoé Cambridge is developing several projects over the next decade. Among these, Bay Park Centre in Toronto, DUO in Paris and Maison Manuvie in Montreal.

Bibliography[edit]

  • 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[edit]

  1. ^ Document of incorporation, Government of Quebec, Inspector General of Financial Institutions, Corporations branch, May 12, 1953
  2. ^ Ivanhoé Cambridge - 2016 Activity Report
  3. ^ http://www.lacaisse.com/
  4. ^ a b c Gibbon & Hadekel 1990.
  5. ^ Letters patent. Government of Québec, Department of Consumers, Co-operatives and Financial Institutions, Companies Department. November 1, 1977
  6. ^ 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. 
  7. ^ 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. 
  8. ^ Vaughan Mills, Shopping-Canada.com. Quoted: 28 June 2015.
  9. ^ 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. 
  10. ^ a b c d e 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. 
  11. ^ Cambridge History: A Chronology of Major Events From 1960 to Today (May 1994)
  12. ^ 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. 
  13. ^ a b 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. 
  14. ^ Marchand & Linteau 2009, p. 69.
  15. ^ Marchand & Linteau 2009, p. 93.
  16. ^ Marchand & Linteau 2009, p. 98.
  17. ^ http://www.lexpert.ca/magazine/big-real-estate-deals/ivanhoe-cambridge-sells-five-malls-to-primaris-retail-reit-5099/
  18. ^ http://affaires.lapresse.ca/economie/immobilier/201408/26/01-4794782-cominar-achete-un-portefeuille-de-15-immeubles-divanhoe-cambridge.php
  19. ^ 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. 
  20. ^ Caisse de dépôt et placement du Québec, 1989 Annual Report

External links[edit]