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; 63 years ago (May 12, 1953)
Headquarters Montreal, Quebec, Canada
Key people
Daniel Fournier, Chairman & CEO
Total assets Increase C$55 billion (2015)
Total equity Increase C$29 billion (2015)
Number of employees
1699 (2015)
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. 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[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 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 :

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] 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[edit]

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[edit]

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[edit]

Its shopping centre portfolio includes 54 malls:

Property name Location Country
Bayshore Shopping Centre Ottawa Canada
Mic Mac Mall Dartmouth Canada
Conestoga Mall Waterloo Canada
Mapleview Centre Burlington Canada
Oshawa Centre Oshawa Canada
Outlet Collection at Niagara Niagara Falls Canada
Vaughan Mills Vaughan Canada
Fairview Mall Toronto Canada
Carrefour de l'Estrie Sherbrooke Canada
Complexe Les Ailes Montreal Canada
Fairview Pointe-Claire Pointe-Claire Canada
Laurier Québec Quebec City Canada
Galeries d'Anjou Montreal Canada
Galerie Place Ville Marie Burlington Canada
Montreal Eaton Centre Montreal Canada
Place Montréal Trust Montreal Canada
Place Ste-Foy Quebec City Canada
Kildonan Place Winnipeg Canada
Outlet Collection at Winnipeg Winnipeg Canada
Deerfoot Mall Calgary Canada
Market Mall Calgary Canada
Southgate Centre Calgary Canada
Crossiron Mills Calgary Canada
Outlet Collection at Edmonton Edmonton Canada
Guildford Town Centre Surrey Canada
Mayfair Shopping Centre Victoria Canada
Metropolis at Metrotown Burnaby Canada
Oakridge Centre Vancouver Canada
Woodgrove Centre Nanaimo Canada
Tsawwassen Mills Tsawwassen Canada
Botafogo Praia Shopping Rio de Janeiro Brazil
Boulevard Rio Shopping Rio de Janeiro Brazil
Downtown - Sua Feliz Cidade Rio de Janeiro Brazil
Shopping Nova América Rio de Janeiro Brazil
North Shopping Fortaleza Fortaleza Brazil
North Shopping Jóquei Fortaleza Brazil
Via Sul Shopping Fortaleza Brazil
CenterVale Shopping São José dos Campos Brazil
Conjunto Nacional Brasilia Brazil
Golden Square Shopping São Bernardo do Campo Brazil
Mapleview Centre Burlington Canada
Natal Shopping Natal Brazil
North Shopping Maracanau Maracanaú Brazil
Pantanal Shopping Cuiaba Brazil
Parque das Bandeiras Shopping Campinas Brazil
Porto Velho Shopping Porto Velho Brazil
Shopping Center Iguatemi Porto Alegre Porto Alegre Brazil
Shopping Interlagos São Paulo Brazil
La Nova Changsha China
Madrid Xanadú Madrid Spain
Mary Brickell Village Miami United States
Paunsdorf Centre Leipzig Germany
Wilmersdorfer Arcaden Berlin Germany

Office portfolio[edit]

Its office building portfolio includes 42 properties:

Property name Location Country
World Trade Centre Montréal Montréal, Quebec Canada
Édifice Champlain Ste-Foy, Quebec Canada
Édifice Jacques-Parizeau Montréal, Quebec Canada
Édifice Price Quebec City, Quebec Canada
Place Ville Marie 1 Montréal, Quebec Canada
Place Ville Marie 2 & 3 Montréal, Quebec Canada
Place Ville Marie 4 Montréal, Quebec Canada
Place Ville Marie 5 Montréal, Quebec Canada
415 Saint-Antoine Ouest Montréal, Quebec Canada
455 Saint-Antoine Ouest Montréal, Quebec Canada
TD Canada Trust Tower Calgary, Alberta Canada
Metrotower I Burnaby, British Columbia Canada
Metrotower II Burnaby, British Columbia Canada
The 1075 W. Georgia Building Vancouver, British Columbia Canada
Oakridge Centre - Offices Vancouver, British Columbia Canada
Liberty Place Sydney, Australia Australia
1211 Avenue of the Americas Manhattan, New York United States
1411 Broadway Manhattan, New York United States
1745 Broadway Manhattan, New York United States
330 Hudson Manhattan, New York United States
Three Bryant Park New York, New York United States
1111 Third Avenue Seattle, Washington United States
999 Third Avenue Seattle, Washington United States
Second & Spring Seattle, Washington United States
US Bank Center Seattle, Washington United States
Newport Corp Ctr-Five Newport Bellevue, Washington United States
Newport Corp Ctr-Four Newport Bellevue, Washington United States
Newport Corp Ctr-Newport Terr Bellevue, Washington United States
Newport Corp Ctr-Newport Tower Bellevue, Washington United States
Newport Corp Ctr-Two Newport Bellevue, Washington United States
180 North Lasalle Chicago, Illinois United States
10 - 120 South Riverside Plaza Chicago, Illinois United States
515 North State Chicago, Illinois United States
Channel Center Boston, Massachusetts United States
One Boston Place Boston, Massachusetts United States
PacMutual Los Angeles, California United States
410 17th Street Denver, Colorado United States
Tabor Center Denver, Colorado United States
US Bank Tower Denver, Colorado United States
Stonecutter Court London, United Kingdom United Kingdom
The Minster Building London, United Kingdom United Kingdom
21 Lombard Street London, United Kingdom United Kingdom

Multiresidential portfolio[edit]

Ivanhoe Cambridge has interests in 89 multiresidential properties including the Peter Cooper Village in Manhattan, New York.

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]

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 - 2013 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. ^ http://www.lexpert.ca/magazine/big-real-estate-deals/ivanhoe-cambridge-sells-five-malls-to-primaris-retail-reit-5099/
  14. ^ http://affaires.lapresse.ca/economie/immobilier/201408/26/01-4794782-cominar-achete-un-portefeuille-de-15-immeubles-divanhoe-cambridge.php
  15. ^ 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. 
  16. ^ Marchand & Linteau 2009, p. 69.
  17. ^ Marchand & Linteau 2009, p. 93.
  18. ^ Marchand & Linteau 2009, p. 98.
  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]