Ivanhoé Cambridge Inc. 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 multi-residential properties, industrial/logistics real estate, shopping centres and office properties. It also has ownership interests in real estate investment funds and hotels. Ivanhoé Cambridge is a subsidiary of the Caisse de dépôt et placement du Québec, one of Canada's biggest institutional fund managers.
Ivanhoé Cambridge head office
|Founded||May 12, 1953|
|Headquarters||Édifice Jacques-Parizeau 1001, rue du Square-Victoria, |
(President and CEO)
Number of employees
|Footnotes / references|
The first entity in the real estate portfolio, Ivanhoe Corporation, was founded in 1953 by Sam Steinberg, a Montreal businessman who built the Steinberg's grocery store chain. Ivanhoé Cambridge, headquartered in Montreal, has more than 1,400 employees worldwide. Ivanhoé Cambridge is now among the ten largest real estate companies in the world. The value of its assets, located mostly in Canada, the United States, Europe, Brazil and Asia, totalled more than C$60 billion at December 31, 2017.
On October 15, 2019, Daniel Fournier retired as Chairman and Chief Executive Officer. Nathalie Palladitcheff became President and Chief Executive Officer on that date, and a new Chairman of the Board will be appointed. Earlier in 2019, the Caisse de dépôt et placement du Québec had announced that Ivanhoé Cambridge's President and Chief Executive Officer and Chairman of the Board roles would be separated.
History: the origins of Ivanhoé Cambridge
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 Gardens, 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. Ivanhoe specialized in shopping centres located in growing urban areas.
When the Caisse de dépôt et placement du Québec acquired Ivanhoe Inc. in 1990, its portfolio consisted of 36 shopping centres, located mostly in Quebec and Ontario. The value of Ivanhoe's real estate portfolio was then about C$1 billion, making it one of Canada’s largest real estate companies.
Up until the 1990s, Ivanhoe's owned-and-operated portfolio basically consisted of shopping centres built by the late Sam Steinberg. Ivanhoe made its first major acquisitions with Les Galeries Rive Nord in 1994, and Place Montréal Trust in 1995. In 2000, Ivanhoe’s portfolio grew to include Centre Eaton de Montréal, a prestigious shopping centre located along the city’s main commercial artery, and Laurier Québec (Place Laurier), one of Quebec's largest shopping malls.
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. 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. 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 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.
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, specializing in real estate investment, management and development. SITQ focused on three particular business sectors: office buildings and hotels, multi-residential buildings and retirement homes, and, finally, real estate investment funds. In 1991, 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, the Centre de conférences Albert Borschette in Brussels, in partnership with Compagnie immobilière de Belgique. In 1996, 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.
In August 1999, Ivanhoe became the majority shareholder in Cambridge following a CA$331 million investment. On October 1, 2000, 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. It became one of Canada’s biggest retail real estate management, development and investment companies.
Ivanhoé Cambridge disposed of its small and medium-sized shopping centres in the years following the merger. In recent years, Ivanhoé Cambridge has also divested itself of large shopping centres that no longer met its expectations. Place Sainte-Foy is the sole shopping centre originally built by the former Ivanhoe that is still managed by its successor company, Ivanhoé Cambridge. The company still has under its management a handful of shopping centres that were developed by Cambridge Shopping Centres or its predecessor Cambridge Leaseholds Limited. Ivanhoé Cambridge also has ownership in malls that are operated by Cadillac Fairview.
On April 21, 2011, the Caisse de dépôt et placement du Québec announced it was grouping its real estate subsidiaries into a single entity, Ivanhoé Cambridge. The new company brought together its pre-existing subsidiaries in shopping centres (Ivanhoé Cambridge) and in office buildings, hotels, multi-residential buildings and retirement homes, as well as real estate investment funds (SITQ).
Ivanhoé Cambridge's different past 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, 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.
|Mapleview Shopping Centre||Burlington||Canada|
|Metropolis at Metrotown||Burnaby||Canada|
|CrossIron Mills||Rocky View County||Canada|
|Mic Mac Mall||Dartmouth||Canada|
|Premium Outlet Collection YEG||Nisku||Canada|
|Montreal Eaton Centre||Montreal||Canada|
|Complexe Les Ailes||Montreal||Canada|
|Place Montréal Trust||Montreal||Canada|
|Outlet Collection at Niagara||Niagara-on-the-Lake||Canada|
|Bayshore Shopping Centre||Ottawa||Canada|
|Laurier Québec||Quebec City||Canada|
|Place Sainte-Foy||Quebec City||Canada|
|Carrefour de l'Estrie||Sherbrooke||Canada|
|Guildford Town Centre||Surrey||Canada|
|Mayfair Shopping Centre||Victoria||Canada|
|Parque das Bandeiras Shopping||Campinas||Brazil|
|North Shopping Fortaleza||Fortaleza||Brazil|
|North Shopping Joquei||Fortaleza||Brazil|
|Via Sul Shopping||Fortaleza||Brazil|
|North Shopping Maracanaú||Maracanaú||Brazil|
|Shopping Nova Iguaçu||Nova Iguaçu||Brazil|
|Shopping Center Iguatemi 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|
|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|
|1000 De La Gauchetière||Montreal||Canada|
|Montreal World Trade Centre||Montreal||Canada|
|Édifice Price||Quebec City||Canada|
|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|
|U.S. 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|
Residential and Hotels
Ivanhoé Cambridge is also the owner of five hotels in Canada and the United States:
- W Montréal (Montreal)
- Fairmont Olympic Hotel (Seattle)
- 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.
- "Contact Us – Ivanhoé Cambridge – Headquarters". IvanhoeCambridge.com. Retrieved April 2, 2019.
- "IVANHOÉ CAMBRIDGE INC". OpenCorporates.com. London: Chrinon Limited. Retrieved April 2, 2019.
- "IVANHOÉ CAMBRIDGE INC. – Registraire des entreprises du Québec". RegistreEntreprises.Gouv.QC.ca (in French). Québec (Québec). March 26, 2007. Retrieved April 2, 2019.
- "Ivanhoé Cambridge Inc. – LEI Reference Data". GLEIF.org. Basel, Switzerland: Global Legal Entity Identifier Foundation. Retrieved April 2, 2019.
- "Ivanhoe Cambridge Inc – PermID". PermID.org. Toronto: Thomson Reuters. Retrieved April 2, 2019.
- "Caisse de dépôt et de placement (CDPQ)". imtl.org (in French). Montréal: Images Montréal. Retrieved April 2, 2019.
- "Company Overview of Ivanhoé Cambridge, Inc. – Capital Markets". Bloomberg.com. New York: Bloomberg L.P. Retrieved April 2, 2019.
- Document of incorporation, Government of Quebec, Inspector General of Financial Institutions, Corporations branch, May 12, 1953
- Vaughan Mills, Shopping-Canada.com. Quoted: 28 June 2015.
- Ivanhoé Cambridge - 2017 Activity Report
- "Daniel Fournier, Chairman and Chief Executive Officer of Ivanhoé Cambridge, announces retirement".
- Gibbon & Hadekel 1990.
- 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.
- 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.
- 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.
- 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
- "Mapleview Shopping Centre". IvanhoeCambridge.com. March 23, 2019. Retrieved April 2, 2019.
- "Metropolis at Metrotown I & II". IvanhoeCambridge.com. December 14, 2018. Retrieved April 2, 2019.
- "The Core". IvanhoeCambridge.com. January 25, 2019. Retrieved April 2, 2019.
- "CrossIron Mills". IvanhoeCambridge.com. October 10, 2018. Retrieved April 2, 2019.
- "Deerfoot Meadows". IvanhoeCambridge.com. March 25, 2019. Retrieved April 2, 2019.
- "Mic Mac Mall". IvanhoeCambridge.com. January 28, 2019. Retrieved April 2, 2019.
- "Eighth Avenue Place East". IvanhoeCambridge.com. Retrieved April 2, 2019.
- "Eighth Avenue Place West". IvanhoeCambridge.com. Retrieved April 2, 2019.
- "TD Canada Trust Tower". IvanhoeCambridge.com. Retrieved April 2, 2019.
- "Édifice Jacques-Parizeau". IvanhoeCambridge.com. Retrieved April 2, 2019.
- "Édifice Price". IvanhoeCambridge.com. Retrieved April 2, 2019.
- "1211 Avenue of the Americas REIT – SEC Form D". SEC.gov. Washington, D.C.: U.S. Securities and Exchange Commission. January 30, 2014. Retrieved April 2, 2019.
- "1211 Avenue of the Americas". IvanhoeCambridge.com. Retrieved April 2, 2019.
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