CANADA - The Caisse de dépôt et placement du Québec has consolidated its real estate subsidiaries under the banner of the Ivanhoe Cambridge Group.
The new group will consist of Caisse's real estate subsidiaries active in shopping centres, known as 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 president and chief executive officer Michael Sabia.
"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 utilise 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."
Each subsidiary will continue to operate independently, with many corporate-oriented responsibilities, such as finance, human resources, governance and strategy, shared.
"With over C$30bn in assets in 24 countries, Ivanhoe Cambridge Group is already one of the world's 10 largest real estate companies," said group chairman and chief executive officer Daniel Fournier.
"The new group, which will provide easier access to major transactions and increase our efficiency, will improve our ability to compete internationally. 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 organisations," he added.
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