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58-525: RioCan was founded in 1993, by its former CEO Edward Sonshine, as Counsel REIT . It was one of the first real estate investment trusts in Canada. The company held an IPO on the Toronto Stock Exchange in 1994. In 1995, it re-structured to internalize its asset management responsibilities, in return for a $ 5 million payment. As part of the re-structuring, the company was renamed RioCan REIT,

116-405: A large range of sizes RioCan tries to ensure that no one tenant makes up more than 10% of its rental revenue, in contrast to some other retail REITS (such as Choice Properties REIT ) whose revenues are dominated by a single tenant. As of 2017, its largest tenant was Loblaw , with about 5% of rental revenue. As of 2017, 66% of revenue was from Ontario, 15% was from Alberta, 9% was from Quebec, 8%

174-586: A major plan to support Quebec businesses in 2009. It adopted a responsible investing policy in 2004 and signed the UN’s Principles for Responsible Investment in 2006. In 2009, Otéra Capital, a subsidiary of the CDPQ, was created to act as a leader in commercial real estate debt across North America. Otéra Capital offers innovative financing solutions for various real estate sectors, such as office, retail, industrial, multifamily, hospitality, and seniors' housing. In

232-595: A prestigious shopping centre located along the city's main commercial artery, and Place Laurier , one of the largest shopping malls in the province of Quebec . 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

290-603: A public pension plan that aimed to provide financial security for Quebecers in retirement. The CDPQ’s mandate was to invest the funds prudently and profitably while also contributing to Quebec’s economic development. As of December 31, 2023, the CDPQ managed assets of C$ 434 billion, invested in Canada and elsewhere. The CDPQ is headquartered in Quebec City at the Price building and has its main business office in Montreal at

348-735: A public transit system on the Samuel-de-Champlain Bridge and a public transit system for the West Island (between downtown Montreal, Pierre-Elliot-Trudeau International Airport and the West Island). On 22 April 2016, CDPQ Infra unveiled plans for a new public transit project, the Réseau express métropolitain (REM). The REM will link downtown Montréal, the South Shore, the West Island (Sainte-Anne-de-Bellevue),

406-560: A short form for "Retail Industrial Office Canadian". RioCan achieved significant growth in its early history, with an annualized 16% return from its IPO to 2013. This growth was achieved in part through acquisitions. In 1995, it acquired five shopping centres in Ottawa from Ivanhoe Inc. for $ 42.5 million, almost doubling the size of the company (at the time, it had 29 properties). In 1998, it acquired nine shopping centres from Burnac Inc, its largest acquisition up to that time. Also in 1998,

464-523: A successful expansion into the United States, taking advantage of low real estate prices there. By 2012, 15% of RioCan's revenue was from the United States, and it planned to expand the percentage to 20%. In December 2015, RioCan sold its U.S. portfolio to Blackstone Real Estate Partners VIII, for C$ 2.7 billion. The deal was triggered by the low value of the Canadian dollar. RioCan used some of

522-594: A sustainable office building project in Toronto. Its headquarters are located in Montreal , and it has offices in Toronto , Vancouver , New York , and Los Angeles . CDPQ Infra, a third subsidiary of the CDPQ, is dedicated to the development and management of infrastructure. At the time of its creation, CDPQ Infra was mandated by the Couillard government to evaluate two public transit projects for Greater Montreal :

580-659: 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

638-504: Is a public infrastructure project in greater Montréal that was proposed by the CDPQ at the request of the government of Quebec . In 2015, the CDPQ proposed a new model for infrastructure projects to the Quebec government, based on its expertise and financial capacity. It then created a subsidiary, CDPQ Infra, to manage major public infrastructure projects in Quebec and abroad. The REM is the first project of CDPQ Infra, which owns and operates

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696-761: The Steinberg's grocery store chain, founded Ivanhoe Corporation. In 1954, Ivanhoe opened its first shopping centre, Dorval Gardens , in the Montreal area. Ivanhoe specialized in shopping centres located in growing urban areas. In the 1980s, Ivanhoe Corporation, which had become Ivanhoe Inc., was the largest real estate company in Quebec and the sixth-biggest in Canada. 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

754-528: The 1990s, the CDPQ diversified its real estate portfolio and increased its equity allocation. It acquired the real estate assets of the Steinberg grocery chain in 1989 and merged its real estate subsidiary, Ivanhoé, with Cambridge Shopping Centres in 2001, creating Ivanhoé Cambridge. It also obtained a legislative change in 1997 that increased its allowable equity allocation from 40% to 70% of its assets. It also moved into infrastructure investment in 1999, with

812-541: The 2010s, the CDPQ accelerated its pace of growth and expansion in Canada and abroad. In 2013 it created the Global Quality Equity Portfolio, which followed a new investment philosophy that favoured total returns, in-depth research, and investments in high-quality assets, anchored in the real economy. It combined all its real estate subsidiaries under one banner, Ivanhoé Cambridge, in 2011. It also established offices in several countries, such as

870-475: The CDPQ focused on building a bond portfolio that included predominantly Quebec government and Hydro-Québec securities. It made its first equity investment in Alcan Aluminium in 1967 and its first commercial mortgage loans in the same year. In 1971, it created the private investments portfolio, which included investments in Quebec companies. In the 1980s, the CDPQ entered into international markets and

928-545: The CDPQ the top institutional investor in infrastructure based on asset size in the Global Investor 50 list. In 2005, article 4 of CDPQ's founding statute was amended to make the institution's mandate explicit: 4.1. The mission of the Fund is to receive moneys on deposit as provided by law and manage them with a view to achieving optimal return on capital within the framework of depositors' investment policies while at

986-630: The CDPQ's various sectors. The CDPQ has three subsidiaries: Ivanhoé Cambridge , Otéra Capital, and CDPQ Infra. The subsidiaries' headquarters are located in the Jacques-Parizeau building in Montreal. Ivanhoé Cambridge is the real estate subsidiary of the CDPQ. It aims to invest in real estate assets including office space, shopping centres, and multi-residential buildings. Some of its biggest projects include CIBC Square in Toronto and Tours Duo in Paris. Otéra Capital, another subsidiary of

1044-461: The CDPQ, provides commercial real estate debt financing across North America. It has a portfolio of over C$ 29 billion in loans as of December 31, 2022. It offers various financing options for different real estate sectors, including office, industrial, retail, multi-family, hospitality, and seniors' housing. Otéra Capital also has a strong commitment to environmental, social, and governance (ESG) principles and has recently granted its first green loan to

1102-506: The CDPQ. CDPQ's portfolio is divided into four main categories of assets: The following table shows the geographic exposure of the CDPQ's overall portfolio, based on the country where the main place of business of the company or issuer is located or, in the case of real estate, the geographic location of properties: The eight largest depositors, listed below, represented 96.4% of the CDPQ's net assets as at December 31, 2022. (billions CAD) The CQDP has been criticized for investing in

1160-467: 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). In 2021, Ivanhoé Cambridge transferred

1218-467: 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

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1276-628: The Canadian province of Quebec . It was established in 1965 by an act of the National Assembly , under the government of Jean Lesage , as part of the Quiet Revolution , a period of social and political change in Quebec. It is the second-largest pension fund in Canada, after the Canada Pension Plan Investment Board . It was created to manage the funds of the newly created Quebec Pension Plan,

1334-621: The Fraser River and various stations along the route. The Canada Line opened to the public in 2009, on time and within budget. It has become an important part of the Greater Vancouver transit system, facilitating the movement of people and goods while contributing to the region’s sustainable growth and development. The CDPQ has investments across different sectors and geographies. Here are a few examples: Source: Source: The CDPQ ranked first among 59 global pension funds in

1392-535: The North Shore (Deux-Montagnes), and the airport through a unified, electrically powered and fully automated 67-km light metro system. The network represents an investment of approximately $ 5.5 billion, of which CDPQ Infra is committing $ 3 billion as the majority shareholder. On March 8, 2017, General Electric said it had agreed to sell GE Water for around US$ 3.4 billion to Suez Environnement in France and

1450-424: The United States, Mexico, Brazil, France, India, China, Singapore, and Australia. In 2015, CDPQ Infra, a subsidiary of the CDPQ, was created to act as a principal contractor for public infrastructure projects. CDPQ Infra is responsible for all phases of a project: planning, financing, execution and operation. It aims to foster the effective delivery of modern, efficient, and sustainable infrastructure projects that meet

1508-573: The United States, the United Kingdom, Germany and India. At December 31, 2009, the value of SITQ's portfolio was C$ 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 Ivanhoe. Less than four months later, In February 2001, Ivanhoe and Cambridge Shopping Centres Limited were merged under

1566-584: 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 Ivanhoe was acquired by Caisse de dépôt et placement du Québec, it began purchasing shares in Cambridge Shopping Centres Limited. Its interest grew from 15.3% to 23.4% in 1993. In the mid-1980s, while Ivanhoe and Cambridge were building and acquiring shopping centres in Quebec and elsewhere in Canada,

1624-399: The board of directors is separate from that of president and chief executive officer. The Quebec government appoints members of the board of directors, upon consultation with the board. The CDPQ's board of directors has defined a profile of expertise and experience required for its independent directors. The executive committee is composed of the president and CEO and the senior officers of

1682-401: The company launched an ultimately successful hostile takeover bid for Realfund REIT. The new company had a market value of more than $ 1 billion, and was Canada's largest REIT. In 2006, RioCan announced a planned expansion into the United States, through a $ 1 billion joint-venture with Ramco-Gershenson Properties Trust . However, this deal fell apart before closing. In 2010, the firm launched

1740-520: The company plans to focus on the six largest Canadian cities of Toronto, Montreal, Ottawa, Calgary, Edmonton, and Vancouver. At the time of the announcement, RioCan had 299 properties, and it plans to sell about 100. RioCan's six largest markets already accounted for 75% of revenue, and it plans to increase that percentage to 90%. RioCan invests primarily in supermarket and junior department store-anchored, neighbourhood, convenience-oriented shopping centres. It owns both enclosed malls and power centres, in

1798-413: The construction of Highway 407 in Toronto. In the 2000s, the CDPQ faced the worst financial crisis since the stock market crash of 1929, which resulted in a loss of $ 42.5 billion in 2008. Following the crisis, the CDPQ adopted a series of measures to increase its effectiveness, refocus on its core competencies, and strengthen its risk management in order to better sustain long-term yields. It also launched

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1856-622: The creation of jobs and wealth in the province. Over the years, the CDPQ has expanded its scope and scale, managing the funds of other public and parapublic pension and insurance plans, such as the Government and Public Employees Retirement Plan (RREGOP), the Pension Plan of Management Personnel (PPMP), and the Fonds d’assurance automobile du Québec. It has also diversified its portfolio, investing in different asset classes and markets around

1914-450: The creation of jobs and wealth in the province. It strived to generate positive impacts for society and the environment. In 2022, Global SWF, a publication that covers sovereign wealth funds and other long-term public investors, awarded the CDPQ its 2022 Fund of the Year award. The next year, Infrastructure Investor magazine, which focuses on the global infrastructure investment market, ranked

1972-842: 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

2030-495: The fully electric and automated light rail system that will serve Greater Montréal. CDPQ Infra is responsible for all aspects of the REM, from design and construction to financing and maintenance, as well as the procurement of rolling stock and systems. CDPQ Infra also follows environmental and social standards and communicates and consults with the public and stakeholders. The REM project has several expected outcomes, including improving

2088-446: 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 . The first entity in

2146-466: The goal of providing transit options connecting downtown Vancouver to Vancouver International Airport and Richmond . InTransit BC won the public-private partnership contract for the Canada Line project. The consortium provided financial backing and expertise in infrastructure development and transportation. The project involved the construction of a new SkyTrain line, which included tunnelling under

2204-505: The government of Jean Lesage, as part of the Quiet Revolution, a period of social and political change in Quebec. Its initial role was to manage the funds of the newly created Quebec Pension Plan, a public pension plan that aimed to provide financial security for Quebecers in retirement. The CDPQ’s mandate was to invest the funds prudently and profitably while also contributing to Quebec’s economic development. In its early years,

2262-517: 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

2320-472: The mobility of commuters, reducing greenhouse gas emissions, creating thousands of jobs, supporting the development of electric transportation, and stimulating economic and real estate growth. Construction on the REM began in April 2018 and is planned to be completed by 2027. The first trains operated in 2023 between Brossard and Gare Centrale Stations. The REM will be one of the longest automated metro lines in

2378-399: 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 the following decade, Ivanhoé Cambridge also divested itself of large shopping centres that no longer met its expectations. Place Sainte-Foy is

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2436-466: The needs of communities. CDPQ Infra also leverages the CDPQ’s infrastructure expertise and adopts international best practices to execute work on time and on budget. In a September 28, 2021, press release, the CDPQ announced its 2021 climate strategy, which included divesting the remaining $ 3.9 billion currently held in oil company assets, which represented 1% of its investment portfolio, by 2022. According to

2494-400: The only shopping centre 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,

2552-536: The operations of its Canadian shopping malls to the Chicago-based firm JLL . More than 300 workers were transferred from Ivanhoé Cambridge to JLL and another 26 positions were eliminated. Caisse de d%C3%A9p%C3%B4t et placement du Qu%C3%A9bec The Caisse de dépôt et placement du Québec ( CDPQ ; English: Quebec Deposit and Investment Fund ) is an institutional investor that manages several public and parapublic pension plans and insurance programs in

2610-601: The private security industry. It became the main shareholder of Allied Universal and also invested in CAE Inc. Critics have derided the poor economic value of these choices. and the social and ethical problems that surround the industry. The holding of Allied Universal by the CQDP became more of a problem after the company acquired G4S , a firm that has been implicated in many controversies that led most public pension funds to divest from it. G4S holds parts of Policity Corporation,

2668-532: The proceeds of the deal to fund its previously announced buyout of Kimco Realty 's joint venture stake for $ 715 million. In 2011, RioCan announced a $ 1 billion joint venture with Tanger Factory Outlet Centers to develop 10-15 centres in Canada. RioCan was significantly affected by the sale of Zellers to Target , and the resulting closure of Zellers stores in Canada, as well as the closure of Target Canada. Target eventually paid RioCan $ 132 million to get out of its leases. Starting around 2015, RioCan entered

2726-458: The rankings. The CDPQ ranked first in the 2023 edition of the list. The CDPQ's board of directors can have up to 15 members, two-thirds of whom must be independent. It is composed of its chair, the president and CEO, depositor representatives, and independent members. The board is responsible for establishing the CDPQ's main orientations and ensuring that the CDPQ adheres with all legislative and regulatory requirements. The position of chair of

2784-614: The real estate portfolio, Ivanhoe Corporation, was founded in 1953 by Sam Steinberg , a Montreal businessman who built Steinberg's grocery store chain. Ivanhoé Cambridge, headquartered in Montreal, has more than 1,000 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$ 60.4 billion on December 31, 2020. On October 15, 2019, Daniel Fournier retired as chairman and chief executive officer. Nathalie Palladitcheff , who already held

2842-574: The real estate sector. It made its first transactions in global equities exchanges in 1983 and its first international private equity investment in Compagnie financière Martin Maurel, in France, in 1984. It also acquired its first office building, Place Delta in Sainte-Foy, in 1980, and its first international real estate acquisition, Centre de conférence Albert-Borschette in Brussels, in 1993. In

2900-558: The residential real estate market, due to the threat from e-commerce to traditional retail. The company plans to re-develop many of its malls with high-rise apartments, including Westgate Mall in Ottawa. By March 2018, when the company announced the RioCan Living Brand, it had 2,800 units planned in eight of its shopping centres. In October 2017, the firm announced it would sell about $ 2 billion worth of properties by 2019. The sales would mainly be in smaller urban centres;

2958-555: The same time contributing to Québec's economic development. In June 2015, the CDPQ statute was further amended to specify that CDPQ "acts with full independence in accordance with this Act." CDPQ has five investment priorities: optimal performance, Québec economy, worldwide presence, sustainable investing, and technology. CDPQ has expanded its global presence by opening offices in key markets such as New York , London , Singapore , Mexico City , São Paulo , Paris , New Delhi , and Sydney . The Réseau express métropolitain (REM)

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3016-434: The statement, the CDPQ was responding "to the markets, to science, and to the will of Quebecers who do not want their money to fuel the climate crisis." As of June 30, 2023, the CDPQ managed assets of C$ 424 billion, invested in sectors such as private equity, fixed income, real estate, infrastructure, and renewable energy in Canada and elsewhere. It also supported Quebec-based companies with growth potential and contributed to

3074-542: The title of President, became chief executive officer on that date. Ivanhoé Cambridge's global investment strategy is diversified, which is why the company invests in different ways, whether through direct investing, through partnerships, by creating investment platforms or through real estate investment funds. 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

3132-811: The world, with a 67-km route and 26 stations. It will connect downtown, the South Shore , the North Shore , the West Island , and Montréal-Trudeau International Airport . The CDPQ was part of a consortium that developed and operated the Canada Line , a public transit infrastructure project in Metro Vancouver . The consortium, named InTransit BC, also included AtkinsRéalis (formerly SNC-Lavalin) and other infrastructure and transportation companies. The Canada Line project started in 2004, with

3190-548: The world. It has established offices in several countries, such as the United States , Mexico , Brazil , France , India , China , Singapore , and Australia . It has also acquired or partnered with several subsidiaries, such as Ivanhoé Cambridge (real estate), CDPQ Infra (infrastructure), and Otéra Capital (financing). The CDPQ was established by an act of the National Assembly on July 15, 1965, under

3248-448: The Édifice Jacques-Parizeau. The CDPQ is a unique institution that plays a vital role in the economic and social development of Quebec and Canada. It is one of the largest and most diversified institutional investors in the world, investing in sectors including private equity, fixed income, real estate, infrastructure, and renewable energy, in Canada and abroad. It also supports Quebec-based companies with growth potential and contributes to

3306-514: Was from British Columbia, and the rest was from the rest of Canada. Properties owned by RioCan include Lawrence Allen Centre in Toronto, Chapman Mills Marketplace in Ottawa, RioCan Centre Kingston in Kingston, and Burlington Centre in Burlington. Ivanho%C3%A9 Cambridge Ivanhoé Cambridge Inc. is a Canadian real estate company based in Montreal , Quebec. With assets around

3364-422: 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 in 1995 with Les Galeries Rive Nord  [ fr ] and Place Montréal Trust . In 2000, Ivanhoe's portfolio grew to include Centre Eaton de Montréal ,

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