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Consolidation real estate division of CDPQ

On January 24th, the Caisse de dépôt et placement du Québec (CDPQ) announced that Ivanhoé Cambridge and Otéra Capital will now be integrated as investment groups within CDPQ’s real estate subsidiaries. This consolidation aims to support and optimize CDPQ’s real estate subsidiaries. It is important to note that both companies will maintain their respective brands in the markets despite their full integration planned within 18 to 24 months.

Following the integration, CDPQ anticipates annual savings of approximately $100 million through synergies achieved in its processes, resources, and systems. This synergy aligns with the group’s strategy, as one of its visions is to position itself for the future by leveraging the talent and expertise of the group as a whole.

Regarding the investment teams, their integration is scheduled to begin on April 29, 2024. The investment teams will continue to operate in the market under their respective brands, Ivanhoé Cambridge and Otéra Capital.

The integration of the investment group and service teams will undoubtedly bring efficiency gains, but it will also bring much more than that. By listing some of the advantages of integrating the real estate subsidiaries, it will reinforce the focus on investment expertise, strengthen analytical capability, optimize business services to leverage the best talent and practices from all three organizations, and maximize business relationships and partnerships.

As part of this integration, CDPQ will become the sole shareholder of all minority-owned interests in the capital of Ivanhoé Cambridge and Otéra Capital. At the close of the share acquisition transaction scheduled for late April, Nathalie Palladitcheff, President and CEO of Ivanhoé Cambridge, will leave the CDPQ group.

Currently, the identity of the new leader for the real estate investment group remains unknown. Their appointment will be announced by the end of the transition period, with the aim of ensuring a gradual and orderly leadership transfer.