Ivanhoe Cambridge
 | |
| Type |
Private Subsidiary of Caisse de dépôt et placement du Québec |
|---|---|
| Industry | Commercial real estate |
| Founded | February 2, 2001 |
| Headquarters | Montreal, Quebec, Canada |
| Key people | Daniel Fournier, Chairman & CEO |
| Owner(s) | Caisse de dépôt et placement du Québec |
| Website | www.ivanhoecambridge.com |
Ivanhoe Cambridge, Inc. is a property management and development company that formed from the merger of two former companies, Ivanhoe and Cambridge, in 2001, and Ivanhoe Cambridge and SITQ in 2011. It is a subsidiary of the Caisse de dépôt et placement du Québec pension fund.
About the previous entities
Ivanhoe Corporation
Ivanhoe Corporation was founded in 1952 by Sam Steinberg, creator of the Steinberg grocery chain. In 1954, the company opened its first shopping centre called Dorval Gardens.
Ivanhoe is credited for developing many of the first shopping centres in Quebec. Throughout the 1950s and 1960s, Ivanhoe built more shopping malls in the Greater Montreal Area than any other real estate company. Place Greenfield Park, opened in 1963, was the company's first enclosed mall. It also built malls in other regions of Quebec as well as the Ottawa area, although its flagship presence had always been in the Montreal area.
In the 1980s, Ivanhoe Corporation became Ivanhoe Inc., and was sold to the Caisse de dépôt et placement du Québec in 1990.
Until 1995, Ivanhoe's properties were small or mid-size shopping malls. The company had very few large shopping centres. With the acquisition in 1995 of Galeries Rive Nord in Repentigny and Place Montréal Trust in Downtown Montreal, Ivanhoe began envisioning larger shopping malls. Ivanhoe went on a buying spree of super regional malls both within and outside of Quebec although it continued to operate its original small and medium shopping malls. After Ivanhoe merged with Cambridge in 2001, the company divested itself from its small and medium-sized shopping malls.
Mail Champlain in Brossard and Place Sainte-Foy in Quebec City are the only two shopping centres built by Ivanhoe Corporation that are still managed by successor Ivanhoe Cambridge. However, Ivanhoe Cambridge no longer owns 100% of either mall. Mail Champlain is now co-owned with HOOPP (Hospitals of Ontario Pension Plan), while Place Sainte-Foy is co-owned with a German investment firm.
Cambridge Shopping Centres Ltd
Cambridge Shopping Centres Limited was a Toronto real estate company founded in 1960 by the Tabachnik and Odette families. Cambridge opened its first mall in 1962 and operated 42 malls across the country. Cambridge fully acquired competitor Markborough Properties from the Hudson's Bay Company in 1996.
Ivanhoe began to buy shares from Cambridge in 1998. In August 1999, Ivanhoe became the majority shareholder of Cambridge, and by October 1, 2000, Cambridge was a wholly owned subsidiary of Ivanhoe.
In contrast to Ivanhoe Corporation, many of Cambridge's former malls are still owned and managed by Ivanhoe Cambridge. The following are all former Cambridge malls that still belong to Ivanhoe Cambridge: Southgate Centre, Kildonan Place, Guildford Town Centre, Vaughan Mills, Mapleview Centre, Oshawa Centre, Mayfair Shopping Centre, Mill Woods Town Centre, Oakridge Centre, Sunridge Mall, Conestoga Mall, Bayshore Shopping Centre, Metropolis at Metrotown, Devonshire Mall, Dixie Outlet Mall and a few others.
Modern operations
Ivanhoe Cambridge is a subsidiary of the Caisse de dépôt et placement du Québec. The company's headquarters are located in Montreal, Quebec, Canada Following the merger of Ivanhoe Cambridge and SITQ in 2011, Ivanhoé Cambridge now operates in three sectors: shopping centres, office buildings and multi-residential properties. It holds over $30 billion in assets across 24 countries and 1,650 employees in 10 countries.
Shopping centres
Ivanhoé Cambridge's retail presence is focused in Canada, but it is expanding into the US, European, Brazilian, and Asian markets.[citation needed]
Ivanhoé Cambridge holds ownership in many shopping malls that are managed by other property management companies. This is usually the case for its international operations. But this can also be the situation in Canada. For example, Ivanhoe Cambridge owns at 50% Les Galeries d'Anjou and Fairview Pointe-Claire; two of Cadillac Fairview's four "Fashion centres" malls. Ivanhoe Cambridge's predecessor Ivanhoe Corporation used to partly own the two other "Fashion centres", Carrefour Laval and Promenades Saint-Bruno, but these two malls are now wholly owned by Cadillac Fairview.
Ivanhoé Cambridge owns, to various degree, more than 100 shopping centres worldwide with half of them under its management. Examples of notable malls that are not only managed by Ivanhoé Cambridge but also fully owned by it include Vaughan Mills and Rockland.
Ivanhoé Cambridge is in the process of building an outlet mall, The Outlet Collection in Niagara-on-the-Lake, Ontario opening sometime in 2013.
Office buildings
Notable assets in the building portfolio include Place Ville Marie in Montreal, Eighth Avenue in Calgary, Citibank Tower in New York and Tour T1 in Paris.[citation needed]