New initiative to invest up to $300 million in real estate projects in
MONTREAL, March 28, 2013 /CNW Telbec/ - Daniel Fournier, Chairman and
Chief Executive Officer of Ivanhoé Cambridge, today announced changes
in the Company's organizational structure, with three main objectives:
to reassign operational responsibilities in Canada, to strengthen its
Quebec team by adding specialized resources needed to manage a larger
presence here and to better define its platforms in Europe, the United
States and in emerging markets.
Ivanhoé Cambridge is already a leader in Canada's real estate sector
with assets of $15 billion, including more than $5 billion in Quebec.
Building on this strong presence, one of Ivanhoé Cambridge's core
priorities is to strengthen its positioning here and to encourage the
growth of its activities and investments.
Co-Chief Operating Officers
Claude Sirois, Executive Vice President, Commercial Investment and Emerging Markets,
is promoted to Co-Chief Operating Officer and Executive Vice President,
Quebec. Roman Drohomirecki, Executive Vice President, Operations, Central and Western North
America, is promoted to Co-Chief Operating Officer and Executive Vice
President, Central and Western Regions. Both will report to Mr.
Fournier. These appointments take effect immediately.
Mr. Sirois will be responsible for all of the Company's activities in
Quebec, in the areas of both investments and operations. In addition,
he will oversee the implementation of future construction and
development projects in Quebec. He will work closely with Mr.
Drohomirecki, whose responsibilities will include operational
activities in Canada outside of Quebec. Together, these two executives
will be responsible for all operational activities in Canada.
"With $35 billion in assets around the world now, and in light of the
growing scope of our operations in Canada, we are revisiting our
approach to this country," Mr. Fournier said. "The appointments of
Claude and Roman to these strategic positions confirm our strong
preference for internal talent. We now have two strong, very
experienced people, who know the organization and are respected by
everyone, to head our largest platform, Canada. In this way, we will
have an organizational structure that is well adapted to our needs; one
that will enable us to better manage our assets by being closer to
local markets and, consequently, to our tenants and partners."
Jean Laramée, Senior Vice President, Eastern North American Portfolio, becomes
Senior Vice President, Quebec Real Estate Capital. As such, he will be
responsible for a new initiative to invest up to $300 million in
promising real estate projects in Quebec. He will report to Mr. Sirois.
"We are very familiar with Quebec's real estate market, which is a
valuable competitive advantage that we want to fully capitalize on,"
Mr. Fournier added. "We are convinced of the structuring potential of
this initiative to generate attractive returns, while at the same time
contributing to Quebec's economic development. Jean's solid knowledge
and his well-established network in Quebec's real estate market will
unquestionably be assets in the implementation of this program."
Meka Brunel, Executive Vice President, Europe, is responsible for investments and for asset management in
Europe, which represents about 20% of Ivanhoé Cambridge's total assets.
She reports to Bill Tresham, President, Global Investments.
Adam Adamakakis, Executive Vice President, Investments, will now focus on investment
management and asset management in the U.S., in collaboration with
Callahan Capital Partners. This is a market where Ivanhoé Cambridge
wants to post strong growth. Mr. Adamakakis will report to Mr. Tresham.
EMERGING MARKETS PLATFORM
Louis Voizard, Vice President, Asset Management, Emerging Markets, is promoted to
Senior Vice President, Emerging Markets. He will now be responsible for
Brazil, China and Russia, which represent together about 6% of the
Company's assets. Louis will report to Mr. Tresham. With Claude Sirois'
transition, Koko Gao, Vice President and General Manager, China, will report to Louis
Mr. Sirois will continue to chair the Board of Directors of the joint
venture Ancar Ivanhoe in Brazil, which manages more than twenty
shopping centres. He will therefore be able to provide his
international colleagues with the added-benefit of his extensive
experience in emerging markets and his in-depth knowledge of the
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages
its high-level expertise in all aspects of real estate including
investment, development, asset management, leasing and operations, to
deliver an optimal return for its investors. Through its multiple
subsidiaries, its assets in more than 20 countries are valued at over
Cdn$35 billion as at December 31, 2012. Ivanhoé Cambridge is a real
estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For more
information, visit ivanhoecambridge.com.
SOURCE: Ivanhoé Cambridge
For further information:
Sébastien Théberge, Senior Director, Public Affairs and Communications
Media line: +1 514 847-4171