Caisse de dépôt et placement du Québec (CDPQ) said Daniel Fournier, chairman and CEO of Ivanhoé Cambridge, the pension system’s real estate investment arm, will retire in October.
Fournier has headed Ivanhoé’s operations and investment activity since 2010. During this time, he led the consolidation of CDPQ’s real estate affiliates and oversaw deal volume of nearly $100 billion.
Fournier will be replaced as CEO by Nathalie Palladitcheff. She joined Ivanhoé in 2015 as executive vice president and CFO and was last year appointed president.
Montréal-based Ivanhoé holds $65 billion in assets and interests in more than 1,000 buildings in the industrial and logistics, office, residential and retail sectors.
Daniel Fournier, Chairman and Chief Executive Officer of Ivanhoé Cambridge, announces retirement
MONTRÉAL, Aug. 14, 2019 /CNW Telbec/ – After more than ten years of service at Caisse de dépôt et placement du Québec (CDPQ), including over nine as the CEO of Ivanhoé Cambridge, Daniel Fournier has announced that he will retire in fall 2019. To ensure an orderly transition, Mr. Fournier will continue to serve in his role until October 15, 2019.
“Daniel has done an outstanding job turning Ivanhoé Cambridge into one of the world’s largest real estate investors. Thanks to him and his team, Ivanhoé Cambridge has built world-class expertise in acquiring, developing and managing real estate assets. His legacy – a unified and truly global real estate company with a clear strategy and solid execution capability – is one that CDPQ will be able to build upon for generations,” said Michael Sabia, President and Chief Executive Officer of CDPQ.
In 2011, Mr. Fournier led the consolidation of CDPQ’s real estate subsidiaries – SITQ and Ivanhoé Cambridge – under a single banner to give the group a stronger edge in the face of global competition and to gain access to transactions on a larger scale. Under Mr. Fournier’s leadership, Ivanhoé Cambridge has become a global presence that employs a selective approach focused on quality partners, projects and assets. During his time as CEO, Ivanhoé Cambridge’s transaction volume, including acquisitions and sales, totalled nearly $100 billion. The company was named Best Global Investor of the Year in 2017 and 2018, a prestigious industry recognition as part of the IPE Real Estate Global Awards.
Under Mr. Fournier’s leadership, Ivanhoé Cambridge has built global portfolios of assets in the residential, office and logistics sectors. The company also launched several large-scale development projects in cities around the world, including the Projet Nouveau Centre in downtown Montréal, and significantly increased its presence in growth markets, especially in Asia Pacific and Latin America. During Mr. Fournier’s time leading the company, Ivanhoé Cambridge’s real estate assets grew from $31 billion to $65 billion, generating net investment income of close to $24 billion, with an average annual return of 11.8%.
“In addition to all his real estate work, Daniel has been a fundamental pillar in CDPQ’s transformation, where he has been recognized for his sharp business acumen, great leadership and unwavering commitment to building this great institution. On behalf of all the people of both Ivanhoé Cambridge and CDPQ, I would like to thank him for his tremendous contribution over the last ten years. It goes without saying that he will be missed,” added Mr. Sabia.
Robert Tessier, Chairman of CDPQ’s Board of Directors, said, “At CDPQ, we often talk about the importance of building strong Québec companies that can compete successfully in international markets. I think Ivanhoé Cambridge is a shining example of this. After skillfully leading the consolidation of CDPQ’s real estate subsidiaries, Daniel and his team truly transformed Ivanhoé Cambridge into a global player. His vision and great sense of responsibility should also be highlighted, as they have led him to create a strong management team and a solid succession to write the company’s next chapter.”
“As I look back at the last ten years, I realize just how much we have accomplished at Ivanhoé Cambridge. We elevated this Québec company into the ranks of the world’s largest real estate investors. It has been an honour to work for a company that is so important to CDPQ and to Québec,” said Mr. Fournier.
The succession team
Nathalie Palladitcheff is appointed President and Chief Executive Officer of Ivanhoé Cambridge.
After joining Ivanhoé Cambridge in 2015, Ms. Palladitcheff was appointed President in 2018. Her responsibilities in this role included developing and executing Ivanhoé Cambridge’s global strategy and ensuring the alignment of its investment and corporate activities. She led the strategic planning process, supervised the company’s overall financial activities and was responsible for human resources, legal affairs and information technology. Before joining Ivanhoé Cambridge’s management team, Ms. Palladitcheff held various management positions in real estate investment, development and services at private and public companies.
In her new role, Ms. Palladitcheff will work closely with Sylvain Fortier, Chief Investment and Innovation Officer, whose functions were expanded and include responsibility for the company’s overall investment activities.
With over 30 years of real estate experience, Mr. Fortier joined CDPQ in 2004. In 2011, he was appointed to lead the residential business unit of the newly formed Ivanhoé Cambridge and was also responsible for real estate funds and hotels. As Chief Investment and Innovation Officer, Mr. Fortier supervises the development and implementation of new strategies to reinforce Ivanhoé Cambridge’s leadership in the industry and promote corporate social responsibility.
“We have been working with the Ivanhoé Cambridge Board of Directors on the succession plan for several years. Today, I am very proud to pass the torch to Nathalie and Sylvain, two exceptional leaders whom I admire and who are devoted, passionate and embody the leadership that will guide Ivanhoé Cambridge for the future,” noted Mr. Fournier.
“It’s a real honour for me to take the reins of this company, which has a solid foundation and a future filled with possibilities. I’d like to thank Daniel for his trust and commitment to preparing his succession. Supported by the strong team in place, Sylvain and I will carry on the work he started and push the boundaries of this industry in transformation,” said Ms. Palladitcheff.
Earlier this year, it was announced that Ivanhoé Cambridge’s President and Chief Executive Officer and Chairman of the Board roles would now be separate. In the coming months, a new Chairman of the Board will be appointed by the Ivanhoé Cambridge Board of Directors, upon recommendation from the CDPQ Board of Directors.
The announced changes will be effective October 15, 2019.
Complete biographical notes for Mr. Fournier, Ms. Palladitcheff and Mr. Fortier are included with this news release.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CAD 326.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
ABOUT IVANHOÉ CAMBRIDGE
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
Vertically integrated in Canada, Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,000 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held close to C$65 billion in real estate assets as at December 31, 2018 and is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada’s leading institutional fund managers. For more information: ivanhoecambridge.com.
Chairman and Chief Executive Officer, Ivanhoé Cambridge
Daniel Fournier oversees all of Ivanhoé Cambridge’s operations and investment activities, including strategy development, asset allocation, as well as portfolio management and growth. He is also closely involved in the development of the Company’s network of local and international investment partners. Under his stewardship, Ivanhoé Cambridge has grown into a global leader in real estate investment.
In 2011, Mr. Fournier presided over the consolidation of the Caisse de dépôt et placement du Québec’s real estate subsidiaries, SITQ and Ivanhoé Cambridge, under a single banner with the goal of enhancing the group’s impact in the face of international competition and improving its access to major transactions. Under his guidance, Ivanhoé Cambridge subsequently became a leading global player, with a transaction volume, including both acquisitions and sales, of close to $100 billion. Taking a selective approach that emphasizes partners, projects and assets of high quality, the Quebec-based company today ranks among the world’s premier players in institutional real estate investment. At the IPE Real Estate Global Awards, it was named Best Global Investor of the Year, a coveted industry distinction, in both 2017 and 2018.
During Mr. Fournier’s term as Chairman and CEO, the Company’s real estate assets under management have shown sustained growth, rising to $65 billion from $31 billion. In addition to launching several major development projects in major world capitals, Ivanhoé Cambridge has built a nationwide platform of office properties in the United States and significantly boosted its presence in emerging markets, including in Asia and Latin America, while also creating a new global platform in the residential sector and embarking on a major shift into industrial and logistics real estate.
Mr. Fournier has more than 30 years of business experience and a solid background in the real estate industry. Prior to joining Ivanhoé Cambridge, he was Chairman of the Board of Genivar, now WSP Global, and a member of Canadian Tire’s Board of Directors. He was also a director of the Summit Industrial Income REIT and of Standard Life (Canada), now part of Manulife. In recent years, he has chaired fundraising campaigns for La Maison du Père, The Lighthouse Children and Families, and the Institute for Research in Immunology and Cancer (IRIC). He has also been co-chair of the fundraising campaign of Bishop’s University in Sherbrooke, Quebec, and is Chairman of the Board of Trustees of the McCord Museum Foundation in Montreal.
Daniel Fournier studied History at Princeton University and Jurisprudence at Oxford University, as a Rhodes Scholar. He took a term off to play for the Canadian Football League’s Ottawa Rough Riders.
Nathalie Palladitcheff is currently President of Ivanhoé Cambridge, and will become President and Chief Executive Officer on October 15, 2019. In that capacity, she will be responsible for ensuring the Company’s growth and evolution.
During the four years preceding her appointment, Ms. Palladitcheff has held multiple responsibilities at Ivanhoé Cambridge. She joined the Company in August 2015 as Executive Vice President and Chief Financial Officer, and was appointed President in 2018.
Her duties as President included developing and overseeing execution of the company’s global strategy, and ensuring that it was properly aligned and positioned to invest internationally with conviction. She led the strategic planning process, ensuring that portfolio construction was defined in an optimal and balanced manner, to generate sustainable performance from a long-term perspective. She was also responsible for specialized research activities and guided the business units in identifying investment opportunities in various sectors, geographical areas and products. In early 2019, she took over management of the Emerging Markets and Europe business units.
Ms. Palladitcheff also managed all of the Company’s finance-related activities, which included mapping out new strategies for capital markets. She also oversaw the digital shift required to meet business needs and ensure Ivanhoé Cambridge’s leadership position in this area.
Nathalie Palladitcheff began her career with Coopers & Lybrand Audit (1991 to 1997), before joining Banque Française commerciale, based in the Indian Ocean, as Director of Financial Affairs and Management Audits (1997 to 2000).
She then continued her profession in the various facets of real estate investment, development and services, serving as Financial Manager and then Deputy Managing Director of Paris-based Société Foncière Lyonnaise, a public commercial real estate investment company.
From 2006 to 2007, she was Managing Director of Dolmea Real Estate, a subsidiary of Axa Group, which was principally engaged in acquisition, management and rental of residential properties in the Île-de-France region.
Ms. Palladitcheff joined Icade, a public commercial and residential real estate investment and development company, in 2007 as a member of the Executive Committee in charge of Finance, Legal Affairs and Information Technology. In 2010, she also assumed responsibility for the Property Services division (Facility, Property Management and Council), and in February 2015, was appointed Acting CEO.
She has also been a director of various companies including Silic, Qualium Investments, Crédit agricole CIB and Gecina, and presently sits on the boards of directors of SPIE, the CHU Sainte-Justine Foundation, and REALPAC.
Nathalie Palladitcheff is a graduate of École Supérieure de Commerce de Dijon (ESC Dijon) and holds a Diplôme d’Études Supérieures Comptables et Financières (DESCF) as well as a Diplôme d’Études Financières et Comptables (DECF). In 2012, she was made a Chevalier of France’s Ordre national du mérite.
Chief Investment and Innovation Officer
Sylvain Fortier is responsible for developing and executing strategies enabling Ivanhoé Cambridge to provide strong, innovative real estate investment leadership. To that end, he identifies new ideas by focusing on emerging trends, technological advances, and needs generated by urbanization or by future users of space. He oversees the full spectrum of the Company’s investment activity and has helmed several transformative projects such as the acquisition of the Stuyvesant Town residential neighbourhood in New York City and the partnership to create ARK with The We Company. His mandate also includes oversight of global investment funds and corporate social responsibility.
Mr. Fortier is a member of the Board of Directors and Chairman of the Strategy and Investment Committee of Gecina, Europe’s largest office real estate investment trust, in which Ivanhoé Cambridge has a substantial investment. He also sits on the Board of Directors of Otéra Capital, a major commercial mortgage lender.
He joined Ivanhoé Cambridge’s parent company, the Caisse de depot et placement du Québec, in 2004 as Vice President, Asset Management, of Cadim. He was then put in charge of SITQ’s office building portfolio in the United States. In August 2010, he became Ivanhoé Cambridge’s Vice President, Real Estate Strategy. In April 2011, he was appointed head of the Company’s newly formed residential business unit, which grew significantly under his leadership, with assets climbing to more than $10 billion from $1 billion.
Mr. Fortier has more than 30 years of experience in real estate investment and financing involving various asset types. He began his career with the mortgage and real estate units of London Life and then joined Standard Life, where his positions included Regional Manager. Over the years, he has acquired a broad range of experience in real estate financing and management.
He is actively involved in the community and has been a member of the fundraising committees of The Lighthouse Children and Families, Centraide / United Way, and the Institute for Research in Immunology and Cancer (IRIC). He sits on the Board of Directors of Théâtre du Nouveau Monde (TNM) and is also a member of the Pension Real Estate Association (PREA) and the National Multifamily Housing Council (NMHC).
Sylvain Fortier graduated from McGill University with a bachelor of commerce degree, majoring in finance and real estate.
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