Caisse de Depot et Placement du Quebec, Montreal, on Thursday announced the C$151.7 billion (US$159.2 billion) system is consolidating its real estate subsidiaries under a single entity, called Ivanhoe Cambridge Group.
The group consists of its Ivanhoe Cambridge subsidiary that is active in shopping center management and its SITQ office and residential sector unit.
Ivanhoe Cambridge has more than C$30 billion in assets in 24 countries, Daniel Fournier, chairman and CEO of Ivanhoe Cambridge Group, said in a news release. Mr. Fournier was president of the Caisse real estate group.
Each subsidiary will continue to operate independently, while some functions, such as finance, human resources, governance and strategy, will be shared between the entities, according to the news release.