British Columbia Investment Management Corp., Victoria, on Wednesday announced it's creating a subsidiary to manage its C$18 billion ($13.8 billion) in real estate assets.
The subsidiary, QuadReal Property Group, “is a natural evolution for a company of scale and ambition and it fits perfectly with our strategy to expand our global reach," Gordon J. Fyfe, CEO and chief investment officer of BCIMC, said in a news release.
BCIMC's real estate assets had been managed by Bentall Kennedy, GWL Realty Advisors and Realstar. QuadReal will take over management of those assets.
Remco Daal and Jonathan Dubois-Phillips were named co-presidents of QuadReal. Mr. Daal will oversee QuadReal's Canadian holdings while Mr. Dubois-Phillips will supervise international investments.
Mr. Daal was president of Bentall Kennedy's Canadian operations. Tony Astles, Bentall Kennedy's executive vice president for property services operations in western Canada, will replace Mr. Daal, according to a news release on Bentall Kennedy's website.
Mr. Dubois-Phillips was president of real estate boutique firm Winter Cove Investments. Efforts to reach officials at Winter Cove were unsuccessful.
BCIMC oversees C$123.6 billion in provincial pension and other assets.