Canadian companies are making a mark in the global real estate market, as Brookfield Office Properties and Ivanhoé Cambridge rank among the top five office space owners in the world.
Brookfield (BPO.PR.X-T) placed second behind Blackstone Group with 89 million square feet in the National Real Estate Investor’s listing of top office owners globally as of Dec. 31, 2015. Blackstone Group owns 139 million square feet of office around the world.
Brookfield’s landmark properties include: Brookfield Place Toronto and First Canadian Place in Toronto; Bankers Hall in Calgary; Brookfield Place New York in New York City; Bank of America Plaza in Los Angeles; Canary Wharf in London; Darling Park in Sydney, Australia; Brookfield Place Perth in Perth, Australia; and Potsdamer Platz in Berlin.
“While the debt and equity capital markets experienced volatility in the early part of the year, fundamentals in all of our major markets remain sound,” Brookfield Property Partners chief executive officer Brian Kingston said in a May 6 letter to unit-holders.
“Real estate investment activity in most markets is robust and we are hopeful this increase in volatility will continue to create attractive new investment opportunities for us to acquire high-quality real estate on a value basis.”
Biggest Ivanhoé Cambridge office buildings
Montreal-based Ivanhoé Cambridge ranked fourth with 44,597,662 square feet of office space and declined comment on its placement.
The real estate subsidiary of institutional fund manager Caisse de dépôt et placement du Québec’s largest office properties include: the Place Ville Marie complex in Montreal; Eighth Avenue Place East Tower in Calgary; 1211 Avenue of the Americas, 1411 Broadway and Three Bryant Park in New York City; and 10-120 South Riverside Plaza in Chicago.
Canadian global real estate investors also prominent on IPE list
Meanwhile, European publication IPE Real Estate came up with its own list of the top 100 global investors ranked by size of real estate assets under management at the end of 2015. Three Canadian investors were in the top 10 and another nine were included lower down in the rankings.
The Canadian investors making the grade were:
* Caisse de dépôt et placement du Québec, No. 3;
* Ontario Teachers’ Pension Plan, which includes Cadillac Fairview, No. 8;
* Canada Pension Plan Investment Board, No. 10;
* Ontario Municipal Employees Retirement System, which includes Oxford Properties Group, No. 16;
* Public Sector Pension Investment Board, No. 17;
* British Columbia Pension Corporation, No. 19;
* Commission Administrative des Régimes de Retraite et d’Assurances, No. 44;
* Alberta Investment Management Corporation, No. 45;
* Régie des rentes du Québec, No. 47;
* Alberta Heritage Savings Trust Fund, No. 67;
* Ontario Pension Board, No. 89;
* and The Workers’ Compensation Board of British Columbia, No. 98.