Daniel Fournier will retire this fall as CEO of Ivanhoé Cambridge. (Courtesy Ivanhoé Cambridge)

Daniel Fournier will retire this fall as the chief executive officer of Ivanhoé Cambridge, bringing to a close a decade-long relationship with the multi-billion-dollar international real estate company and its parent Caisse de dépôt et placement du Québec (CDPQ).

The firms have named current Ivanhoé Cambridge president Nathalie Palladitcheff as the new CEO. The moves will be effective Oct. 15.

“Daniel has done an outstanding job turning Ivanhoé Cambridge into one of the world’s largest real estate investors,” said Michael Sabia, president and CEO of CDPQ, in a release Wednesday. ”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.”

In 2011, Fournier led the consolidation of CDPQ’s real estate subsidiaries – SITQ and Ivanhoé Cambridge – under a single banner to to improve global competitiveness and gain access to larger transactions. During Fournier’s time as CEO, Ivanhoé Cambridge has become a global presence that has transacted on nearly $100 billion of acquisitions and divestments.

The company was named Best Global Investor of the Year in 2017 and 2018 by the IPE Real Estate Global Awards.

Ivanhoé Cambridge has built global portfolios of assets in the residential, office and logistics sectors.

It has also launched several large-scale development projects in cities around the world, including the Projet Nouveau Centre in downtown Montréal, and increased its presence in growth markets, especially in Asia Pacific and Latin America.

Under Fournier, Ivanhoé Cambridge says its 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 per cent.

“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,” said Sabia.

“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 10 years. It goes without saying that he will be missed.”

“As I look back at the last 10 years, I realize just how much we have accomplished at Ivanhoé Cambridge,” said Fournier in the release.

“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.”

Palladitcheff to succeed Fournier

After joining Ivanhoé Cambridge in 2015, Palladitcheff was appointed president in 2018.

Natalie Palladitcheff will become CEO of Ivanhoé Cambridge. (Courtesy Ivanhoé Cambridge)

Her responsibilities have 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.

“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 Palladitcheff in the release.

Before joining Ivanhoé Cambridge, Palladitcheff held management positions in real estate investment, development and services at private and public companies.

In her new role, Palladitcheff will work closely with Sylvain Fortier, chief investment and innovation officer. His functions have been expanded and include responsibility for the company’s overall investment activities.

With over 30 years of real estate experience, 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.

“We have been working with the Ivanhoé Cambridge board of directors on the succession plan for several years,” Fournier said in the release.

“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.”

Earlier this year, it was announced that Ivanhoé Cambridge’s president and CEO, and chairman of the board roles would now be separate. In the coming months, a new board chair will be appointed.

About Caisse and Ivanhoe Cambridge

Caisse de dépôt et placement du Québec 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 $326.7 billion in net assets.

CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt.

Ivanhoé Cambridge develops and invests in real estate properties, projects and companies around the world.

Vertically integrated in Canada, Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds.

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 $65 billion in real estate assets as of Dec. 31, 2018.