The Caisse de dépôt et placement du Québec and the Desjardins group pension plan strengthen their partnership
The Caisse de dépôt et placement du Québec announced an agreement today under which the Desjardins Group Pension Plan is increasing its stake in the real estate company Ivanhoé Cambridge and is becoming the main co-shareholder with the Caisse de dépôt. This new investment amounts to $145 million. In total, the Desjardins Group Pension Plan’s investment now stands at $470 million.
As a result, the Caisse de dépôt and the Desjardins Group Pension Plan are strengthening their long-standing business relationship and are allowing Ivanhoé Cambridge to simplify its shareholder structure following the integration of its subsidiaries earlier this year.
“The Desjardins Group Pension Plan’s larger stake aligns perfectly with the Caisse’s strategy of joining forces with high-quality partners who have a similar investor profile and who share its long-standing vision,” said Daniel Fournier, Executive Vice-President, Real Estate of the Caisse de dépôt et placement du Québec and Chairman of the Board and Chief Executive Officer of Ivanhoé Cambridge.
“The Desjardins Group Pension Plan has now invested in the Caisse de dépôt’s real estate group for almost 25 years. This investment reflects the long-standing trust we have placed in Ivanhoé Cambridge and the quality of its assets and management team,” asserted Sylvain Gareau, Vice-President of the Desjardins Group Pension Plan.
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2010, it held $151.7 billion in net assets. As one of Canada’s leading institutional fund managers, the Caisse invests in major financial markets, private equity and real estate. For more information: www.cdpq.com.
ABOUT THE DESJARDINS GROUP PENSION PLAN
The Desjardins Group Pension Plan has 54,287 participants and approximately $6 billion in assets. Awarded the coveted “Bank of the Year 2010 – Canada” title by the UK magazine, The Banker, Desjardins Group is the leading cooperative financial group in Canada and the sixth largest in the world, with assets of over $188 billion. Drawing on the strength of its caisse network in Québec and Ontario, and its subsidiaries across Canada, it offers a full range of financial products and services to its 5.8 million members and clients. As one of the largest employers in the country and one of Canada’s 10 Most Admired Corporate CulturesTM of 2010, Desjardins is supported by the skills of its 43,800 employees and the commitment of nearly 6,000 elected officers. For more information, visit www.desjardins.com
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