Creating Connections

The city of the future will be big, but it will feel like a village. Its buildings and neighbourhoods will be public places where residents, workers and visitors will have the opportunity to connect with one another.

Through our complete urban solutions, we are investing with conviction for a sustainable impact.


Dear readers,

This 2019 activity report was created before the onset of the COVID-19 pandemic. While it may be too early to determine the lasting effects of the crisis on our spaces and how we interact with one another, it is clear that our approach and way of working will need to be adapted. This is an opportunity to speed up our transformation.

We are not starting from zero. The following pages detail many trends that permeated our projects in 2019 and that were pushed to the forefront in light of the health crisis. In particular, the coming months will solidify the importance we already give to essential criteria such as the well-being, health and safety of users or even the current trends, for instance the use of technologies at their disposal and the evolution of their behaviours.

Despite these certainties, we will need to anticipate what the real estate of tomorrow will look like. It will have to be sustainable, because sustainability means profitability. That is how we will create something that can be passed down to future generations, in line with the needs of our communities. No one can predict the change that will occur in our spaces, but we are committed to leading this transformation diligently with humility in order to further build relationships and create connections. Happy reading.


About this report

At Ivanhoé Cambridge, we are proud of the role we play in developing and revitalizing buildings and neighbourhoods around the world. Each year, we look forward to sharing our recent successes in an activity report that provides an overview of our annual highlights, financial performance and achievements in corporate social responsibility (CSR). Issues flagged as most important by our stakeholders appear in a materiality assessment.

Our 2019 report covers the period from January 1 to December 31. When relevant CSR data are available, the report compares them with our performance in 2018. Since we are presenting a portfolio-wide overview of our environmental performance using data collected through the ESG Benchmark for Real Assets (GRESB), that information covers the period from January 1 to December 31, 2018.

This report has been prepared in accordance with the GRI Standards (Core option) and includes the construction and real-estate sector supplement. Note that the contents herein of the GRI Index have not been subject to an external audit by an independent third party.

Unless otherwise stated, all financial figures are expressed in Canadian dollars, all numerical values have been rounded, and all employee data (independent contractors not included) and financial data apply to the entire organization.

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About Ivanhoé Cambridge

Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.

Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. 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 C$64 billion in real estate assets as at December 31, 2019 and is a real estate subsidiary of the Caisse de dépôt et placement du Québec (, one of Canada’s leading institutional fund managers.

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Our investment themes

Over the long term, three overarching societal trends will guide the way we invest and allow us to redefine real estate.

Accelerated urbanization
By 2050, more than 68% of the world’s population will be living in urban centres. The issues resulting from that growth will require appropriate solutions.

Evolving demographics
Significant socio-demographic changes are leading to shifting preferences and distinct needs.

Emerging technologies
Artificial intelligence, Big Data, robotics and connectivity are re-energizing and transforming traditional sectors.

With this new future in mind, Ivanhoé Cambridge has set four investment themes built around evolving needs and the use of spaces. Icons representing each theme appear throughout this report.

Neighbourhoods of the Future speaks to the city of tomorrow and the impact on its citizens
Flexibility and Experience speaks to solutions targeting the end users of our spaces 
Connected Environments speaks to the interactions between complementary sectors (more specifically, real estate and infrastructure) 
Real Tech speaks to the use of data gathered from our spaces and users
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UN Sustainable Development Goals

In fall 2015, the United Nations (UN) put forward 17 sustainable development goals, aiming to end extreme poverty, fight inequality and injustice, and protect the planet by 2030. Alongside our strategic plan, we are concentrating our efforts on four of the goals that are most relevant to us—those where we can make a difference and have a real impact in our communities. Colour-coded icons representing each goal are used throughout the report to indicate how we contribute to attaining theses goals.

Here's how we can address each one:

Goal 8: Decent work and economic growth
By being innovative, by taking part in our communities’ economic health, and by protecting the rights, health and safety of workers.

Goal 11: Sustainable cities and communities
By contributing to affordable housing, sustainable transportation and a better quality of life for the people who use ou spaces and live in our communities.

Goal 12: Responsible consumption and production
By optimizing our use of resources and by collaborating with our peers in establishing better practices in terms of corporate social responsibility.

Goal 13: Measures related to the fight against climate change
By strengthening the resilience of our portfolio in the face of climate change and by raising awareness among our stakeholders to reduce their impact on the environment.

2019 At a glance

+ 1,200


$64 B

The value of our 1,000+ real-estate properties

$8.5 B

The value of our ongoing development and redevelopment projects

Montreal (head office), Toronto, Calgary, Vancouver, Chicago, New York, Mexico City, São Paulo, London, Luxembourg, Paris, Hong Kong, Mumbai, Shanghai, Singapore, Berlin

Offices across the world


Greenhouse gas emissions since 2016

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Neighbourhoods of the Future

Serving the Cities of Tomorrow Today
Discover the Neighbourhoods of the Future theme

Flexibility and Experience

Giving the People What They Need
Discover the Flexibility and Experience theme

Connected Environments

Where Real Estate and Infrastructure Meet
Discover the Connected Environments theme


When Data Is King
Discover the RealTech theme
Those who shaped 2019