Ghorayeb will start her new CDPQ role at the end of April
On Thursday, CDPQ announced that Rana Ghorayeb has been named executive vice-president and head of real estate, part of a reshuffle that began earlier this year at Canada’s second-largest pension fund.
Ghorayeb is now responsible for overseeing Ivanhoe Cambridge, the real estate investment branch of Caisse de Depot et Placement du Quebec, which looks after C$343 million ($253 million) in assets for pensioners in the province. Before this, she was president and CEO at Otera Capital, which handles CDPQ’s real estate lending.
This change follows CDPQ’s plan to bring its real estate operations directly under its own management to save about C$100 million ($74.3 million) every year. Ghorayeb’s new role kicks off on April 29, according to a statement from CDPQ. At the same time, Nathalie Palladitcheff, who’s been leading Ivanhoe Cambridge as president and CEO, will step down.
“With over 25 years of experience in investing, including 20 years in real estate, both locally and internationally, Rana has a real passion for projects and assets that have a positive impact on people’s lives,” said CDPQ president and CEO Charles Emond. “Her appointment to head the Ivanhoe Cambridge portfolio will enable her to combine her extensive investment knowledge with her top-tier managerial skills.”
Transition Underway
Ghorayeb has headed up Otera Capital for almost five years now. Before joining CDPQ back in 2012, she worked at JP Morgan Asset Management in London where she was vice-president of acquisitions handling real estate investments across several European countries. She also spent time at TIAA in New York as a senior partner leading their real estate deals.
Ivanhoe Cambridge president and CEO Nathalie Palladitcheff is exiting her posts
A Concordia University graduate based in Montreal, Ghorayeb sits on CDPQ’s executive committee and serves on MCAP’s board-MCAP being Otera Capital’s mortgage finance subsidiary.
Palladitcheff has been with Ivanhoe Cambridge for eight years managing a massive global portfolio worth C$77 billion ($57 billion). She mentioned this restructuring by CDPQ is part of changes started four years ago.
“The real estate sector is facing big challenges, but Nathalie Palladitcheff and her team have transformed the portfolio to be better positioned for the future,” Ghorayeb said. “Along with the Ivanhoe Cambridge team, I am delighted to be able to contribute to the next chapter at this pivotal moment for the industry, knowing that we have the key strengths to come out ahead.”
The shift is expected to take between 18 and 24 months. Even after that period both Ivanhoe Cambridge and Otera Capital will keep their brand names but their investment teams will officially become part of CDPQ starting April 29.
Ontario Overhaul
This announcement from CDPQ came just over six months after Ontario Teachers’ Pension Plan Board-the third-largest pension manager in Canada-revealed it would be bringing its Cadillac Fairview property division under direct control too.
The restructure means Cadillac Fairview’s global team of 37 employees are now fully integrated into Ontario Teachers’, which manages an enormous asset pool valued at C$247.5 billion ($183 billion).
Last November marked John Sullivan’s retirement as Cadillac Fairview’s president and CEO after many years; Salvatore Iacono stepped up as his replacement handling both roles.
In January this year Pierre Cherki took on a fresh position as executive managing director for real estate within Ontario Teachers’, having joined Cadillac Fairview’s board back in June 2022.
