Ivanhoé Cambridge was named global real estate investor of the year at the 2024 IPE Real Estate Awards for institutional investors. This real estate branch of Quebec’s pension fund, Caisse de dépôt et placement du Québec (CDPQ), also took top honours alongside Netherlands-based APG for ESG-focused investing, while CDPQ itself was recognized as the best global performer combining investments in both real assets and infrastructure.
Among the other platinum winners, Hans Wilhelm Korfmacher, who’s stepping down as CEO of the German pension fund WPV, was praised for his outstanding personal impact on the industry. California State Teachers Retirement System (Cal STRS) got recognition for its strong commitment to diversity. Meanwhile, two more Canadian groups – Oxford Properties and Healthcare of Ontario Pension Plan (HOOPP) – earned silver awards for specific investment themes.
Ivanhoé Cambridge earned these top awards thanks to its smart repositioning strategy and portfolio diversification. Over the past eight years, it went from no logistics holdings to having 23 percent in that sector, while also growing residential and life sciences investments. The company has made solid progress toward cutting operational carbon intensity by 35 percent compared to 2017 levels by 2025-already hitting a 30 percent reduction by the end of 2023-and aims to reach net-zero carbon emissions by 2040.
Since 2020, Ivanhoé Cambridge has invested over CAD $4.8 billion in low-carbon projects, launched its first sustainability bond, and introduced a green internal rate of return metric to track financial gains from decarbonization efforts. They’ve also joined an international diversity campaign and actively push their partners and peers to commit to DEI goals.
The IPE judges praised “amazing execution of a strategic pivot in a difficult market, while delivering strong returns based on advanced sector judgement” as well as “a very ambitious net-zero timeline, a significant budget for sustainable financing and, more importantly, a ‘brown to green’ investment strategy.”
Oxford Properties-the real estate division of Ontario Municipal Employees Retirement System (OMERS)-was the biggest winner among silver-level recipients. They picked up awards in four out of fourteen investment categories including debt strategy, North American investments, European investments and value-added strategies.
HOOPP received its award in environmental sustainability. Judges highlighted their “multi-faceted approach to sustainability, encompassing energy efficiency, carbon emissions reduction, stakeholder engagement and sustainable development.”
