San Fransisco

Culture, cuisine and scenic walks through the city

Erika Chen*

Web Developer

San Francisco, December

Saturday, 9 p.m. Yet another wonderful day spent with my crew. All three kids loved their afternoon at the shopping centre. Their dad took them to the indoor skating rink they set up just for the Holidays. And that meant I had two whole hours all to myself to shop at a leisurely pace.

We ordered out for dinner so I didn’t have any cooking to do. Then we all settled in to the living room to watch a movie together. I secretly finished off my Christmas shopping on my laptop while we did. This year, even our turkey is going to be delivered straight to our door, at the same time as a beautiful centrepiece I ordered online for the table. I’m excited to have everyone over to our new apartment. With the help of our home concierge service, it promises to be a stress-free season!

This service has made life so much easier since we moved in. No matter what goes on at the office or how hectic the kids’ schedules are, the fridge is always stocked, the dog walked at least three times a day, our plants are watered, and all our dry cleaning makes its way back to the closet, all thanks to the app on my phone. I can’t imagine living without it.

Fictional person/story

The world at our fingertips

Our investment strategies are evolving in sync with changes in consumer habits like Erika’s. In addition to continuing to refine our shopping centre portfolio, in recent years we have accelerated a shift toward the industrial/logistics sector, which represents the real estate infrastructure behind e-commerce. In two years, our investments in this sector grew from 3% to more than 11% of the overall portfolio. Our goal is to reach 20% within the next four years. As a result of this shift, we now cover the full spectrum of consumer channels.

One of the critical elements in the development of e-commerce is the ability of suppliers to automate and robotize their logistics processes. To thrive and prosper, they need extensive, state-of-the-art facilities. Location is also a critical consideration. We target high-quality projects and properties located near large urban centres that represent the “last mile” in the delivery chain and thus provide buyers with highly competitive turnaround times.

The location and quality of our investments drive all of our acquisition and development decisions. This year we signed several forward-looking deals with key industry partners in North America, Brazil and Europe that stand as excellent examples of this strategy.

As a fully integrated logistics platform, IDI Logistics has developed more than 100 industrial parks and 750 warehouses in North America for a total of 200 million ft² (18.5 million m²).

Major acquisitions in North America

We created a joint venture with Oxford Properties Group to acquire IDI Logistics and its assets. Based in Atlanta, IDI Logistics is one of the largest logistics real estate developers and managers in the United States. As a fully integrated logistics platform, the company has developed more than 100 industrial parks and 750 warehouses in North America for a total of 200 million ft² (18.5 million m²). This major transaction was carried out in two stages, starting with Ivanhoé Cambridge’s acquisition of all of the company’s shares, followed by the creation of a 50/50 joint venture with Oxford Properties Group to invest in IDI Logistics.

The portfolio comprises 111 operating assets, 35 development projects and 33 parcels of land representing additional build-out potential. In collaboration with the IDI Logistics team and following the foundation the company’s been built on these past 30 years, we will continue its development to strengthen its strategic market position and drive its growth.

Our strategic investments in IDI Logistics and Piret, in addition to those in Evergreen Industrial Properties and Colony Commerce Center, considerably strengthened our position in this highly dynamic sector, which addresses the needs of the consumers of today and tomorrow.

Mario D. Morroni

Executive Vice President, Industrial, North America

Mario D. Morroni

Executive Vice President, Industrial, North America

Mario D. Morroni is responsible for the development and growth of Ivanhoé Cambridge’s new Industrial, North America business unit.

Mr. Morroni is a seasoned senior manager with experience in finance, investments and strategy, as well as pension fund management and administration.

Over the past four years, as Executive Vice President, Strategy and Capital Allocation, he led the development of the investment strategy and coordinated the global capital allocation, as well as headed the portfolio management and research teams for the organization.

Mr. Morroni joined Ivanhoé Cambridge from the Association de bienfaisance et de retraite des policiers et policières de la Ville de Montréal (ABRPPVM) where he was President and CEO, responsible for executing the multi-asset investment strategy and overall administration of the pension plan with assets in excess of $4B under management.

In the past, he served on the Board of Directors of Otéra Capital, ABRPPVM and more recently the Advisory and Investment Committees of Kingsett Funds.

Mr. Morroni attended Concordia University, where he obtained a Bachelor of Commerce degree specializing in Finance.

He is a member of the Quebec Order of Chartered Administrators and a financial planner.

Pure Industrial Real Estate Trust owns and operates a diversified portfolio of income-producing industrial properties in leading markets across Canada.

Colony Commerce Center East, Greater Los Angeles, California, United States

Industrial/logistics sector

More than 500 buildings

4 continents

11% of our global portfolio

We also established a strategic partnership with Blackstone Property Partners to acquire and privatize Pure Industrial Real Estate Trust (PIRET). PIRET owns and operates a diversified portfolio of income-producing industrial properties in leading markets across Canada as well as key distribution and logistics markets in the U.S. With 38% of the company’s units, we have considerably strengthened our position in these markets.

In addition, we acquired Colony Commerce Center, a development site in the Inland Empire area of Southern California. We broke ground on the project spanning two parcels of land in October. This transaction, carried out in conjunction with CapRock Partners, paved the way for the development of the initial phases of Colony Commerce Center, which will comprise 11 Class A industrial buildings of varying sizes totalling 3 million ft² (280,000 m²). With its strategic location close to an airport and many of the area’s main thoroughfares, Colony Commerce Center is poised to become one of the leading logistics parks in the area.

In the international arena, we are among the few global investors present in the top growth markets. This local presence has helped us hone our knowledge and develop a much stronger ability to move forward with products that are better adapted to local communities. It also cements our credibility and influence with our partners to be able to share best practices in terms of corporate social responsibility.

Rita-Rose Gagné

President, Growth Markets

Rita-Rose Gagné

President, Growth Markets

Rita-Rose Gagné is responsible for the implementation of Ivanhoé Cambridge’s strategy in Latin America and in Asia Pacific. She is a member of the Board of Directors of Ancar Ivanhoe, a joint venture that manages more than 20 shopping centres in Brazil. She also sits on several boards of directors including Chongbang and LOGOS in Asia-Pacific.

Ms. Gagné has some 20 years of legal experience, including 17 years in private practice. She worked with the Fasken Martineau law firm as Senior Partner, commercial and real estate law. In 2006, she joined SITQ as Senior Director, Legal Affairs, and was later promoted to Vice President, Legal Affairs, then Senior Vice President and General Counsel. After the merger of the Caisse’s real estate activities under Ivanhoé Cambridge, she was appointed Executive Vice President, Strategy, where she led the portfolio and investment funds management. Appointed as head of the Growth Markets team in 2014, Ms. Gagné was promoted to President of the business unit in 2017.

Rita-Rose Gagné is a prominent speaker, much sought-after to discuss such topics as growth markets and international transactions.

The joint venture with Prologis will develop and operate logistics real estate in São Paulo and Rio de Janeiro.

New joint venture in Brazil

In January 2019, we concluded a joint venture deal with Prologis to invest in the company’s logistics assets and development projects in Brazil. The joint venture will develop and operate logistics real estate in São Paulo and Rio de Janeiro. The US$890-million investment is part of the strategy to reposition Ivanhoé Cambridge’s portfolio toward industrial and logistics assets in major world cities with a booming e-commerce market. We have been investing in Brazil since 2006 and believe in the country’s growth-oriented economic fundamentals.

Liverpool International Business Park, Liverpool, United Kingdom

U.K.: Another step forward

After the 2017 launch of an investment vehicle in the United Kingdom in conjunction with Peel Logistics Property (PLP), we decided to build further on the success of this partnership and invested in the equity of the company. This transaction is in keeping with our commitment to support the growth of PLP, which enjoys a strong position in the high-quality U.K. logistics real estate market.

Simplifying daily living

We live in spaces designed to simplify day-to-day tasks and make home life more comfortable and convenient. Today, the concierge services offered in residential properties are similar to — or, in some cases, better than — those found in a hotel. Artificial intelligence makes it possible to create environments that put occupants’ wellness and peace of mind first.

Likewise, the e-commerce industry helps make everyday life easier for consumers by giving them instant access to the best products. At any time of the day or night, at the click of a mouse or tap on a screen, they have access to items catering to their every need and whim.

We place great importance on trend analysis, research and innovation in order to stay competitive in a market where mixed-use properties and the need for flexibility are constantly pointing to new development avenues.

In 2018, we pursued our investment strategy in the high-potential residential market. The quality of our portfolio continues to be a constant priority and we choose our partners accordingly. Our goal is to keep developing top-notch projects that inspire and meet residents’ expectations at every turn.

In Canada, we partnered with Claridge again to develop real estate projects in the Quebec City and Montreal markets. An initial investment vehicle in 2016 enabled us to invest in nine residential projects in Greater Montreal and one in the Quebec City area. This second vehicle will add to the growth of our portfolio in these markets, investing alongside local developers.

We also signed a series of agreements with a new European partner, Round Hill Capital, to jointly acquire 14 residential assets comprising 476 units in Berlin for €96 million. Round Hill Capital has a track record of some 15 years managing several residential assets in Germany. These agreements are related to our long-term investment strategy for Berlin, where we aim to expand our presence.

These days, innovation is everywhere you look in the real estate industry. In the residential sector, for example, it is there to support the people who live in our properties — from apartment hunting, with solutions that help tenants find the perfect place to live, to apps that provide personalized concierge services, where everything has been thought out to make their lives easier.

Ezio Sicurella

Executive Vice President, Residential, Hotels and Real Estate Investment Funds

Ezio Sicurella

Executive Vice President, Residential, Hotels and Real Estate Investment Funds

Ezio Sicurella is responsible for the residential, hotels and real estate investment funds business unit within Ivanhoé Cambridge.

Since 2002, Mr. Sicurella has been investing in real estate internationally for the Caisse de dépôt et placement du Québec. He has been responsible since 2011 for strategic investments and partnerships for Ivanhoé Cambridge’s multiresidential strategy in major cities within the United States, Canada, UK and Germany. Mr. Sicurella also oversees implementation of the strategic directions for the Company’s hotel portfolio and its investments in real estate funds.

Previously, he was Vice President, Financial Advisory Services at Deloitte & Touche and holds a Bachelor’s Degree (with great distinction) in Commerce, Finance and Accounting from McGill University. He holds the designation of Chartered Financial Analyst and Certified Public Accountant.

LOGES Saint-Nicolas, Quebec City, Canada

Malplaquet Str. 38, Berlin, Germany