Message from Daniel Fournier

Anticipate. Innovate. Perform.

The heart of our strategy.

Everything we were able to accomplish in 2018 is directly attributable to the strength of our people, who form a passionate and engaged team. Thanks to them and their unrelenting efforts, we are able to create value for our portfolio.

Thanks to the talent and expertise of our employees and partners, 2018 was another good year for us. We posted a profit of nearly $3 billion and a transactional volume of $16.6 billion — the second-highest in our history — with acquisitions of $9.3 billion and strategic sales of $7.3 billion, executed in accordance with our plan. Our approach to our investments and projects is evolving, and our team is also adjusting as we strengthen our ability to anticipate and innovate. Our working methods must adapt to current trends in convergence and flexibility and make way for collaboration and accountability. I firmly believe that all our successes are directly attributable to the strength of our people, who form a passionate and engaged team. Together, we are committed to investing and acting responsibly in all the communities where we operate.

To maintain such a pace and seize opportunities that arise, we keep a very clear strategy uppermost in mind. We invest actively in real estate with a long-term view. We remain constantly on the lookout for opportunities to grow our presence in the different real estate sectors worldwide. We continue to favour high-quality assets that contribute to our portfolio’s resilience. More than ever, we rely on our ability to execute complex and large-scale projects and transactions. We manage our assets in a way that maximizes value-creation and we remain very invested in development, with major projects in the world’s most dynamic cities, including Paris, London, Shanghai, Toronto, Montreal, Houston, Mexico City, Mumbai and São Paulo. Every day, our team lives and breathes our goal of creating spaces that meet future needs and that enhance the well-being of occupants searching for experiences. And we are now doing this around the globe thanks to our people in the field who are essential to the success of our increased international presence.

We witnessed the growth influence of so-called disruptors, such as WeWork, Amazon, Airbnb and Uber, and new technologies that are quickly transforming the worlds of business and real estate. Another major disruptor is the rise of e-commerce, wherein one of critical factors essential to meeting clients’ future needs is the capacity to automate and robotize logistics processes and thereby optimize last-mile delivery. With this in mind, we embarked upon a major shift toward the industrial/logistics sector, and we succeeded by completing several major transactions in North America, United Kingdom, Brazil and in the Asia-Pacific region. Today, the industrial/logistics sector represents 11% of our overall portfolio, with more than 500 properties on four continents. Our returns for the year also come from several of these emerging sectors, including growth markets and industrial/logistics.

In 2019 and beyond, we will be intensifying our efforts to attract and develop the top talents we will need to be able to achieve our ambitions. We will continue forging strong strategic alliances with our partners, while remaining attuned to evolving market trends and to tenant expectations. Faced with these changes, we are all the more determined to anticipate the future needs of our users and to innovate to offer them exceptional experiences. And all without ever forgetting our fundamental mission: to generate long-term performance for Quebecers while contributing constructively to the growth of the urban communities that welcome us.

I feel privileged to have been able to work with a team such as Ivanhoé Cambridge’s for more than nine years now. I want to thank each and every employee for their efforts and dedication in 2018. I also want to thank our shareholders for their unwavering trust, as well as the members of the Board of Directors for their support throughout the year.


Chairman and Chief Executive Officer