Ivanhoé Cambridge has been named global real estate investor of the year in the 2024 IPE Real Estate Awards for institutional investors. The real estate arm of the Quebec-based pension fund, Caisse de dépôt et placement du Québec (CDPQ), also shared top honours with Netherlands-based APG for ESG-related investment, while CDPQ was recognized as global best combined performer for investment in both real assets and infrastructure.

Rounding out the list of platinum level winners, Hans Wilhelm Korfmacher, the retiring chief executive officer of the German pension fund, WPV, was lauded for outstanding individual contribution to the industry, and California State Teachers Retirement System (CalSTRS) was recognized for commitment to diversity. Meanwhile, silver level commendations were conferred to two other Canadian entities — Oxford Properties and Healthcare of Ontario Pension Plan (HOOPP) — for specified investment themes.

In earning top honours, Ivanhoé Cambridge was cited for its repositioning strategy and the diversification of its portfolio, which has seen it shift from a zero to 23 per cent quotient in logistics facilities during the past eight years while also boosting residential and life sciences holdings. The company has made convincing progress toward a targeted 35 per cent reduction in operational carbon intensity relative to 2017 by 2025 — registering a 30 per cent cut at year end 2023 — and is pursuing net-zero carbon for 2040.

Since 2020, Ivanhoé Cambridge has deployed more than CAD $4.8 billion in low-carbon investment, issued its first sustainability bond and implemented a green internal rate of return metric to chart the financial benefits of decarbonization. It has also signed on to an international diversity campaign and actively encourages partners and peers to adopt DEI commitments.

The IPE judging panel applauded “amazing execution of a strategic pivot in a difficult market, while delivering strong returns based on advanced sector judgement” and 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 arm of Ontario Municipal Employees Retirement System (OMERS), was the most prolific winner in the silver level category, capturing top honours in four of the 14 investment themes. That includes plaudits for debt strategy, investment in North America, investment in Europe and value-added strategy.

HOOPP earned its award in the environmental sustainability category. The judges commended the “multi-faceted approach to sustainability, encompassing energy efficiency, carbon emissions reduction, stakeholder engagement and sustainable development.”