While Ivanhoé Cambridge is going through one of the greatest turmoil in its history, the real estate division of the Caisse de dépôt etplacement du Québec (CDPQ) is losing its most important confidant in Europe and Asia. – Pacific, experienced The newspaper.
Karim Habra has led Ivanhoé Cambridge in Europe since 2018 and will take over co-heading of the global real estate activities of Partners Group, a major investment company based in Switzerland, in March.
When asked, Ivanhoé's management confirmed his departure, claiming that Mr Habra resigned of his own accord and as a result he did not receive any severance pay. No successor has yet been named.
Teams in seven countries
Mr. Habra has more than 25 years of experience in the industry. At Ivanhoé, he led the Quebec company's European and Asia-Pacific operations and was also responsible for Ivanhoé Cambridge's strategic partnership initiatives around the world.
In this role, he led a large team spread across offices in Paris, London, Berlin, Sydney, Singapore, Shanghai and Mumbai. According to Ivanhoe, it employs 76 people in Europe and Asia, including around thirty at its headquarters in Paris.
Nathalie Palladitcheff, President and CEO of Ivanhoé Cambridge. She announced last month that she was leaving the organization. ARCHIVE PHOTO, QMI AGENCY
The portfolio he was responsible for is worth 20 billion Canadian dollars. This represents 26% of Ivanhoé Cambridge's total portfolio ($77.3 billion) and no less than 87% of its portfolio outside Canada and the United States ($30 billion).
In 2022, his total compensation was 1,543,408 euros (or $2,256,920). The fund's most recent annual report said in a footnote that “a temporary measure” of 140,000 euros (or $204,722) had been added, bringing his total compensation for 2022 to $2.46 million.
Palladitcheff also leaves
His departure comes at a time when Ivanhoé is experiencing one of the worst crises in his history. After announcing the repatriation of its activities within CDPQ, the parent company, President and CEO Nathalie Palladitcheff, announced her resignation in January. The latter will leave her position at the end of April without severance pay, according to a press release.
Charles Emond Parliamentary Commission Quebec May 2, 2023 Screenshot from the National Assembly of Quebec website. Photo from the National Assembly website
Last week, while presenting the 2023 financial results, Caisse de dépôt president Charles Emond warned that ongoing organizational change would lead to numerous layoffs.
“Are we talking dozens? M. Emond then illustrated. No, it is something larger or more significant in terms of headcount [appelés à perdre leur emploi].”
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