The wave of resignations at the top of Ivanhoé Cambridge, the real estate subsidiary of the Caisse de dépôt etplacement du Québec (CDPQ), continues. This time it concerns Christian Daumann, as the head of his office in Berlin found out The newspaper.
For five days, since March 1, the former Ivanhoé Cambridge strongman in Germany has been acting as CEO of the German operations of QSix, a major real estate company based in London with offices in Amsterdam and Berlin. In a press release, QSix praises his extensive experience, his contact book and his enviable political connections.
Christian Daumann was commissioned by the Caisse's real estate subsidiary in September 2019 with, among other things, the task of opening an official branch of Ivanhoé Cambridge in Berlin. Under his leadership, Ivanhoé's portfolio in that country tripled and accounted for more than 10% of its European portfolio ($20 billion).
Ivanhoe is silent
The circumstances of his departure last November and the treatment Mr. Daumann has received since then are now jealously kept secret by Ivanhoé's Montreal management as the latter endures one of the worst crises in its history.
Christian Daumann, former Vice President Investments at Ivanhoé Cambridge in Germany. Photo: Ivanhoe Cambridge Photo Ivanhoe Cambridge
On Monday, Ivanhoé Cambridge refused to grant us an interview on the subject. However, his management confirmed via email Mr. Daumann's departure and his intention to continue his activities in that country.
“There are currently three Ivanhoé Cambridge employees based in Germany and we would like to reiterate that this country remains an important location for us,” the company responded.
Nathalie Palladitcheff, CEO of Ivanhoé Cambridge ARCHIVE PHOTO, QMI AGENCE
On the other hand, CDPQ's real estate department has not given an answer about the future of its Berlin office (will it remain open?). Nor with regard to the intention to find a successor to head the Berlin office.
The same veil was served to us in response to the following questions: Did Mr. Daumann leave of his own accord? Did he receive a severance package? If yes, how much please? The only answer was a six-word sentence: “We have nothing to add.”
Third start
Confirmation of this departure comes at a time when anxiety is at its peak among the 490 Ivanhoé Cambridge employees still working in Montreal and elsewhere around the world. The announced integration of the organization into the Caisse de dépôt gives rise to fears of the worst.
The CEO of the Caisse de dépôt etplacement du Québec, Charles Emond. Archive photo, Francis Halin
Two weeks ago, while presenting the 2023 financial results, Caisse de dépôt president Charles Emond warned that there would be significant layoffs in the coming months.
After announcing the repatriation of its activities within the 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. Ms Palladitcheff has so far refused to talk about her professional future.
Karim Habra, former Head of Europe and Co-Head of Asia Pacific, Ivanhoé Cambridge Photo: Ivanhoe Cambridge Photo Ivanhoe Cambridge
Last week we also announced the resignation of Karim Habra, Ivanhoé Cambridge's head of Europe and Asia Pacific. Based in Paris, he was responsible for 76 employees in Paris, London, Berlin, Sydney, Singapore, Shanghai and Mumbai.
Ivanhoé claims his departure was voluntary and no severance payment was officially paid to him. Just like Mr. Daumann, whom he himself had appointed to manage the company's activities in Germany, Mr. Habra has not yet been replaced.
Real estate assets of the Caisse de dépôt etplacement du Québec
- CDPQ's total assets*: $434 billion
- Ivanhoé Cambridge Real Estate Assets: 77 billion dollars
*Total value, including Ivanhoé Cambridge portfolio, as of December 31, 2023.
Source: CDPQ and Ivanhoe Cambridge
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