iNdiaN strategy Calls for a loNg

fall 2008
vol. 13
No 3
forum
A newsletter from the
Caisse de dépôt et placement du Québec
Real Estate group
Indian strategy calls
for a long-term presence
With a geographically diversified portfolio that includes
many assets in Québec, the Real Estate Group has decided
to increase its investments in emerging markets and has
set its sights on India. By investing in countries whose
economic growth exceeds Québec’s, the Group can generate
returns that help depositors reach their objectives. Early
in 2008, it began taking steps toward establishing a strong
presence in that region of the world. Forum sketches the
broad outlines of the overall strategy and the progress
made to date.
Delhi
Chandigarh
IndIA
The Real Estate Group’s approach to India calls for a long-term presence,
a strategy that is based on several factors: the country has 1.1 billion
inhabitants, one-half of them under the age of 25, a rapid population growth
rate of 2% a year, an enormous labour force, low unemployment, a rising
middle class and a sustained economic growth rate, with the years from
2002 to 2007 representing a historic peak. Even though India’s economy has
been slowing since the start of the year, partially because high oil prices
have caused an inflationary spiral, the long-term outlook is attractive.
India’s brute strength lies in its grey matter, and the country is still a prime
outsourcing destination for foreign companies looking to cut their costs
significantly. Moreover, the supply of quality buildings cannot keep pace
with demand, so India offers considerable property development potential.
That is why the Real Estate Group has opted to create subsidiaries in India,
where its three member companies each have a team in place. The objective is to establish contacts with local partners, so as to diversify the portfolio across various products and cities.
in
t
h
is
Mumbai
Kolkata
Nagpur
Pune
Hyderabad
Bangalore
Chennai
India’s
fast-growing economy
and excellent
Potential are
accelerating
implementation of the
investment strategy.
e
u
ss
i
Ahmedabad
Indore
2 The investment
strategy in India
4 Real estate
investments,
development
and sales
8 Appointments and
strategic changes
10 Connections
FORUM
p_ 2
fall 2008 / vol. 13_No 3
A promising market that is not
without drawbacks
In addition to its economic growth,
which remains promising in a long term
perspective, and its rapid population
growth, India offers many advantages
to Western investors. The country has
a free-market economy, despite certain
aspects of government regulation, such
as restrictions on direct foreign investment. Moreover, English is the language
of business, and property rights are
­governed by common law.
/ Hotel project in Ahmedabad.
Moreover, the country has a crying need
for property development. In the office
building sector, for example, Mumbai has
a deficit of several million square feet
to make up. Moreover, buildings are held
by a multitude of owners, according to a
principle similar to that of condominium
apartments, and their management does
not meet the needs of foreign companies.
Throughout the country, the shopping
centre market is for all practical purposes
embryonic, since it is less than 10 years
old and has very few quality properties.
The residential sector has a shortage of
more than 20 million housing units, despite
the intense construction of recent years.
Lastly, in the hotel sector, 100,000 rooms
will have to be added to accommodate
the tourists and business travellers who
are flocking to the country.
The business opportunities could in fact
be numerous. Most of India’s large local
developers are publicly traded, and the
slowdown that began early in the year has
pushed their share prices down sharply.
Many development projects have been put
on ice, which has put the industry further
behind in its attempts to meet demand.
Despite a context that could generate
many opportunities, patience and caution
are vital. In India, it is very difficult to
obtain reliable, up-to-date market intelligence and information for due diligence.
India has no centralized land title registry.
Investors are obliged to do their own title
searches, conducting a veritable inves­
tigation for each deal. Lastly, finding
trustworthy local partners who have the
right experience and meet the governance
criteria of an institutional investor involves
much time and effort, especially as partnership is the cornerstone of the Real
Estate Group’s foreign investment strategy.
/ Green Acres residential project in Ahmedabad.
FORUM
p_ 3
fall 2008 / vol. 13_No 3
a Diversified Local Presence
During the summer, the Real Estate
Group’s three companies deployed
resources in New Delhi. For SITQ, this
initiative has involved the creation of
SITQ India, which already has a staff
of eight (details on page 4). Ivanhoe
Cambridge has opened an office in New
Delhi and appointed Phil McArthur
to the position of Senior Vice-President,
India, in the first quarter of 2008. Claude
Lavigne, a former Cadim employee who
was based in Montréal, has agreed to
take charge of its subsidiary’s operations
in India and will soon recruit a team
­consisting of four to six members.
SITQ is focusing on the business districts
in New Delhi and Mumbai for its investments. The neighbourhoods it is looking
at in these cities offer excellent diversi­
fication – they are home to government
bodies, financial services companies,
and service and technology companies –
ensuring resilience during downturns.
The Company would like to make its brand
by building class-A office buildings that
meet the needs of large multinationals.
It will retain ownership of them, although
it may occasionally sell all or part of
­certain buildings. In this way, it intends
to create a portfolio of quality buildings
that it will hold for the long term.
As for Ivanhoe Cambridge, it has set
about developing relationships with
­partners who are well versed in the local
markets and publicizing its expertise.
The Company intends to have a strong
long-term presence in India and will put
in place a team with all the requisite
shopping centre expertise.The investment
strategy calls for property development in
several cities, since the country has very
few quality centres. Moreover, as a result
of the current economic slowdown, about
one-half of the country’s 300 shopping
centre construction projects have been
put on hold. The strategy also calls for
investment in existing centres in need
of repositioning. Over the long term, the
objective is to build a portfolio of quality
shopping centres, to manage it actively
and to be regarded as a developer of
choice by local and foreign retailers.
As for Cadim, it is partial to an investor
approach that involves finding credible
partners with a solid team in place and
then taking significant stakes in their
local investments. Two partnerships have
been concluded since the start of 2008
and others could be added in the years
to come. Since the development projects
carried out with existing partners are
becoming more numerous, Cadim has
decided to set up a local team to ensure
careful monitoring of its investments.
Initiatives bear fruit
Even though the Group is relatively new to
India, several promising deals have already
been struck this year. Cadim has formed
a partnership with the Indian subsidiary
of Pacifica, a U.S. company, and has seven
development projects in progress: three
hotels, three residential complexes – one
of them 95% sold – and a technology park.
Four new projects are at the due diligence
stage and should be added to the others
by the end of September.
Cadim has also made a commitment
to invest $250 million in the $600-million
India Property Fund, along with its two
partners, Vornado Realty Trust, one of the
largest property owners and managers
in the United States, and The Chatterjee
Group, which specializes in property
financing, investment and development
in India. Three projects are in progress:
a multipurpose complex in the New Delhi
suburb of Manesar, an office building in
Mumbai and a residential complex in Pune.
Lastly, SITQ is concluding the acquisition
of a stake in a New Delhi office building
whose construction should wrap up in
October. Other transactions are also
under study, and one could be concluded
by year-end.
In short, the business development initiatives of recent months are bearing
fruit, especially since the current slowdown is causing property values to drop
and creating a favourable climate for
investment. The Real Estate Group’s
presence in India has therefore taken off,
and the business office it has opened for
representatives of the three companies
shows it is there for the long term.
FORUM
p_ 4
fall 2008 / vol. 13_No 3
In brief
The Caisse
Real estate investments,
development and sales
Acquisition of four shopping centres in Brazil
Ivanhoe Cambridge and Brazil-based Ancar have acquired São
Marcos Real Estate Enterprises (São Marcos), the co-owner of
four high-quality shopping centres in Brazil, a flourishing and
promising market. São Marcos owns 51% of Botafogo Praia
Shopping (15,600 m2, Rio de Janeiro), 100% of the entertainment
area of the Downtown Complex (130,000 m2, Rio de Janeiro),
50% of Shopping Interlagos (105,000 m2, São Paulo) and 50% of
CenterVale Shopping (45,150 m2, São José dos Campos, State
of São Paulo).
/ Richard Guay
Appointment of the Caisse’s new President
On September 5, Pierre Brunet, Chairman of the Caisse,
announced the appointment of Richard Guay as President
and Chief Executive Officer. Mr. Guay had been holding this
position on an interim basis since the departure of HenriPaul Rousseau on May 30.
Ivanhoe Cambridge also increased its interest in the development
and management firm Ancar Gestão from 20% to 50%.
This new acquisition positions the joint venture formed by
Ivanhoe Cambridge and Ancar among the five largest shopping
centre companies in Brazil, with interests in and/or management
responsibilities for 15 shopping centres in five regions of
the country.
Mr. Guay joined the Caisse in 1995 and has a full understanding
of the institution, its employees and its depositors, as well as
solid investment and risk management expertise. He has a Ph.D.
in Financial Economics and a Master of Economics from Queen’s
University, as well as a Master of Finance from HEC Montréal.
He has held various positions at the Caisse, including Chief
Investment Officer (2006-2008), Executive Vice-President, Risk
Management and Depositors’ Accounts Management (20022006) and Vice-President, Depositors’ Accounts Management
(1998-2002). He has also taught finance, portfolio management
and capital markets theory at HEC Montréal.
Mr. Guay, whose five-year mandate is renewable, is also a member
of the Caisse’s Board of Directors.
/ Downtown Complex, Rio de Janeiro.
FORUM
p_ 5
fall 2008 / vol. 13_No 3
SITQ acquires a platform to invest in India
SITQ consolidated its operations in emerging markets in June
with the acquisition of an Indian subsidiary known as SITQ
India. The Company employees eight people whose mandate
is to provide investment advisory services that will contribute
to the expansion of the portfolio in the rapidly growing country.
The team works in co-operation with the professionals at the
other SITQ offices and includes three key managers: Manish
Gupta, Aditya Bhargava and Rick Vogel.
/ From left: Daniel Fournier, SITQ; Nicolas Rancourt, SITQ; Aditya Bhargava, SITQ
India; Richard Vogel, SITQ India; Denis Epoh, SITQ; Manish Gupta, SITQ India.
This transaction is part of the new geographic expansion plan
announced at the start of the year. It uses a proximity approach
to successfully carry out the Company’s strategic plan.
Sale of office buildings and
distribution centres
Eighth Avenue Place obtains
LEED-CS Gold precertification
SITQ took advantage of favourable ­market
conditions and the demand for quality
real estate with choice locations and high
occupancy rates to sell several properties
over the past few months:
Last December, SITQ and its partners
began construction of Eighth Avenue
Place in Calgary, a 50-story building that
will have 93,000 m2 of offices and 5,110 m²
of retail space when it is completed in
2011. Even though the underground parking
garage was just starting to take shape,
the building has already received LEED-CS
Gold precertification.
/ The distribution centres built in partnership with Verus Partners, namely Milton
Crossing, phases I and II in Milton, Ontario,
and Eastlake Industrial Centre, Deerfoot
South Trade Park and Foothills Industrial
Centre in Calgary, Alberta;
/ The IBM Corporate Park complex, which
consists of three office buildings in the
Beltline district of Calgary;
/ Crestwood Corporate Centre, a complex
of nine office buildings in Richmond,
British Columbia;
/ An interest in 1250 Broadway, an office
building in Midtown Manhattan.
This environmental certification recognizes
the undertaking by owners and developers
to obtain the credits necessary to earn
LEED-CS (Core & Shell) for the base
building, independent of the future interior
design and fit out. This important feature
will enhance the building’s appeal to
potential tenants, since environmental
concerns are increasingly important and
the LEED seal is widely recognized.
/ Rendering of the towers of Eighth Avenue Place,
in downtown Calgary.
FORUM
p_ 6
fall 2008 / vol. 13_No 3
CrossIron Mills will open to the public in less than a year
CrossIron Mills will open to the public in Rocky View, north of Calgary, in August 2009.
This new shopping destination, developed, owned and managed by Ivanhoe Cambridge,
will require an investment of $400 million.
Based on a unique shopping and entertainment concept, CrossIron Mills will feature
brand-name retailers, manufacturer outlets and theme restaurants that will appeal
to Albertans. Already, 77% of the space for 200 specialty stores and 80% of the space
for 17 anchor tenants are leased.
CrossIron Mills will also include a Racing Entertainment Centre developed and operated
by the United Horsemen of Alberta (UHA). The facility will feature a thoroughbred track,
a standardbred track and a casino. Ivanhoe Cambridge and UHA own an additional
48.5 hectares that will be developed with a complementary offering that will include
retail, service, hotel and office space.
/ CrossIron Mills will offer many first-in-Alberta stores and
is sure to become the shopping destination of choice for
many Albertans and for tourists visiting the Calgary area.
Acquisition of a shopping centre in Russia
Ivanhoe Cambridge has acquired a 60% interest in Vremena Goda shopping centre in
Moscow, Russia. It owns the high-end centre, which opened its doors in November
2007, in partnership with Europolis, the Austrian real estate fund manager that holds
the remaining 40%.
Located on the busy Kutuzovskiy Prospekt boulevard, Vremena Goda boasts more
than 150 retailers occupying 30,000 m2 of gross leasable area. Its unique design gives
it a distinctive character in the highly competitive Moscow market.
This initial Russian transaction marks a new step in Ivanhoe Cambridge’s strategy
to expand and diversify. It’s also an excellent opportunity to gain a foothold in this
market, which is the world’s third most attractive retail market for investors.
/ Vremena Goda offers many prestigious retailers, such
as Chanel, Cartier, Lacoste, Hermès, Montblanc and
Burberry, as well as a VIP cinema complex, a Globus
Gourmet epicurean grocery and trendy restaurants.
FORUM
p_ 7
fall 2008 / vol. 13_No 3
Redevelopment of La Place Vertu attracts new retailers
La Place Vertu, an Ivanhoe Cambridge property in the Montréal
Borough of Saint-Laurent, has been undergoing a major facelift
since the end of 2007. To date, several key steps in the $45-million
development have been completed:
/ The expanded and fully revamped food court has been open
to the public since April 1;
/ Marché Adonis, a food-store chain selling mainly Middle Eastern
foods, will open its fourth and largest store in the centre in
December 2008;
/ Several retailers (Winners, Blü, Starbucks Coffee, Claire France,
Dans un Jardin, I&F and Urban Planet) are slated to open
between fall 2008 and spring 2009, and will further enhance
the centre’s retail mix.
The project, which will continue until the spring of 2009, also
calls for the expansion of selected establishments and interior
and exterior upgrades.
/ Islazul offers 180 stores, 20 restaurants and a 13-screen
cinema complex.
Islazul opens its doors in Madrid
Ivanhoe Cambridge and Grupo Lar celebrated the official
opening of Islazul, a shopping centre in the Carabanchel area
of Madrid, Spain, on April 23. The Company was actively
involved in the development of the 90,000-m2 centre.
Islazul’s exceptional offering includes retail, entertainment
and dining establishments that are already appealing to large
numbers of Madrilenians – more than a million visitors in the
first three months. Islazul’s innovative architecture offers a
user-friendly shopping environment and will maintain energy
consumption at an unusually low level for this type of structure.
This choice property is the largest shopping centre in the
Spanish capital and the fourth-largest in the Autonomous
Community of Madrid. Islazul consolidates Ivanhoe Cambridge’s
presence in Europe and will help create value for its shareholders.
/ Ivanhoe Cambridge is investing $45 million to redevelop and update
La Place Vertu, in Greater Montréal.
FORUM
p_ 8
fall 2008 / vol. 13_No 3
Appointments and
strategic changes
SITQ leases almost all of Tour T1
and Immeuble B in Paris
A few months before construction
wraps up, Tour T1 and Immeuble B, in the
La Défense district of Paris, are almost
fully leased. Starting January 1, 2009,
for 12 years, Groupe Suez will occupy
Tour T1 in its entirety (67,380 m2), as
well as a major portion of Immeuble B
(8,480 m2). This major lease agreement
has sealed the success of this enormous
development project, which is the second carried out in La Défense by SITQ
and its partners.
/ Daniel Fournier
Daniel Fournier, Executive Vice-President and
Chief Investment Officer of SITQ
In line with its plan for geographic decentralization, SITQ has created a new position
to oversee all its investment operations. Daniel Fournier joined the Company early in
June as Executive Vice-President and Chief Investment Officer. His mission is to
propose an innovative vision that will ensure growth of the Company’s overall portfolio
and to optimize its return by acting on business opportunities on the world’s capital
markets. His key responsibilities will be to develop and apply the Company’s acquisition,
disposition and development strategy in co-operation with the Managing Directors
responsible for Canada, the United States and Europe. Over the short term, he will
also have a mandate to co-ordinate and oversee SITQ’s expansion into emerging markets.
Mr. Fournier is a graduate of Oxford University and Princeton University and has
extensive experience in the Canadian real estate sector. He has applied his talents as
a strategist and entrepreneur at companies that include Ogilvy and ACNG Capital,
where he carried out mandates for major clients. In recent years, he has taken a keen
interest in governance excellence. He sits on several boards of directors and is
Chairman of Genivar Income Fund.
/ Tour T1 will host its new tenants in 2009.
FORUM
p_ 9
fall 2008 / vol. 13_No 3
Peter Wong, Vice-President, Development, China,
at Ivanhoe Cambridge
Since the summer, Ivanhoe Cambridge’s Shanghai office has had a Vice-President,
Development, China: Peter Wong. He will be responsible for development and construction
of mixed-use projects now in the planning stage in Beijing, Tianjin and Kunming,
as well as redevelopment or completion of properties already acquired.
Mr. Wong was born in Hong Kong and holds a Bachelor of Environmental Sciences
from the University of Manitoba, an MBA from the Ivey School of Business at the
University of Western Ontario and a Master of Science (mechanical engineering)
from Brunel University in London. He has extensive experience in the development
and construction of mixed-use buildings in Canada, the United States and Hong Kong.
/ Peter Wong
Appointments at Presima
Vincent Lépine has been appointed Chief Investment Officer and Strategist of Presima,
a portfolio management company that is part of the Caisse Real Estate Group and
­specializes in real estate securities traded on the world’s stock exchanges. He is
responsible for managing portfolios of global real estate securities and the related
investment strategies.
/ Vincent Lépine
Mr. Lépine has amassed nearly 20 years of experience in the fields of macroeconomics
and international finance. He has held positions that include Vice-President, Research,
Global Asset Allocation, at CIBC Global Asset Management, and Assistant Chief
Economist at National Bank Financial. He has also held various functions as an economist at the Department of Finance in Ottawa.
Presima has also retained the services of Michel Bastien as a Management Adviser.
During his career, Mr. Bastien has held various positions related to portfolio management as well as several senior management positions at Montrusco Bolton. He has
also worked in the same field at the Caisse de dépôt et placement du Québec.
FORUM
p_ 10
fall 2008 / vol. 13_No 3
Connections
René Tremblay completes his mandate as head of ICSC
René Tremblay completed his mandate as Chairman of the International Council
of Shopping Centers (ICSC) in May. His year as the head of a vast organization with
members around the world enabled him to see the shopping centre industry from a
unique angle and to gain a new understanding of the global nature of its activities.
Fascinated by the spirit of innovation and enthusiasm of the people he met, Mr. Tremblay
believes that the future holds unsuspected opportunities and that the trend to greener
shopping centres will have an impact on property development around the world and
will dictate how business is conducted in the future.
/ René Tremblay, President and Chief Executive Officer
of Ivanhoe Cambridge, took part in about 20 conferences
and travelled 180,000 km during his one-year term as
Chairman of ICSC.
Cadim’s Director of Economic Research and Investment Strategy receives a prestigious award
/ The objective of John-John D’Argensio’s study is to
identify the determinants of office capitalization rates
for a panel of 52 countries.
The American Real Estate Society (ARES) has awarded first prize, in the category
Real Estate Investment / Portfolio Management – International, to a specialized paper
by John-John D’Argensio, Director, Economic Research and Investment Strategy,
at Cadim. Mr. D’Argensio co-authored “The real estate risk premium: A developed /
emerging country panel data analysis” with Frédéric Laurin, a Professor at the
International School of Economics at Tbilisi State University in Georgia. The award
comes with an invitation from the President of ARES to submit the paper to one of the
two most prestigious real estate publications in the United States, the Journal of Real
Estate Research and the Journal of Real Estate Portfolio Management.
St. Enoch Centre honoured by ICSC in Europe
St. Enoch Centre, a shopping centre owned and managed by Ivanhoe Cambridge and located in Glasgow, Scotland, has won a
Solal Marketing Silver Award (Community Relations category) from the International Council of Shopping Centers (ICSC) for its
Wish Upon A Star holiday project. The Solal Awards recognize best practices and outstanding marketing performance in shopping
centres across Europe. The extensive redevelopment project in progress at St. Enoch Centre should wrap up by the end of 2009.
FORUM
p_ 11
fall 2008 / vol. 13_No 3
New system lights up the Édifice Price
To commemorate the 400th anniversary of the founding of
Québec City, the Édifice Price, a heritage building belonging to
SITQ and located in Québec City’s old town, unveiled its unique
energy-efficient lighting system. The new system showcases
the outstanding architecture of this Art Deco property.
The concept developed by SITQ and its suppliers ensures
energy efficiency and facilitates maintenance of the lighting
system. It uses three times as many light-emitting-diode (LED)
fixtures and projectors (278) as the previous system, but their
energy consumption will be only slightly higher. Moreover, the
new system provides more abundant illumination and offers an
extended life that will minimize maintenance. This use of LED
technology for building illumination is a first in Canada.
/ The Centre CDP Capital is the second office building in Québec to be named
The Office Building of the Year in the BOMA International competition, and
the only one in the past 20 years.
Honours and distinctions for SITQ and its buildings
At the BOMA International awards ceremony held in Denver,
Colorado, on June 24, the Centre CDP Capital, a downtown
Montréal office building owned and managed by SITQ, captured
a coveted prize when it was named The Office Building of the
Year (TOBY) in the 500,000 to One Million Square Feet category.
This title is the most prestigious award in the commercial real
estate industry in North America. It recognizes excellence in
property management, operations, resource conservation and
environmental awareness.
In addition, 33 Arch Street in Boston recently won a prestigious
Energy Star award for 2008. This distinction recognizes the
building’s energy performance as being among the best in the
United States. Lastly, the Urban Development Institute of Québec
gave SITQ an honourable mention for its Go Green program
as part of the 2008 Awards for Excellence in Real Estate.
/ The new lighting system of the Édifice Price matches
the original colours of the building materials as closely
as possible and emphasizes architectural features that
are not visible during the day.
information
real estate group
SITQ
FRANKFURT, GERMANY
Shanghai, China
Centre CDP Capital
1001, rue du Square-Victoria
Montréal, Québec H2Z 2A8
Canada
Tel. 514 842-3261 1 866 330-3936
www.lacaisse.com
Centre CDP Capital
1001, rue du Square-Victoria
Bureau C-200
Montréal, Québec H2Z 2B1
Canada
Tel. 514 287-1852
www.sitq.com
SITQ Deutschland GmbH
Tel. (49) 69 299 20 86-0
Marc Doré (interim)
[email protected]
Ivanhoe Cambridge
Tel. (86) 21 5882-6999
Brian Castle
[email protected]
Madrid, spain
Tel. (86) 21 5882-6999
Ivanhoe Cambridge
Tel. (34) 91 700-5300
Claude Dion
[email protected]
Stéphane D. Tremblay
[email protected]
65, rue Sainte-Anne
14e étage
Québec, Québec G1R 3X5
Canada
Tel. 418 684-2334
Cadim
Centre CDP Capital
1000, place Jean-Paul-Riopelle
Bureau A-300
Montréal, Québec H2Z 2B6
Canada
Tel. 514 875-3360
www.lacaisse.com/cadim
IvanhoE Cambridge
Centre CDP Capital
1001, rue du Square-Victoria
Bureau C-500
Montréal, Québec H2Z 2B5
Canada
Tel. 514 841-7600
www.ivanhoecambridge.com
CDP Real Estate China (Cadim)
New Delhi, Inde
Brussels, Belgium
SITQ Europe
Tel. (32) 2 644-4165
Jean-Paul Mouzin
[email protected]
CDP Real Estate Advisory India
Private Limited
TEl. (91) 114 664 1010
Claude Lavigne
[email protected]
Ivanhoe Cambridge
TEl. (91) 124 435 4256
abroad
Paris, France
Luxembourg
SITQ SAS
Tel. (33) 1 56 69 25 30
Marc Doré (interim)
[email protected]
Ivanhoe Cambridge
Tel. (352) 27 62 06 93 41
Jacqueline Kost
[email protected]
Portfolio
at a glance
Metropolis
at Metrotown
Phil McArthur
[email protected]
SITQ India
TEl. (91) 114 664 1001
Manish Gupta
[email protected]
www.lacaisse.com
To obtain additional copies of this
­newsletter, please call 514 982-5658
or visit: www.lacaisse.com/forum
Shopping and entertainment
complex
Burnaby, British Columbia,
Canada
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