New start at the management of Ivanhoé Cambridge

The wave of resignations continues at the head of Ivanhoé Cambridge, the real estate subsidiary of the Caisse de dépôt et placement du Québec (CDPQ). This time it affects Christian Daumann, the big boss of his office in Berlin, Germany, has learned The newspaper.

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For five days, since the 1^er March, the former strongman of Ivanhoé Cambridge in Germany acts as CEO of the German activities of QSix, a major real estate company based in London, with offices in Amsterdam and Berlin. In a press release, QSix touts his vast experience, his contacts book and his enviable political connections.

Christian Daumann was appointed by the Caisse’s real estate subsidiary in September 2019, with the mandate, among other things, to open an official branch of Ivanhoé Cambridge in Berlin. Under his leadership, Ivanhoé’s portfolio in this country tripled to represent more than 10% of its European portfolio ($20 billion).

Ivanhoe remains silent

The circumstances of his departure last November and the treatment received since by Mr. Daumann are today jealously kept secret by the Montreal management of Ivanhoé, while the latter is going through one of the worst crises in its history.

On Monday, Ivanhoé Cambridge refused to grant us an interview on the subject. By email, however, his management confirmed Mr. Daumann’s departure and his intention to continue his activities in this country.

“There are currently three Ivanhoé Cambridge employees who are based in Germany and we would like to reaffirm that this country remains an important location for us,” the company responded.

On the other hand, the real estate arm of the CDPQ has not provided any answer regarding the future of its Berlin office (will it remain open?). Nor with regard to its intention to find a successor as head of its 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 severance pay? If so, how much please? The only response was a six-word sentence: “We have nothing to add.”

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Third departure

Confirmation of this departure comes at a time when concern is at its height among the 490 Ivanhoé Cambridge employees still working in Montreal and elsewhere in the world. The announced absorption of the organization within the Caisse de dépôt raises fears for the worst.

Two weeks ago, during the presentation of its 2023 financial results, the president of the Caisse de dépôt, Charles Emond, warned that significant layoffs would be made in the coming months.

Following the announcement of the repatriation of its activities within CDPQ, its parent company, the president and CEO, Nathalie Palladitcheff, announced in January that she had resigned. The latter, it was indicated in a press release, will leave her position at the end of April, without severance pay. M^me Palladitcheff has so far refused to discuss his professional future.

Last week, we also announced the resignation of Karim Habra, head of Ivanhoé Cambridge for the European and Asia-Pacific territories. From Paris, he was responsible for 76 employees spread across Paris, London, Berlin, Sydney, Singapore, Shanghai and Mumbai.

His departure is voluntary and, officially, no severance pay would have been paid to him, maintains Ivanhoé. Like Mr. Daumann, whom he himself had chosen to run the company’s activities in Germany, Mr. Habra has still not been replaced.

Real estate assets of the Caisse de dépôt et placement du Québec

• Total assets of CDPQ*: $434 billion
• Ivanhoé Cambridge real estate assets: $77 billion

*Total value, including the Ivanhoé Cambridge portfolio, as of December 31, 2023.

Source: CDPQ and Ivanhoé Cambridge