Canada’s bcIMC launches QuadReal to manage and grow global real estate portfolio
The British Columbia Investment Management Corporation (bcIMC), through its Realpool Investment Funds, has launched QuadReal Property Group (“QuadReal”), an independent privately held company based in Vancouver, Canada. QuadReal will be owned by bcIMC and will manage bcIMC’s more than $18 billion in real estate assets.
In addition, QuadReal will have a mandate to acquire and grow real estate investments in Canada and in new markets in the US, Asia and Europe while continuing to deliver strong, reliable long-term returns for bcIMC’s pension plan, public trust and insurance fund clients.
“We are very excited about the launch of QuadReal. The establishment of QuadReal is a natural evolution for a company of scale and ambition and it fits perfectly with our strategy to expand our global reach,” said Gordon J. Fyfe, chief executive officer and chief investment officer, bcIMC. “Real estate is an important part of our $123-billion investment portfolio. In addition to growing our real estate holdings, QuadReal is expected to maintain exceptional service for our tenants and residents, maximize returns for bcIMC’s clients and demonstrate industry-leading environmental, social and governance stewardship.”
The majority of bcIMC’s Canadian real estate assets are currently managed externally by Bentall Kennedy, GWL Realty Advisors and Realstar. The management of these real estate assets will begin to transfer to QuadReal in 2017.
QuadReal is led by presidents Remco Daal and Jonathan Dubois-Phillips. Mr. Daal, who will oversee QuadReal’s domestic operations, has extensive experience in the real estate sector, most recently as president of Bentall Kennedy’s Canadian operation. He has also held senior positions with CIBC Development Corporation and a private Toronto-based development company. Mr. Dubois-Phillips will run QuadReal’s international business. His career includes real estate finance positions in Asia, North America and Europe, working for firms such as Lehman Brothers Global Real Estate Group and Nomura International.
“At QuadReal, we are growing from a position of stability and strength, given the market position of our property management partners, and we will remain a reliable steward of capital and assets,” said Daal. “At the same time, we are creating a company that has a global perspective and is entrepreneurial and ambitious. As such, we are offering exceptional opportunities for employees, including the opportunity to help build and manage one of the largest property portfolios in Canada.”
“We are building a Canadian-owned, international real estate investment company,” added Dubois-Phillips. “We will expand into new markets by collaborating with partners with local knowledge and expertise to acquire, develop and manage assets. To this end, QuadReal is building out its global expertise, expanding its international footprint and actively seeking new investment opportunities, worldwide.”
“Bentall Kennedy, GWL Realty Advisors and Realstar have been providing outstanding asset and property management services for us for many years,” said Mr. Fyfe. “We appreciate their exceptional work, and thank them for being expert partners on hundreds of projects across the country.”
QuadReal will provide further updates regarding the transition of real estate asset and property management, the opening of QuadReal’s offices across Canada and the development of QuadReal’s global network in coming quarters. QuadReal will manage a real estate portfolio that currently includes more than 500 office, industrial, retail and residential properties in Canada and more than $2 billion worth of real estate investments outside of Canada.