Ivanhoé Cambridge (Ivanhoé) has successfully completed the repositioning of some 300 transactions totalling over CAD50bn (€34bn) ahead of time. The result is increased diversification and resilience based on both sector and geography across its entire portfolio. Driving its performance is its strengthening of its logistics, residential, and life sciences holdings. In addition, it has prioritised promising alternative opportunities within both established and emerging markets.

Ivanhoé’s logistics portfolio was non-existent in 2016 but it is now its largest sector, accounting for almost a quarter of its assets at 23%. Key transactions in this portfolio in 2023 included expanding its continental Europe platform, known as Hub & Flow, with the acquisition of a new speculative logistics development project in northern France and by delivering the final phase or its logistics warehouse in southern France.

These initiatives brought the Hub & Flow portfolio to a total surface of 384,000m². It also strengthened its last-mile logistics portfolio with investments in urban areas, including Munich, Germany and Birmingham, UK. Elsewhere in the UK, it launched the 44-acre second phase of its Milton Keynes logistics project, making it the largest immediately deliverable logistics building in the UK. Other deals included acquisitions of further stakes or new shares in assets in India and the US.

The residential sector is also a priority for Ivanhoé. In Chile it celebrated the opening of mixed-use project combining 196 rental units on 17 floors, plus office, retail and green spaces in the prime Santiago submarket of Las Condes. In the US, it completed a two-building, six-story, 518-unit mixed-use building located in the Californian city of San Jose’s historic Japantown and opened a six-story, 263-unit residential complex in Durham in North Carolina.

Ivanhoé’s life sciences investments offer resilient returns and promising growth potential. Last year, it announced the topping out of the structural steel framing of a nine-story, 350,000 square foot life science development in the US city of Boston.

In other areas, Ivanhoé continued to work towards its net-zero carbon by 2040 goal, which includes a commitment to reduce its carbon intensity by 35% by 2025. By the end of 2023, the operational carbon intensity of its direct investment portfolio had been reduced by more than 30% compared with 2017, while nearly CAD30bn of its investments boasted at least one sustainable building certification.

It has also taken out more than CAD19.6bn in sustainable financing, including CAD15bn of sustainability-linked loans, representing 58% of Ivanhoé’s total debt and deployed more than CAD4.8bn of low-carbon investments since 2020. Finally, it issued its first sustainability bond in 2023 and implemented a Green IRR (internal rate of return) metric to account for the value of carbon and a more comprehensive assessment of the financial benefits derived from a carbon reduction project.

As an inclusive employer and investor committed to having a sustainable impact on communities, Ivanhoé made further progress with its diversity, equity and inclusion (DEI) strategy in 2023. It signed ILPA’s Diversity in Action movement and sought to influence its peers and partners by actively encouraging them to establish their own DEI commitments. Furthermore, it continued to receive high level certification and awards for its achievements as part of its strategic social impact and inclusion plan.