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Alberta & Prairies  + Canada + Cross Border News + Quebec  | 

Caisse Portfolio Value Slips 1.5% in First Half

The Caisse de dépôt et placement du Québec saw its real estate portfolio value fall 1.5% in the first half.

The property segment’s decline contrasted with an overall portfolio gain of 4.2%. The total value of assets rose to $424 billion from $402 billion at year-end 2022, the Montreal-based pension fund manager said in a news release.

The Caisse attributed the real estate portfolio’s decline to a large, rapid rise in interest rates.

“However, the portfolio’s shift toward the logistics segment offset the more mitigated performance of the office sector, which is undergoing a structural transformation in light of new work habits,” said the Caisse in the news release.

The portfolio outperformed its benchmark index (similar properties grouped for comparative purposes), which fell 4.1% in the first half.

On a five-year basis, the portfolio’s annualized 1.0% return was lower than the index’s 3.1% gain. The Caisse attributed that result to its real estate arm Ivanhoé Cambridge overweight in shopping centres that performed poorly.


Inside The Story

CDPQMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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