Caisse de depot et placement du Quebec (CDPQ) has promoted Rana Ghorayeb to the role of executive vice president and head of its C$77bn (€52.4bn) real estate business.

Ghorayeb, who for the past five years acted as president and CEO CDPQ’s real estate lending arm Otéra Capital, will now take charge of the overall Ivanhoé Cambridge portfolio and investment team replacing Natalie Palladitcheff, the CEO and president of Ivanhoé Cambridge, who is leaving the real estate unit next month. 

Rana Ghorayeb

Rana Ghorayeb, EVP and head of real estate at CDPQ

Earlier this year, CDPQ announced the integration of its real estate subsidiaries Ivanhoé Cambridge and Otéra, a move it said will “enable greater focus on investment expertise and generate agility and efficiency gains”.

The Canadian institution said Ivanhoé Cambridge’s activities are currently being integrated, and as of 29 April 2024, the team will become an investment group within CDPQ when Ghorayeb begins in her new position, reporting to Charles Emond, president and CEO of CDPQ.

Before joining CDPQ in 2012, Ghorayeb was vice president of acquisitions at JP Morgan Asset Management in London, where she was in charge of real estate investments in several European countries. Ghorayeb previously worked in New York, where she led real estate transactions as senior partner at Teachers Insurance and Annuity Association. 

Emond said Ghorayeb’s career at CDPQ has been remarkable, first as senior vice president in the infrastructure team, where she forged partnerships and carried out investments across the globe that continue to benefit CDPQ. Then, as president and CEO of Otéra, “where she distinguished herself as a leader”. 

Emond added: “She successfully led the organisation’s profound transformation since joining five years ago, and headed the portfolio’s growth and diversification strategy, which has made Otéra a major player in North America.

“Her appointment to head the Ivanhoé Cambridge portfolio will enable her to combine her extensive investment knowledge with her top-tier managerial skills.”

Ghorayeb said: “The real estate sector is facing big challenges, but Nathalie Palladitcheff and her team have transformed the portfolio to be better positioned for the future.

“Along with the Ivanhoé Cambridge team, I am delighted to be able to contribute to the next chapter at this pivotal moment for the industry, knowing that we have the key strengths to come out ahead.”

Emond said: “Over the last five years, Nathalie has achieved a great deal, with conviction and courage, to transform Ivanhoé Cambridge despite an extremely challenging real estate environment.

“I would like to sincerely thank her as she continues to work towards the harmonious integration of the real estate activities and teams into CDPQ, with all the empathy and diplomacy she is known for.”

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