Ivanhoé Cambridge, the real estate arm of pension fund CDPQ, said it tapped Karen Horstmann to oversee its properties south of the border as managing director and head of real estate in the United States, where the company owns several office towers including 1211 Avenue of the Americas in Manhattan.
Horstmann previously served as head of investments for Allianz Real Estate of America since 2019. Before that, she founded the North American platform at Norges Bank Investment Management and scaled its portfolio from zero to $28 billion in assets.
"With over 25 years of industry experience, Karen will play a key role in driving our investment activities in the U.S.," Ivanhoé Cambridge said in a LinkedIn post.
Ivanhoé Cambridge launched its New York office at 1211 Avenue of the Americas in October 2023 and appointed Michael Caracciolo to the top post. A representative of Ivanhoé Cambridge confirmed in an email that Caracciolo remains with the company.
Horstmann’s appointment comes on the heels of CDPQ's annual earnings report, in which the pension fund said it posted a negative 10.8% return on its real estate holdings last year. The pension fund blamed office properties in Chicago and New York for the decline, while its industrial properties were more profitable.
