Presidents Club scandal: property firm loses major backer
The property firm run by a former co-chair of the Presidents Club has misplaced a major monetary backer within the wake of the sexual harassment scandal at an all-male charity dinner.
Ivanhoé Cambridge, a Canadian funding group, stated it had halted additional investments with Residential Land, which is owned by Bruce Ritchie.
The property magnate was a trustee and certainly one of two joint chairmen of the Presidents Club till it was disbanded final week, following the Financial Times’s revelations a few men-only fundraising dinner on the Dorchester resort the place employed hostesses have been allegedly groped and sexually harassed.
Ivanhoé stated in a press release: “We are deeply troubled by the events and behaviours as reported by the media; they are clearly unacceptable and contrary to our core values as a global institutional investor. Under the circumstances, we have stopped future investments with the company. We will not make any further comments at this time.”
Residential Land, based by Ritchie in 1991, is among the largest non-public landlords in central London, and owns greater than 1,200 properties together with resorts and Mayfair workplace buildings. Ivanhoé, a property firm based in Quebec in 1953 and owned by the Canadian pension fund La Caisse de dépôt et placement du Québec, was certainly one of Ritchie’s predominant backers. Its determination to sever ties with Residential Land was first reported by the commerce journal Property Week.
Ivanhoé entered right into a £650m three way partnership cope with Residential Land in February 2015. Assets purchased by the fund embrace Hamlet Gardens in west London and 4B Merchant Square, near Paddington station within the capital, in addition to the Circus Apartments in Canary Wharf.
Ritchie describes himself as “a philanthropist and benefactor of many of London’s worthy charitable institutions” on his firm’s web site. He has refused to verify whether or not he attended this 12 months’s Presidents Club annual dinner.
Privately educated at Dulwich school, he later went on a administration coaching scheme at Harrods division retailer in Knightsbridge. While working there as a gross sales supervisor, he began buying and selling properties in Hackney in east London. By the time he left Harrods in 1986 he owned 17 properties, a few of which he nonetheless owns right this moment. When finding out at Dulwich, he had been shopping for and promoting vehicles in his spare time.
Ritchie later turned a enterprise associate with the celeb chef Marco Pierre White within the White Star Line restaurant group which incorporates Mirabelle, Quo Vadis and Criterion. Ritchie sits on the British Property Federation’s residential committee and is a fellow of the Property Consultants Society.