While the Quebec state is betting big on the Blue Basket to counter the influence of Amazon, the American giant is a major tenant of the Caisse de depot et placement du Quebec (CDPQ), learned The newspaper.
“We currently have ten buildings across Canada and the United States in which Amazon (and/or their subsidiaries) are tenants,” confirmed the Public Affairs team of Ivanhoé Cambridge, the real estate arm of the company. CDPQ.
But, no question of saying where these buildings are. The newspaper was able to confirm, however, that Ivanhoé partly owns an Amazon distribution center located near the Saint-Hubert airport.
Institutional investors like the Caisse have invested heavily in warehouses and industrial-type buildings in recent years to take advantage of the enthusiasm linked to the explosion of e-commerce.
For example, the British Columbia equivalent of the Caisse, BCI, owns two of Amazon’s Quebec warehouses, found The newspaper.
In addition to US$880 million in shares
In addition to its rental activities at Amazon, the Caisse has bet hundreds of millions in the American multinational on the stock market.
At the end of March, the Caisse held just over US$880 million in Amazon shares, according to a statement filed with US stock market authorities.
In mid-July, The newspaper reported that traders from here are stamping their feet for the state to force the web giants once and for all to pay their fair share of taxes.
“SMEs understand that competition is part of the equation. All they ask is to be treated fairly compared to their counterparts in large multinationals,” denounced François Vincent, vice-president for Quebec at the Canadian Federation of Independent Business (CFIB).
In interview at LogFranck Jovanovic, professor at the School of Administration of TÉLUQ, has added a layer in recent days.
“The discourse of multinational firms on the creation of jobs and the direct investments in Canada from abroad that they allow is a discourse of the marketing type,” he decided.
According to him, the question is not the jobs created by these giants, but the balance (what they create less what they destroy) and the type of jobs (low value-added jobs and low incomes ).
“Multinational companies, like Amazon, by reducing their tax rate at the level of the group’s consolidated accounts to a rate close to zero, contribute to the closure of small businesses”, he concluded.
Recall that in Europe, Amazon paid no tax on its sales of 55 billion US dollars last year, according to Bloomberg.
Yesterday, Amazon did not respond to questions from the Log regarding its business ties with Quebecers’ woolen stockings.
Amazon in Quebec
- 6 warehouses (in Laval, Longueuil, Montreal and Côteau-du-Lac)
- 1 data center (Varennes)
- More than 850 employees