Ivanhoé Cambridge has acquired Callahan Capital Properties (CCP), its partner in a $10bn (€8.49bn) US office properties platform.
In 2012, the real estate investment arm of Quebec’s sovereign fund, Caisse de dépôt et placement du Québec entered into a strategic relationship with private equity firm CCP to help grow its US office properties platform.
The joint venture in the past six years has acquired assets in Boston, Chicago, Denver, Los Angeles, New York and Seattle, taking the platform’s managed assets to more than $10bn.
Ivanhoé Cambridge said it has agreed to buy CCP for an undisclosed sum. The deal will help Ivanhoé internalise all investment and asset management responsibilities, it said.
Daniel Fournier, the chairman and CEO of Ivanhoé Cambridge, said: “We are delighted to welcome a team of experienced professionals in this transition to Ivanhoé Cambridge and to prepare the strategy for the next steps in our plan for our US Office platform.”
Tim Callahan, the CEO of CPP said: “I am very proud of the results that this relationship has achieved over the past six years.
”Together we built a high-quality national office portfolio and executed numerous complex asset management strategies across the portfolio.”