Ivanhoé Cambridge has acquired U.S.-based Callahan Capital Properties (CCP). Although financial details have not been disclosed, Callahan’s assets under management in the U.S. are in excess of $10 billion.
The takeover comes after a six-year collaboration between Ivanhoé Cambridge and Callahan. It began in 2012, when Ivanhoé Cambridge entered into a strategic relationship with CCP designed to significantly expand its U.S. office properties platform.
Over the years, Ivanhoé Cambridge says in a release announcing the sale, the strategy has been very successful, allowing the firms jointly to build the platform to that $10 billion figure.
“We thank Tim Callahan and Michael Colleran for helping us build a strong platform of high-quality office properties in the United States,” said Daniel Fournier, chairman and chief executive officer of Ivanhoé Cambridge, in the release.
“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 U.S. office platform.”
Callahan specializes in high-quality office assets
Callahan, based in Chicago, specializes in investing in high-quality office assets in North America.
“I am very proud of the results that this relationship has achieved over the past six years,” said Tim Callahan, chief executive officer of Callahan Capital Properties, in the release. “Together we built a high-quality national office portfolio and executed numerous complex asset management strategies across the portfolio.”
There was no immediate word on the future of CCP’s current senior management.
Eastdil Secured advised on the transaction.
What follows is a list of Ivanhoé Cambridge’s U.S. office assets, provided by the company:
Boston: One Boston Place (201 Washington St).
Chicago: 10/120 South Riverside Plaza; 125 South Wacker Drive; 180 North LaSalle; 515 North State; River Point (444 W Lake St).
Denver: 410 17th Street; Tabor Center; US Bank Tower.
Los Angeles: PacMutual (523 W 6th St).
New York: 85 Broad Street; 1211 Avenue of the Americas; 1411 Broadway; Three Bryant Park.
Seattle: 999 Third Avenue; Newport Corporate Center; U.S. Bank Centre.
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a long-term view to generate optimal, risk-adjusted returns.
Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
Vertically integrated in Canada, Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets.
Through subsidiaries and partnerships, the company holds interests in more than 1,000 buildings, primarily in the residential, office, retail, industrial and logistics sectors.
Ivanhoé Cambridge held more than $60 billion Cdn in assets as at June 30, 2018 and is a real estate subsidiary of the Caisse de dépôt et placement du Québec, one of Canada’s leading institutional fund managers.