Mon, 10/12/2012 - 10:09
Ivanhoé Cambridge has selected Callahan Capital Partners (CCP) to join forces in the development of its US office real estate platform and the management of its expanding office portfolio.
The strategic relationship with CCP allows Ivanhoé Cambridge to immediately access a fully operational standalone platform that will benefit from:
• Access to a pipeline of investment opportunities, an extensive national network of contacts and local market knowledge;
• Market-specific asset management expertise;
• Enhanced capabilities to execute large, complex transactions.
CCP's mandate will be exclusive to Ivanhoé Cambridge and will contribute to delivering Ivanhoé Cambridge's strategic plan.
"This is a great opportunity for Ivanhoé Cambridge to capitalise on CCP's recognised expertise in the acquisition and management of office assets in the US, a priority market where we are seeking to develop a solid platform," says Daniel Fournier (pictured), chairman and chief executive of Ivanhoé Cambridge. "The US office market is very large and also very competitive. Our strategic relationship with CCP will enable us to significantly accelerate the development of our platform by quickly accessing investment opportunities and by benefiting from CCP's deal-sourcing and execution capabilities."
"As of one of the world's top institutional real estate investors with a proven expertise, Ivanhoé Cambridge is an ideal partner for us," says Tim Callahan, president and chief executive of Callahan Capital Partners. "Ivanhoé Cambridge is a well-established, long-term investor with a solid international base that is looking to leverage its strong position and expertise and that is intent on growing its US presence in the office sector. Furthermore, through our new relationship, our respective interests are perfectly aligned."
According to the agreement, all investments proposed will be subject to Ivanhoé Cambridge's investment approval process. A new property acquired in Manhattan in mid-November, 1411 Broadway, will be the first investment to be managed by Callahan Capital Partners.
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