CBRE Group is buying a majority interest in Toronto-based infrastructure and private equity manager Caledon Capital Management, confirmed Pam Barnett, CBRE spokeswoman.
Once the deal closes, which is expected later this year, Caledon will be renamed CBRE Caledon Capital Management and will operate as a separate business unit under CBRE's independently operated investment management subsidiary, CBRE Global Investors. Caledon's management team, headed by founding partner David Rogers, is the current owner and will retain “a significant long-term ownership,” Ms. Barnett said. Mr. Rogers and his management team will continue to run the business and remain Caledon employees, she added.
The size of CBRE's investment as well as the size of the deal are not being disclosed.
Caledon manages about C$9 billion ($6.7 billion); CBRE Global Investors manages $86.5 billion.