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Ivanhoe Cambridge buys Callahan Capital Properties

Ivanhoe Cambridge, the real estate investment subsidiary of the C$308.3 billion ($236.3 billion) Caisse de Depot et Placement du Quebec, Montreal, has acquired real estate private equity firm Callahan Capital Properties.

Terms of the deal were not disclosed.

Callahan manages $10 billion in office properties in downtown locations in Boston, Chicago, Denver, Los Angeles, New York and Seattle, the news release said.

Ivanhoe Cambridge has been in a strategic relationship with Callahan to manage the office properties since 2012.

Callahan Capital Properties will be merged under the Ivanhoe Cambridge brand, an Ivanhoe Cambridge spokesman said.

Investment bank Eastdil Secured advised on the transaction.

Ivanhoe Cambridge will now have more than C$60 billion in assets, the spokesman said.