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CBRE buying majority stake in Toronto-based infrastructure investment manager

CBRE Group Inc. has agreed to acquire a majority interest in Toronto-based Caledon Capital Management Inc.

Caledon, which specializes in private infrastructure and private equity investments, has more than 30 people in Toronto and manages about US$7 billion of assets for institutional investors. When the deal closes, Caledon will change its name to CBRE Caledon Capital Management Inc. and will operate as a separate business unit under CBRE Global Investors LLC. Caledon's management team will be retained and will continue to hold "significant long-term ownership," CBRE said in a press release.

The deal is expected to close later this year, subject to regulatory approval. The pending addition of Caledon will strengthen investment solutions offered by CBRE Global Investors and its listed equity management arm, CBRE Clarion Securities LLC.