The strategic relationship will develop Ivanho Cambridge’s U.S. office
real estate platform and manage its U.S. office portfolio

MONTREAL, Dec. 7, 2012 /CNW Telbec/ – Ivanho Cambridge announced today
that it has selected Callahan Capital Partners (“CCP”) to join forces
in the development of its U.S. office real estate platform and the
management of its expanding office portfolio in that important market.

The strategic relationship with CCP allows Ivanho Cambridge to
immediately access a fully operational stand-alone platform that will
benefit from:

• access to a pipeline of investment opportunities, an extensive national
  network of contacts and local market knowledge;
• proven and efficient, market-specific asset management expertise;
• enhanced capabilities to execute large, complex transactions.

CCP’s mandate will be exclusive to Ivanho Cambridge and will contribute
to delivering Ivanho Cambridge’s strategic plan.

“This is a great opportunity for Ivanho Cambridge to capitalize on
CCP’s recognized expertise in the acquisition and management of office
assets in the U.S., a priority market where we are seeking to develop a
solid platform,” said Daniel Fournier, Chairman and CEO of Ivanho
Cambridge. “The U.S. 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.”

Mr. Fournier added: “We are happy to be able to work with one of the
leading real estate teams in the U.S. to maximize our execution
capacity and efficiency in this market.”

CCP’s management team is composed of seasoned professionals with
valuable experience obtained with blue chip real estate companies and a
proven track record of managing large real estate firms.

“As of one of the world’s top institutional real estate investors with a
proven expertise, Ivanho Cambridge is an ideal partner for us,” said
Tim Callahan, President and CEO of Callahan Capital Partners. “Ivanho
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 U.S. 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
Ivanho 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.

Note to editors: see attached biography of Tim Callahan.

About Ivanho Cambridge

Ivanho Cambridge is one of the world’s 10 largest real estate
companies. As at December 31, 2011, its assets totalled more than
Cdn$30 billion and could be found in over 20 countries around the
world. Ivanho Cambridge is a real estate subsidiary of the Caisse de
d pôt et placement du Qu bec (lacaisse.com), one of Canada’s leading institutional fund managers. For more
information, visit ivanhoecambridge.com.

About Callahan Capital Partners

Callahan Capital Partners is a real estate investment firm focused on
acquiring high-quality office properties throughout the United States
and leveraging substantial experience and expertise in asset management
to enhance value.

Biographical Notes

Timothy H. Callahan

Tim Callahan currently serves as President and Chief Executive Officer
of Callahan Capital Partners. Prior to founding CCP, Mr. Callahan
served as President, Chief Executive Officer and Director of Trizec
Properties, Inc. (NYSE: TRZ), a 40 million square feet national office
REIT from August 2002 until the closing of the acquisition of Trizec by
Brookfield Properties and Blackstone in October 2006.

From October 1996 through April 2002, Mr. Callahan was Trustee,
President and Chief Executive Officer of Equity Office Properties Trust
(NYSE: EOP), a public U.S. real estate investment trust, during which
time the office portfolio grew from 32 million square feet to
approximately 125 million square feet located across all major U.S.
markets.

From 1992 through 1996, Mr. Callahan held various executive level
positions, including CFO, at Equity Group Investments (EGI), Sam Zell’s
holding company. At EGI, Mr. Callahan was responsible for coordinating
all financing and capital markets activities involving EGI, including
real estate and corporate transactions.

Prior to joining EGI, Mr. Callahan was Director of Development,
Northeast Region with The Edward J. DeBartolo Corporation in
Youngstown, Ohio from June 1988 to July 1992.

Before joining DeBartolo, Mr. Callahan served as Senior Vice President
at Chemical Realty Corporation, a division of Chemical Bank. During his
14 years at Chemical, he was responsible for all real estate lending
activities with clients throughout the Midwest and Mid-Atlantic regions
before transferring to the Investment Bank, where he was responsible
for various real estate investment banking activities.

Mr. Callahan is a member of the Real Estate Roundtable and serves as a
founding Board member of the UCLA Ziman Center for Real Estate.

Mr. Callahan received a B.A. in pre-professional studies from the
University of Notre Dame and attended The New York University School of
Business.

SOURCE IVANHOE CAMBRIDGE