CBRE Caledon Expands Digital Infrastructure Portfolio with Investment in a Wireless Tower Company

CitySwitch is a Leading Owner, Operator and Developer of Towers and Other Specialized Wireless Infrastructure

September 14, 2021

Wireless tower infra website 2

Media Contact

Pam Barnett

Senior Director, Corporate Communications

Photo of pam-barnett

CBRE Caledon Capital Management Inc. (“CBRE Caledon”) has entered into a definitive agreement to acquire a majority equity interest in CitySwitch Tower Holdings, LLC (“CitySwitch”), a leading build-to-suit wireless tower developer and operator, from funds managed by American Infrastructure Funds LLC ("AIM") and other shareholders. CBRE Caledon is making the investment on behalf of one of its funds as well as one of its separately managed accounts.

CitySwitch has a significant tower portfolio diversified across 25 states in the Eastern United States. The newly constructed portfolio of operating towers has long-term anchor contracts with more than 85 years of remaining contract life. CitySwitch is a pioneer in railroad asset development enabling the company to deliver unique and differentiated tower locations to national and local carriers.


The company is well-positioned to expand its build-to-suit pipeline and accelerate its tower count through organic growth. “CitySwitch is poised to benefit from the unprecedented long-term growth opportunity in wireless infrastructure,” said Noi Spyratos, Head of Private Infrastructure Portfolio Management for CBRE Caledon. “The company’s unique access to rail corridors has resulted in an attractive asset base with high potential for future lease-up activity. We are excited to partner with a top-performing management team to accelerate the company’s growth strategy.”


Stephen Dowd, Chief Investment Officer-Private Infrastructure Strategies for CBRE Caledon, added: “We continue to see strong value for our investors in digital infrastructure and are excited to complete this investment on behalf of our fund and separately managed account. The highly predictable nature of future cash flows supported by long-term contracts for this mission-critical infrastructure will provide our investors with strong downside protection and the potential for superior risk-adjusted returns.”

CitySwitch management will retain an equity stake in the company, and the business will continue to be led by President & CEO, Rob Raville. “With American Infrastructure Funds' strong support, CitySwitch has created one of the fastest-growing organically built wireless tower portfolios in the U.S.” said Rob Raville, President & CEO. "The CitySwitch team is very excited to partner with CBRE Caledon in our journey ahead. We look forward to building on our strong momentum of bringing highly differentiated build-to-suit and colocation solutions to our carrier customers as they expand and densify their digital networks."

Ed Leung, Managing Director of AIM and Chairperson of the CitySwitch Board, said, “We have enjoyed partnering with the CitySwitch team to build a leading wireless infrastructure company during its initial growth phase.  We look forward to watching its progress in the coming years and are confident that CBRE Caledon is the right partner for CitySwitch’s next phase of growth.”


The acquisition of CitySwitch is subject to customary closing conditions and regulatory approvals and is expected to close in late September or early October 2021.


CBRE Caledon was advised in this transaction by financial advisor Evercore; legal counsel Morgan, Lewis & Bockius; commercial advisor Atlantic-ACM and technical advisor Black & Veatch. TD Securities LLC acted as exclusive financial advisor to CitySwitch.

About CBRE Caledon

CBRE Caledon Capital Management Inc. is a leading infrastructure and private equity solutions provider. The company creates long-term value for investors by accessing and managing high-quality investment opportunities and building comprehensive infrastructure and private equity portfolios. Today, the firm’s dedicated team of 61 professionals represents $9.1 billion on behalf of institutional investors globally. CBRE Caledon is a separate business unit within CBRE’s independently operated investment management subsidiary, CBRE Global Investors. For more information about CBRE Caledon, please visit


About CBRE Global Investors

CBRE Global Investors is a global real assets investment management firm with $129.1 billion in assets under management* as of June 30, 2021. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.


CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit


*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.


About CitySwitch

CitySwitch is a privately held, full service owner and developer of towers and other specialized wireless infrastructure throughout the United States; a market leader in unique wireless asset deployment with a lengthy track record developing and managing hundreds of towers on public and private properties. With access to rights of way, abbreviated development cycles and a presence in 72 of the top 100 metro areas, CitySwitch is a trusted partner for wireless infrastructure solutions. To learn more about CitySwitch, visit


About American Infrastructure Funds

American Infrastructure Funds is a leading private investment firm based in the San Francisco Bay Area. AIM has managed and deployed nearly $3 billion of capital to support the growth of infrastructure, real property and natural resource-related businesses. For more information, please visit