Cadillac Fairview sells 50% of Vancouver portfolio
Real estate manager Cadillac Fairview announced on Friday that it has agreed to sell a 50 percent interest in its Vancouver portfolio to the Ontario Pension Board and the Workplace Safety and Insurance Board.
“As a proud owner and developer of commercial real estate in Vancouver for more than 40 years, it was critical for Cadillac Fairview to find like-minded partners who share in our long-term vision,” says John Sullivan, President and Chief Executive Officer, Cadillac Fairview, in a news statement.
They will each acquire a 25 percent interest in the CF Vancouver portfolio, which includes four million square feet of leasable space including CF Pacific Centre, one of North America’s top performing shopping centres, as well as 12 office properties.
“This deal gives us the rare opportunity to gain direct exposure to the tightly held Vancouver real estate market. As the economic and financial centre for Western Canada and the primary access point to Asian markets, Vancouver is expected to outperform other major Canadian cities going forward,” says Mark Fuller, President and CEO of the Ontario Pension Board, in a news statement. “It is also a great example of how asset pooling and scale help us gain direct access to high-quality assets that will help us generate strong returns over the long term.”
The financial terms of the deal were not revealed.
Cadillac Fairview is one of the largest owners, operators and developers of best-in-class office, retail and mixed-use properties in North America.
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