TORONTO, Jan. 20, 2017 /CNW/ - Cadillac Fairview (CF) is pleased to announce it has reached an agreement to sell a 50% interest in its Vancouver Portfolio to Ontario Pension Board (OPB) and the Workplace Safety and Insurance Board (WSIB), who have each acquired a 25% interest.
Representing approximately 4.0 million square feet of leasable space, the CF Vancouver portfolio, which includes CF Pacific Centre, one of North America's top performing shopping centres, and 12 best-in-class office properties, is a rare collection of trophy assets situated in the heart of downtown Vancouver.
"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," said John Sullivan, President and Chief Executive Officer, Cadillac Fairview.
"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," said Mark Fuller, President and CEO of the Ontario Pension Board. "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."
"Today's announcement proves the value of pooled asset management and its tremendous potential for the economy of Ontario," said Tom Teahen, WSIB President and CEO. "This aligns with the WSIB's commitment to protect the interests of those we serve."
These transactions build on a strong partnership between CF and OPB, who currently co-own four properties in downtown Toronto: RBC Centre, Toronto-Dominion Centre and two development properties at 16 York Street & 160 Front Street West. CF and WSIB also have an existing partnership as co-owners of Simcoe Place in downtown Toronto, which recently achieved LEED Platinum-EB certification.
About Cadillac Fairview
Cadillac Fairview is one of the largest owners, operators and developers of best-in-class office, retail and mixed-use properties in North America. The company also invests in retail, mixed-use and industrial real estate in Brazil, Colombia and Mexico.
Cadillac Fairview and its affiliates own over 38 million square feet of leasable space at 73 properties in Canada, which is valued at more than $29 billion, including landmark developments, such as Toronto-Dominion Centre, CF Toronto Eaton Centre, CF Pacific Centre and CF Chinook Centre.
Cadillac Fairview has been wholly owned by the Ontario Teachers' Pension Plan since 2000. Ontario Teachers' is a diversified global investor and administers the pensions of more than 300,000 active and retired school teachers.
Ontario Pension Board administers Ontario's Public Service Pension Plan, a defined benefit pension plan serving approximately 82,000 active, retired and deferred members and their employers. With more than $23 billion in assets, it is one of Canada's largest pension plans. Over the last 20 years, Ontario Pension Board has become one of Canada's leading direct owners of high quality commercial real estate.
The Workplace Safety and Insurance Board is an independent trust agency that administers compensation and no-fault insurance for Ontario workplaces.
We are committed to delivering what matters to the workers and employers of Ontario: fast, accessible service and fair benefits at a fair price.
SOURCE Cadillac Fairview Corporation Limited
For further information: Media contacts: Janine Ramparas, Director, Corporate Communications, Cadillac Fairview, [email protected], 416-598-8645; Ileana Brito, Manager, Stakeholder Relations, OPB, [email protected], 416-601-4082; Christine Arnott, WSIB Public Affairs, [email protected], 416-344-4202