Cadillac Fairview Sells Stake in TD Centre to Ontario Pension Board
This morning, Cadillac Fairview announced it's entered into a binding agreement to sell a 30% non-managing interest in Toronto-Dominion Centre to the Ontario Pension Board (OPB). OPB president Mark Fuller said the opportunity to own a share of the “landmark asset”—with 4.5M SF of AAA office and retail space spread over six towers—aligns with the board's strategy to increase its exposure to private market investments in areas like real estate by partnering with leading institutions.
Along with the partial sale of TD Centre, Cadillac Fairview said it's agreed to sell OPB a 30% interest in 16 York St, a 32-storey office tower with 850k SF of leasable space that’s part of the York Centre JV with Lanterra Developments, which includes Ice Condos. ("Do you want 16 York St with that?" is the real estate equivalent of "Do you want fries with that?") Both deals are expected to close in October. Cadillac Fairview and OPB co-own two other properties: RBC Centre and a development at 156 Front St W.