Toronto, ON (December 17, 2019) – Cadillac Fairview (“CF”) has entered into a binding agreement to sell a 50 per cent interest in CF Carrefour Laval to clients of TD Asset Management Inc. (“TDAM”) invested primarily in the TD Greystone Real Estate L.P. Fund and TD Greystone Real Estate Fund Inc. (the “Funds”). TDAM also has negotiated the ability to acquire a 50 per cent ownership interest in CF Sherway Gardens.
“Acquiring a 50 per cent interest in CF Carrefour Laval provides an excellent investment opportunity for our clients. The shopping centre’s desirable location, strong tenant roster, intensification potential and predictable returns will make it a foundational core holding in the Funds for decades to come,” said Jeff Tripp, Managing Director, Real Estate Investments, TDAM.
CF Carrefour Laval is the premier shopping centre in Quebec. The centre draws a premium and diverse retail mix, including Hudson's Bay, Simon’s and Rona, which are complimented by Apple, Harry Rosen, H&M, MEC and Zara, making the property a destination for shoppers in the Montreal area.
Ted Welter, Chief Investment Officer of Alternative Investments and Managing Director, TDAM added, “CF is an important relationship for TDAM. The opportunity to grow with CF at both CF Carrefour Laval and CF Sherway Gardens is extremely exciting. The two firms exhibit strong cultural alignment and share the same long-term approach to real estate investing. I am thrilled to announce these transactions given the dominant nature of each of the properties in their respective markets and the inherent growth opportunities that exist at each of the shopping centres.”
CF Sherway Gardens is the leading retail destination in Toronto’s west end. The property has undergone a significant redevelopment and expansion over the past five years, which includes a new food court, three full-service restaurants, and exciting retail offerings including Nordstrom, Hudson's Bay, Saks Off Fifth, Apple and Tiffany & Co.
“We are thrilled to continue our longstanding relationship with TD Bank Group, which began in 1967 when we jointly opened the iconic Toronto-Dominion Centre in downtown Toronto. The relationship, which also includes CF Fairview Mall, continues to evolve as we build a new office for TD’s employees at 160 Front Street. With today’s announcement we see tremendous opportunity to grow these already strong assets with a like-minded firm who shares our long-term vision and will help us deliver on our ambitious plans,” said Duncan Osborne, Executive Vice President, Investments, Cadillac Fairview.
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 Cadillac Fairview portfolio is owned by the Ontario Teachers’ Pension Plan, a diversified global investor which administers the pensions of more than 327,000 active and retired school teachers. The real estate portfolio also includes investments in retail, mixed-use and industrial real estate in Brazil, Colombia and Mexico.
Valued at around $32 billion, the Canadian portfolio includes over 37 million square feet of leasable space at 70 properties in Canada, including landmark developments, such as Toronto-Dominion Centre, CF Toronto Eaton Centre, CF Pacific Centre, CF Chinook Centre, Tour Deloitte and CF Carrefour Laval.
About TD Asset Management Inc.
TD Asset Management (TDAM), a member of TD Bank Group, is a North American investment management firm. Operating through TD Asset Management Inc. in Canada and TDAM USA Inc. in the U.S., TDAM brings new thinking to investors' most important challenges. TDAM offers investment solutions to corporations, pension funds, endowments, foundations and individual investors. Additionally, TDAM manages assets on behalf of almost 2 million retail investors and offers a broadly diversified suite of investment solutions including mutual funds, professionally managed portfolios and corporate class funds. Asset management businesses at TD manage $389 billion in assets as at September 30, 2019. Assets under management include TD Asset Management Inc., TDAM USA Inc. and Epoch Investment Partners Inc. (Epoch). All entities are wholly-owned subsidiaries of The Toronto-Dominion Bank.
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