The owner of CF Pacific Centre is selling half its Vancouver portfolio to the Ontario Pension Board and the Workplace Safety and Insurance Board.
Cadillac Fairview did not disclose terms of the deal following Friday’s (January 20) announcement.
The Ontario Pension Board and the Workplace Safety and Insurance Board will each take a 25% stake in the property management company’s Vancouver assets, including CF Pacific Centre, 200 Granville Square and Waterfront Centre.
In total, the deal represents about 4 million square feet of leasable space.
Cadillac Fairview and the Ontario Pension Board are already partners on four properties in downtown Toronto. Cadillac Fairview and the Workplace Safety and Insurance Board are partners on one downtown Toronto property.
Earlier this month, the Retail Council of Canada released a report ranking CF Pacific Centre as Canada’s third-most productive mall, with tenants bringing in $1,523 in sales per square foot in the year ended August 31, 2016.
Other properties in Cadillac Fairview’s Vancouver portfolio include, Canaccord Genuity Place, PricewaterhouseCoopers Place, HSBC Building and TD Tower. The company also co-owns CF Richmond Centre with Ivanhoe Cambridge.
The Ontario Teachers’ Pension Plan has wholly owned Cadillac Fairview since 2000.
—With a file from Glen Korstrom