Cadillac Fairview is selling some of its Vancouver real estate portfolio
The Ontario Pension Board and the Workplace Safety and Insurance Board have a highly coveted piece of Vancouver real estate, each acquiring a 25% interest.
It means about 4.0 million square feet of leasable space, which includes Pacific Centre and 12 office properties in the heart of downtown Vancouver.
In a statement, Mark Fuller, President and CEO of the Ontario Pension Board, said the deal gives them the rare opportunity to gain direct exposure to the tightly held Vancouver real estate market.
He goes on to say “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.”