Cadillac Fairview Corp Ltd, the commercial real estate arm of the Ontario Teachers’ Pension Plan (OTPP) has acquired a 25 percent stake in a development joint venture in Mexico. No financial terms were released. The venture holds interests in six premium quality retail-office mixed-use projects under development in Veracruz, Queretaro, Mexico City and Leon. Cadillac Fairview is partnering with a group of Mexican investors led by Grupo Sordo Madaleno, an architecture and real estate development firm.
Cadillac Fairview acquires 25 per cent interest in Mexican joint venture
TORONTO, Sep. 29, 2015 (Canada NewsWire via COMTEX) — The Cadillac Fairview Corporation Limited (CF) is pleased to announce that a CF affiliate has acquired a 25% interest in a development joint venture in Mexico. The venture holds interests in six premium quality retail/office mixed-use projects that when completed are expected to comprise approximately 7.0 million square feet of space. The projects are located in Veracruz, Queretaro, Mexico City and Leon.
The investment is being made in joint venture with a consortium of Mexican investors, led by Grupo Sordo Madaleno (GSM), an internationally recognized architecture and real estate development firm. Founded in 1937, GSM owns and operates a portfolio of more than 6 million square feet of best-in-class shopping centres and office buildings throughout Mexico. GSM will be the architect and development manager of the projects.
“We are thrilled to be working alongside GSM in this venture. GSM’s focus on the highest quality commercial real estate in major urban markets in Mexico is a mirror image of our own strategy in Canada.” said John Sullivan, President and CEO, Cadillac Fairview. “Today’s announcement aligns with our mission to invest in high-quality retail, office and mixed-use properties alongside strong partners. The retail and office markets in Mexico display similar characteristics to those in other growth markets in which we are presently invested, so this is a logical next step in the execution of our investment strategy.”
“This is one of the most important moments in the history of our company. Having Cadillac Fairview as our partner opens a whole new avenue of opportunities to us,” said Javier Sordo Madaleno, President, Grupo Sordo Madaleno. “I am confident this venture will make an important impact on the real estate market in Mexico, in addition to opening the window for international development and design for our company. We are very excited about this new partnership and everything that comes with it.”
About Cadillac Fairview
The Cadillac Fairview Corporation Limited is one of North America’s largest owners, operators and developers of commercial real estate. Cadillac Fairview focuses on developing and managing high quality office, retail and mixed-use properties in Canada and the United States, as well as international investments in real estate companies and investment funds.
With a portfolio valued at more than $28 billion, Cadillac Fairview and its affiliates own and manage over 36 million square feet of leasable space at 66 properties across North America, including some of Canada’s landmark developments, such as Toronto-Dominion Centre, CF Pacific Centre and CF Chinook Centre.
Cadillac Fairview is wholly-owned by the Ontario Teachers’ Pension Plan, which invests to secure the retirement income of 311,000 active and retired teachers in Ontario.
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