Cadillac Fairview, a subsidiary of Ontario Teachers’ Pension Plan, has entered into a binding agreement to sell a 30% non-managing interest in Toronto-Dominion Centre to the Ontario Pension Board (OPB).
TD Centre has about 4.5 million square feet of office and retail space, spread over six towers in Toronto’s Financial District.
Cadillac Fairview has also agreed to sell OPB a 30% interest in an office development site at 16 York Street in Toronto.
Financial terms of both deals weren’t disclosed.
Read: Teachers’ sells Canadian banks, energy companies
“This is a great opportunity to own a share of a landmark asset with quality tenants and is fully aligned with our strategy to increase our exposure to private market investments, such as real estate, private equity, and infrastructure, by partnering with leading institutions,” says OPB president and CEO Mark Fuller.
The transactions are subject to customary closing conditions and are expected to close on Oct. 1, 2015.
Cadillac Fairview and OPB currently co-own two properties in downtown Toronto, RBC Centre and a development property at 156 Front Street West.
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