The Cadillac Fairview Corporation Limited (CF) sold its 75 per cent interest in a 14-storey building at 60 Bloor Street West, Toronto to Morguard Investments Limited on behalf of two Canadian institutional investors. CF and Ontrea Inc. also sold their 100 per cent interest in a 21-storey building at 77 Bloor Street West, Toronto to Morguard Investments Limited on behalf of Morguard REIT and a Canadian institutional investor. Both deals closed on December 15, 2009. The total amount was not disclosed.
Cadillac Fairview is one of North America's largest investors, owners and managers of commercial real estate. CF and its affiliates own and manage some of Canada's landmark developments, such as Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre and Chinook Centre. CF is wholly owned by the Ontario Teachers' Pension Plan.
Morguard is one of Canada's largest, fully integrated, commercial real estate firms. With more than $9 billion in assets owned and under management, Morguard provides real estate management services, from acquisitions and development to ongoing asset management, leasing, property management, research and valuation services.
CF and Ontrea were represented by Sandra Hardy, Executive Vice-President and General Counsel, and Rory Dyck, Director, Legal Services, and by Torys LLP. The Torys team was led by David Dell (real estate) and included Jay Holsten (competition). Amber Stewart and Daniel Steinberg of Davies Howe Partners assisted with municipal/planning matters.
Morguard was represented by Beverley Flynn, General Counsel at Morguard and by Fraser Milner Casgrain LLP. Fraser Milner Casgrain's team was led by Ronald Goldenberg and included Andrea Centa (real estate); Jason Park, Andrew Jeanrie and Mark Piel (municipal planning); Clayton Caverley (competition) and Don Macintosh and Emma Williamson (corporate).