Ontario Pension Board Buys Erin Mills Town Centre

On December 16, 2010, Ontario Pension Board completed the acquisition of the Erin Mills Town Centre, Erin Mills Town Plaza and surrounding development lands from The Cadillac Fairview Corporation Limited and The Erin Mills Development Corporation for an aggregate purchase price of $370 million. The Erin Mills Town Centre is a prominent regional enclosed shopping centre located in west Mississauga. It includes more than 850,000 square feet of retail space anchored by The Bay, Sears and Zellers and attracts more than eight million shoppers annually.

Ontario Pension Board is the administrator of Ontario's public service pension plan and is responsible for the pensions of more than 41,200 members, 35,800 pensioners and 3,800 deferred members. It was established more than 80 years ago and has more than $16 billion in assets.

The Cadillac Fairview Corporation Limited is one of Canada's leading developers, property owners and managers with a portfolio valued at more than $17 billion. The Erin Mills Development Corporation is a privately owned Mississauga developer.

Ontario Pension Board was represented by Blake, Cassels & Graydon LLP, with a team led by Chris Huband, with assistance from Gerald Swinkin, Joseph Grignano, Deborah Salzberger, Lauren Temple, Cassandra Brown (competition) Elizabeth Earon and many others.

Cadillac Fairview was represented by in-house counsel Rory Dyck. The Erin Mills Development Corporation was represented by Herbert Wisebrod, QC, and Daniel Botelho of Bratty and Partners, LLP. The vendors were represented by Davies Ward Phillips & Vineberg LLP with a team led by Greg Howard and Steven Martin, with assistance from Alina Silvestrovici Paun and Anita Banicevic (competition).

Gordon Sato and Jonathan See of McCarthy Tétrault LLP acted on behalf of The Canada Trust Company in connection with the assumption by the purchaser of existing mortgage bond financing