OPB buys 30% non-managing interest in Toronto’s TD Centre

On October 1, 2015, Ontario Pension Board, through two of its wholly-owned subsidiaries, completed the purchase of a 30 per cent non-managing interest in the iconic six office towers of the Toronto-Dominion Centre as well as an office development site at 16 York Street, from Ontrea Inc. for an undisclosed purchase price.

Ontrea Inc. remains the owner of a 20 per cent interest in the TD Centre, with the remaining 50 per cent owned by The Cadillac Fairview Corporation Limited. Property management will continue to be provided by Cadillac Fairview.

Ontrea Inc. remains the owner of the remaining 70 per cent interest in 16 York. Development management services will continue to be provided by Cadillac Fairview.

Ontario Pension Board was represented by Blake, Cassels & Graydon LLP, with a team led by Chris Huband, with assistance from Joseph Grignano, Thomas von Hahn, Patrick Gordon, Debbie Salzberger (competition) and Julia Potter (competition), Robert Kreklewich (tax), Randy Savela, Allison Ramsay, Jennifer Del Bianco and others. Kevin Clinton, Vice-President, Legal-Investments of OPB, provided in-house advice.

Ontrea Inc. and Cadillac Fairview were represented by Davies Ward Phillips & Vineberg LLP, with a team consisting of Greg Howard, Greg Southam, Don Stanbury, David Reiner, Jason Stapley, Ian Crosbie (tax) and Adam Fanaki (competition). Ron Strathdee, Vice President, Legal of Cadillac Fairview, provided in-house advice.