Mar 6, 2023
Cadillac Fairview acquires 95% stake in Lincoln Property's residential business
The Canadian Press
Cadillac Fairview scoops up development project that was centerpiece in Amazon HQ2 pitch
Cadillac Fairview says it has acquired Lincoln Property Company's residential division.
The Toronto-based mall operator owned by the Ontario Teachers' Pension Plan did not say how much it paid for the stake in the Dallas-based real estate investment and development company.
However, Cadillac Fairview says the deal is part of a "carefully planned transition" plotted years ago.
The transition began in 2019, when Cadillac Fairview acquired a 49 per cent interest in Lincoln Property Company.
The most recent deal leaves Mack Pogue, who founded the company in 1965, and Tim Byrne, Lincoln Residential's retiring chief executive, with a five per cent interest in the business.
Lincoln Residential says it has completed more than $1.5 billion in acquisitions and has another $2 billion under development.
This report by The Canadian Press was first published March 6, 2023.