Share in prized as­sets switch­ing hands

The Daily Press (Timmins) - - BUSINESS - Garry Marr

The On­tario Teacher’s Pen­sion Plan is sell­ing a mi­nor­ity stake in its Van­cou­ver port­fo­lio to the On­tario Pen­sion Board and the Work­place safety and in­sur­ance Board, ac­cord­ing to mul­ti­ple sources.

Tenants at 701 West Ge­or­gia st. in Van­cou­ver were is­sued an estop­pel cer­tifi­cate this month, in­di­cat­ing there had been a change in own­er­ship at the build­ing, one of the many put on the block by Cadil­lac Fairview Corp., Teach­ers’ real es­tate arm.

Bloomberg news re­ported in au­gust that the pen­sion fund was look­ing to shed a mi­nor­ity in­ter­est in its $4-bil­lion Van­cou­ver port­fo­lio of of­fice build­ings and malls, in­clud­ing Pa­cific Cen­tre.

“The sale makes per­fect sense. Cadil­lac was not go­ing to sell to a sov­er­eign wealth fund,” said one source.

“They wanted a pas­sive in­vestor like OPB. it’s busi­ness as usual for them sell­ing to some­one like that. you are talk­ing about some of the best real es­tate in down­town Van­cou­ver.”

Bloomberg re­ported the Cadil­lac port­fo­lio for sale in­cluded 14 prop­er­ties in down­town Van­cou­ver and rich­mond. among the key as­sets is the 1.6 mil­lion square foot Pa­cific Cen­tre and its eight of­fice tow­ers com­pris­ing 2 mil­lion square feet, in­clud­ing 701 West Ge­or­gia st.

CB richard el­lis, which had the co-list­ing, would not con­firm the sale or the prop­er­ties in­volved. sources in­di­cate that Cadil­lac was look­ing to off-load be­tween a 25 per cent to 40 per cent stake in its Van­cou­ver holdings. The deal has not closed, ac­cord­ing to sources.

an­other source sug­gested while the deal was heav­ily mar­keted there was an in­cen­tive to sell to an­other do­mes­tic buyer. Van­cou­ver has seen an in­flux of for­eign buy­ers into its com­mer­cial mar­ket in 2016.

“They did the right thing but they also got the right price,” said a source.

“Th­ese type of Triple-a as­sets are the do­main of the pen­sions, and to the ex­tent they can cir­cu­late them among them­selves, they will list them.” gmarr@na­tion­al­post.com Twit­ter.com/dusty­wal­let

Arlen re­dekop/post­media net­work

Shop­pers are seen out­side the Pa­cific Cen­tre shop­ping mall in Van­cou­ver, B.C. The On­tario Teacher’s Pen­sion Plan is sell­ing its mi­nor­ity stake in the prop­erty.

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