TORONTO 鈥� Cadillac Fairview says it has acquired Lincoln Property Company鈥檚 residential division.
The Toronto-based mall operator owned by the Ontario Teachers鈥� 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鈥檚 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.
The Canadian Press
