Buyers are being sought after by the Ontario Teachers’ Pension Plan to buy a stake in their $4 billion real-estate group in Vancouver, with a shopping center and office towers included in the portfolio. Rumour has it that Cadillac Fairview, which is the country’s real estate unit;s third largest pension fund wants to raise close to $2 billion for their sale. The Royal Bank of Canada and CBRE Group Inc. has been hired by Cadillac Fairview for the sale period, although no comment has been made about the ongoing process made by the Spokespeople for the firm.
Although an influx of cash from outside the country has increased the rate of vacancy, the prices of Cadillac Fairview pension group has gone up, as they are looking for a way to have their holding in the Vancouver commercial market reduced. The other office towers in Burnaby, which is in British Columbia, on the outskirt of Vancouver are being asked by the Healthcare of Ontario Pension Plan and Ivanhoe Cambridge a sum of $800 million.
There are 14 properties included in the Cadillac Fairview portfolio located at Richmond and downtown Vancouver, with ancient buildings, huge shopping centers in the country and office towers that are available for sale, although there’s been no marketing for the property yet. Other properties like a 21-storey building on the harbor that was built in 1990, waterfront properties, and a 238,000 square-foot PricewaterhouseCoopers Place, a historical building constructed back in 1912 is waiting for approval for an extra office tower to be added.