DALLAS, June 13, 2019 (GLOBE NEWSWIRE) — Lincoln Property Company’s multifamily division closed on a strategic partnership with Cadillac Fairview on Friday, May 31. The partnership will focus on the continued growth of multifamily property management operations and investment activities across the United States. Lincoln Property Company was founded by its Chairman Mack Pogue in 1965.
Tim Byrne, Lincoln’s Chief Executive Officer and President, stated, “We welcome Cadillac Fairview and see their investment as an opportunity to continue multifamily expansion across the country with significant capital. Cadillac Fairview is a quality institution with a strong management team and set of values.” Lincoln Property Company’s owners and management team will continue in their current roles.
Scott Wilder, Lincoln’s Executive Vice President of Residential Management, added that, “This solid partnership is a testament to the strength of the people and processes which have driven our success over the last five decades. We can assure our clients, investors, employees and residents that they will continue to receive the highest level of service.”
The partnership is in the final stages of raising a long-term investment vehicle focused on the acquisition and development of high-quality multifamily assets across the country, mirroring Lincoln’s current footprint.
“We are excited to partner with Lincoln Property Company, as this new investment is consistent with our heritage,” said John Sullivan, President and CEO, Cadillac Fairview. “Cadillac Fairview started out as one of Canada’s major builders of houses and apartments. Now, we’re coming back full circle, joining forces with a partner that shares the same values, has a strong commitment to quality and like us, believes in investing over the long term.”
“At Cadillac Fairview we have a longstanding focus on working with best-in-class partners and we think this is a great opportunity to partner with a strong team, in a sector where we see huge opportunity,” said Duncan Osborne, Executive Vice President, Investments, Cadillac Fairview. “Looking forward, we are extremely committed to the existing business and expanding and supporting management to scale the business.”
Lincoln Property Company is currently the second largest multifamily manager in the United States with over 191,000 units under management and is the fifth largest multifamily developer.
Lincoln Property Commercial is not included in this strategic partnership and continues to operate independently as a closely held company in the United States and Europe. Additionally, Lincoln Military Housing is not included in this strategic partnership.
Goldman Sachs & Co. LLC acted as financial advisor to Lincoln Property Company. TD Securities Inc. acted as financial advisor to Cadillac Fairview.
About Lincoln Property Company
Lincoln Property Company was founded in 1965 as a builder and operator of high-quality residential communities. Headquartered in Dallas, TX, Lincoln focuses on real estate investment, construction and development, in addition to property management. Their national reputation has enabled Lincoln to attract a large client base of owners and investors who count on their ability to deliver quality results and continually serve as a market leader.
About Cadillac Fairview
Cadillac Fairview is one of the largest owners, operators and developers of best-in-class office, retail and mixed-use properties in North America. The Cadillac Fairview portfolio is owned by the Ontario Teachers’ Pension Plan, a diversified global investor which administers the pensions of more than 327,000 active and retired school teachers. The real estate portfolio also includes investments in retail, mixed-use and industrial real estate in Brazil, Colombia and Mexico.
Valued at around $30 billion, the Canadian portfolio includes over 37 million square feet of leasable space at 68 properties in Canada, including landmark developments, such as Toronto-Dominion Centre, CF Toronto Eaton Centre, CF Pacific Centre, CF Chinook Centre, Tour Deloitte and CF Carrefour Laval.
Senior Vice President Client Services
Director, Corporate Communications, Cadillac Fairview
SOURCE Lincoln Property Company