The TD Centre at King and Bay Streets in TorontoPHILIP CASTLETON/Handout
Cadillac Fairview said it has agreed to sell a 30 percent stake in the Toronto-Dominion Centre office complex to the Ontario Pension Board, the companies said in a statement.
The terms of the deal weren't disclosed and is expected to close on Oct. 1, the companies said.
The TD Centre is located in Toronto's financial district and comprises 4.5 million square feet of AAA office and retail space spread over six towers, the companies said.
Cadillac Fairview, the real estate arm of the Ontario Teachers' Pension Plan, also agreed to sell a 30 percent stake in another office development in downtown Toronto to Ontario Pension Board, the companies said. The development is located at 16 York St. and will consist of a 32-storey office tower with 850,000 square feet of leasable area.
The transactions will build on the existing partnership between the companies, which co-own two properties in downtown Toronto, the RBC Centre and a development property at 156 Front St. West.
CBRE Ltd. acted as Ontario Pension Board's financial adviser, while Blake, Cassels & Graydon LLP is acting as OPB's legal adviser
Ontario Pension Board administers the pension plans of 40,000 public service pensioners and employees in the province with C$23 billion ($17.5 billion) in assets under management.