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Cadillac Fairview says it has acquired Lincoln Property Company’s residential division.

The Toronto-based mall operator owned by the Ontario Teachers’ 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’s 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.

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