The Cadillac Fairview Corporation Limited, branded as Cadillac Fairview, is a Canadian company that invests in, owns, and manages

commercial real estate Commercial property, also called commercial real estate, investment property or income property, is real estate (buildings or land) intended to generate a profit, either from capital gains or rental income. Commercial property includes office bu ...

, mainly in Canada and the United States. As of March 2017, the company had 73 properties, encompassing 50 million square feet, worth over $40 billion. As of September 2017, Cadillac Fairview's portfolio consisted of 60% Canadian retail (mainly major shopping centres) and 26% Canadian office buildings. Cadillac Fairview is wholly owned by the

Ontario Teachers' Pension Plan The Ontario Teachers' Pension Plan Board () is an independent organization responsible for administering defined benefit pension plan, defined-benefit pensions for school teachers of the provinces and territories of Canada, Canadian province of ...

History

The name "Cadillac Fairview" came into existence in 1974 as a result of the merger between Cadillac Development Corporation Ltd and Fairview Corporation. Cadillac Development Corporation was founded by partners Ephraim Diamond (d. 2008), Joseph Berman (1922–2003), and Jack Kamin in

Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

in 1953 as a developer of high-rise apartment buildings. Fairview Corporation was established in 1958 as the real estate division of

Cemp Investments Cemp Investments (1951–1987, succeeded by Claridge Investments) was the primary holding company and investment vehicle for, and named after, the four children of Samuel Bronfman: Charles Bronfman, Edgar Bronfman, Aileen "Minda" Bronfman de Gunz ...

, the holding company of the

Bronfman family The Bronfman family is a Canadian family, known for its extensive business holdings. It owes its initial fame to Samuel Bronfman (1889–1971), the most influential Canadian Jew of the mid-20th century, who made a fortune in the alcoholic distill ...

. Before merging, Cadillac and Fairview had already had strong ties since 1968. Bronfman-held

sold Cadillac Fairview in 1986. The company was purchased by the

in March 2000. In 2006, it expanded its operations to

Brazil Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population ...

by buying 46 percent of Multiplan Emprendimentos Imobiliarios SA, a Brazilian shopping center manager worth more than $1 billion. In 2012, Cadillac Fairview bought out the leases of

Sears Canada Sears Canada Inc. was a publicly-traded Canadian company affiliated with the American-based Sears department store chain. In operation from September 18, 1952 until January 14, 2018, and headquartered in Toronto, Ontario, the company began as S ...

in five stores for $400 million, including the lease of the flagship Sears at

Toronto Eaton Centre CF Toronto Eaton Centre, commonly referred to simply as the Eaton Centre, is a shopping mall and office complex in the Downtown Toronto, downtown core of Toronto, Ontario, Canada. It is owned and managed by Cadillac Fairview (CF). It was named ...

. Many of the former Sears locations, including the one at Eaton Centre, became

Nordstrom Nordstrom, Inc. () is an American Luxury goods, luxury department store chain headquartered in Seattle, Washington, and founded by John W. Nordstrom and Carl F. Wallin in 1901. The original store operated exclusively as a shoe store, and a seco ...

. In 2014, it purchased the Toronto flagship store of

Hudson's Bay Company The Hudson's Bay Company (HBC), originally the Governor and Company of Adventurers of England Trading Into Hudson’s Bay, is a Canadian holding company of department stores, and the oldest corporation in North America. It was the owner of the ...

for $650 million. On September 21, 2015, Cadillac Fairview rebranded its shopping centre properties, adding the prefix "CF" in front of each shopping centre name and phasing out individual mall logos in favour of a standardized logo format and image campaign. In January 2017, Cadillac Fairview sold a 50% interest in its Vancouver portfolio to the Ontario Pension Board and the

Workplace Safety and Insurance Board The Workplace Safety and Insurance Board (WSIB) is the workplace compensation board for provincially regulated workplaces in Ontario, Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces a ...

. Financial terms were not disclosed, but the deal involved 4 million square feet of leasable space in the

Pacific Centre Pacific Centre (officially CF Pacific Centre since 2015) is a shopping mall located in Vancouver, British Columbia, Canada. It is owned by Cadillac Fairview, the Ontario Pension Board, and the Workplace Safety and Insurance Board, and is man ...

and 12 office properties. In September 2017, it announced that it would become a national partner to the Canadian Olympic Committee. In December 2022, Cadillac Fairview purchased a 25% shareholding in Stanhope plc.

Privacy issues

In July 2018, Cadillac Fairview disclosed that it had been employing facial recognition technology via embedded cameras on their mall directory kiosks, which collected anonymized information of the estimated age and gender of customers. The company stated that this information was being used to analyze mall traffic. Following an investigation by

CBC News CBC News is the division of the Canadian Broadcasting Corporation responsible for the news gathering and production of news programs on the corporation's English-language operations, namely CBC Television, CBC Radio, CBC News Network, and CBC ...

and the announcement of a government probe, Cadillac Fairview suspended the program. On October 29, 2020, the federal privacy commissioner and his counterparts in Alberta and B.C. released a report detailing Cadillac Fairview's use of anonymous video analytics (AVA) to collect personally-identifiable information from mall visitors without meaningful consent. It found that at 12 properties, the company had used 5 million images from such kiosks to generate biometric representations of visitors' faces. It was also found that the biometric data had unknowingly been compiled into a database by a third-party technology provider "for no apparent purpose and with no justification", which "compounded the risk of potential use by unauthorized parties or, in the case of a data breach, by malicious actors". The report concluded that Cadillac Fairview had complied with their recommendations, with the exception of those "that speculate about hypothetical future uses of similar technology". Cadillac Fairview defended the program, arguing that the cameras' use were covered by a general privacy notice located on entrance signage (which warned that premises were monitored for safety and security reasons, and referred users to a company

privacy policy A privacy policy is a statement or legal document (in privacy law) that discloses some or all of the ways a party gathers, uses, discloses, and manages a customer or client's data. Personal information can be anything that can be used to identify ...

on the company website), that the images themselves were only stored temporarily for analysis before being deleted, and that they could not individually identify a visitor.

Properties

Cadillac Fairview owns, develops, and manages property, malls and large office and retail spaces across the

Western Hemisphere The Western Hemisphere is the half of the planet Earth that lies west of the Prime Meridian (which crosses Greenwich, London, United Kingdom) and east of the 180th meridian.- The other half is called the Eastern Hemisphere. Geopolitically, ...

, mostly in

North America North America is a continent in the Northern Hemisphere, Northern and Western Hemisphere, Western hemispheres. North America is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the southeast by South Ameri ...

. Cadillac Fairview has also developed suburban housing, such as the Erin Mills "New Town". Among its Canadian assets are five

Quebec Quebec is Canada's List of Canadian provinces and territories by area, largest province by area. Located in Central Canada, the province shares borders with the provinces of Ontario to the west, Newfoundland and Labrador to the northeast, ...

properties, twenty-five

Ontario Ontario is the southernmost Provinces and territories of Canada, province of Canada. Located in Central Canada, Ontario is the Population of Canada by province and territory, country's most populous province. As of the 2021 Canadian census, it ...

properties, two

Manitoba Manitoba is a Provinces and territories of Canada, province of Canada at the Centre of Canada, longitudinal centre of the country. It is Canada's Population of Canada by province and territory, fifth-most populous province, with a population ...

properties, eight

Alberta Alberta is a Provinces and territories of Canada, province in Canada. It is a part of Western Canada and is one of the three Canadian Prairies, prairie provinces. Alberta is bordered by British Columbia to its west, Saskatchewan to its east, t ...

properties, and fourteen

British Columbia British Columbia is the westernmost Provinces and territories of Canada, province of Canada. Situated in the Pacific Northwest between the Pacific Ocean and the Rocky Mountains, the province has a diverse geography, with rugged landscapes that ...

properties. Cadillac Fairview's malls are generally large and high-quality, with high-end stores and high sales per square foot. For instance, sales at the

, a CF mall, were $1500 per square foot, while lower-end malls have sales closer to $325 per square foot. Cadillac Fairview has actively tried to sell weak malls, reducing its mall count from a high of 40 to around 20 in 2017. Notable properties managed by Cadillac Fairview, some co-owned with (or managed on behalf of) other investors, are listed below.

Notable former properties

Hillcrest Mall, Richmond Hill, ON Eastgate Centre, Stoney Creek, ON Centre Mall, Hamilton, ON Midtown Mall, Saskatoon, SK Cornwall Centre, Regina, SK Hamilton Eaton Centre (Hamilton City Centre), Hamilton, ON Parkway Plaza, Scarborough, ON Fairview Mall, St. Catharines, ON Cedarbrae Plaza/Mall, Scarborough, ON Maisoneuve Mall, Montreal, QC Sarnia Eaton Centre (Bayside Centre), Sarnia, ON North Hill Shopping Centre, Calgary, AB Bonnie Doon Shopping Centre, Edmonton, AB Les Galeries Ste. Anne, Giffard, QC Gage Square, Hamilton, ON Rockwood Mall, Mississauga, ON Domaine Mall, Montreal, QC Greenfield Park Shopping Centre, Montreal, QC Montreal Square, Ottawa, ON Vista Centre, Ottawa, ON Southland Mall, Regina, SK Fairview Plaza, Saint John, NB Thunder Bay Mall, Thunder Bay, ON York Mills Shopping Centre, Toronto, ON Parkwoods Village Shopping Centre, Toronto, ON The Towne Mall, Toronto, ON Don Valley Plaza, Toronto, ON University City, Toronto, ON Millway Shopping Centre, Mississauga, ON Peanut Plaza, Toronto, ON North Kipling Plaza, Toronto, ON

References

External links

Official website
{{Cadillac Fairview 1974 establishments in Ontario Companies based in Toronto Real estate companies established in 1974 Real estate companies of Canada Shopping center management firms 2000 mergers and acquisitions Ontario Teachers' Pension Plan