CDF.CDF Cadillac Fairview And Forest City Break Ground For The Mall At Stonecrest Development In Atlanta.

TORONTO--(BUSINESS WIRE)--Oct. 7, 1999--

Cadillac Fairview, (TSE:CDF.)(NYSE:CDF), Toronto, Ontario and Forest City Enterprises, Inc. (NYSE - FCEA and NYSE - FCEB), Cleveland, Ohio announced the groundbreaking for The Mall at Stonecrest development, a 1.3 million square-foot shopping centre located in the Atlanta Georgia suburb of DeKalb County. The Mall at Stonecrest is being leased , built, co-owned and managed by Cadillac Fairview's Atlanta Office and Forest City Enterprises under a joint venture agreement.

With a projected grand opening in fall 2001, The Mall at Stonecrest features five anchor stores - including Dillard's, JC Penney, Parisian and Sears -- and will showcase a multi-screen, stadium-seating theater; and two levels of shopping featuring more than 120 specialty retail shops. The Mall will be surrounded by two million square feet of retailers and restaurants. Office space, hotel accommodations and residential living also will be included in the peripheral development.

"We're proud to be a part of the development of The Mall at Stonecrest", said Alan Carlisle, Senior Vice President of the Cadillac Fairview's U.S. Portfolio. "This state-of-the-art development will create a new shopping destination in the rapidly expanding eastern Atlanta region and enable Cadillac Fairview to realize on the value of its ownership of over 900 acres of adjacent land."

Brian Ratner, Senior Vice President of east coast development for Forest City Enterprises, Inc. adds, "The Mall at Stonecrest is going to be a fantastic shopping centre. The trade area where the mall will be located is growing faster than Atlanta as a whole, and has captured 15,000 single-family housing starts in the past six years."

In addition to providing quality dining, shopping and entertainment choices, The Mall at Stonecrest promises to create an influx of new business and employment opportunities in the area.

Cadillac Fairview is one of North America's largest and most dynamic real estate companies. A fully integrated commercial real estate company, its portfolio is comprised of dominant Canadian shopping centers and leading office properties. Cadillac Fairview holds interest in or manages 102 properties totaling 51 million square feet of leasable space, including 11 shopping centers in the U.S. totaling over 9 million square feet. Cadillac Fairview is a public company listed on The New York Stock Exchange and the Toronto Stock Exchange under the symbol CDF. Visit Cadillac Fairview's website at www.cadillacfairview.com.

Forest City Enterprises, Inc., is a $3 billion, national NYSE-listed (NYSE: FCEA) (NYSE: FCEB) real estate company headquartered in Cleveland, Ohio, principally engaged in ownership, development, acquisition and management of commercial and residential real estate throughout the United States. The company's nearly 200 retail, residential, office and hotel properties are operated by regional offices in New York, Los Angeles, Boston, Tucson, Denver, Washington, D.C. and San Francisco. Visit Forest City Enterprises, Inc., on the World Wide Web at www.fceinc.com

This press release contains forward looking statements that involve inherent risks and uncertainties. We have identified certain important factors that may cause actual results to differ materially from those contained in such looking forward statements. These factors are described in the risk management section of the Cadillac Fairview Management's Discussion and Analysis of Financial Condition and Results of Operations found in the Corporation's Form 40-F currently filed with the SEC and subsequent public disclosure documents filed with the SEC and from time-to-time in Forest City's SEC filings, including but not limited to the company's report on Form 10-K for the year ended January 31, 1998.