Cadillac Fairview, TD Bank and Ivanhoe acquire assets from Eaton's.

TORONTO--(BUSINESS WIRE)--Oct. 15, 1996--CADILLAC FAIRVIEW CO.-- Cadillac Fairview announced today that it has increased its ownership in four of its prominent regional shopping centres in Canada.

Through a series of acquisitions having an aggregate purchase price in excess of $200 million, Cadillac Fairview together with its co-owners has acquired the interest of The T. Eaton Company Limited in Pacific Centre located in Vancouver, British Columbia and Le Carrefour Laval and Les Promenades St-Bruno, both located in Montreal, Quebec. Cadillac Fairview also acquired Eaton's interest in Victoria Eaton Centre located in Victoria, British Columbia.

Cadillac Fairview and its co-owner, The Toronto-Dominion Bank, through its wholly-owned subsidiary Toronto Dominion Realty Limited, each acquired one-half of Eaton's one-third interest in Pacific Centre. Pacific Centre is one of the premier mixed-use urban complexes in Canada comprised of four first class office buildings containing 1.2 million square feet and a retail component of approximately 950,000 square feet anchored by an Eaton's department store and a Four Seasons Hotel. Each of Cadillac Fairview and Toronto Dominion Realty Limited now owns a 50 percent interest in the Pacific Centre complex.

Cadillac Fairview and its co-owner, Ivanhoe III Inc., have acquired Eaton's 24.5 percent interest in each of Le Carrefour Laval located in the Montreal suburb of Laval and Les Promenades St-Bruno located in the south shore of suburban Montreal, Quebec. Le Carrefour Laval is a super regional centre with over 230 retail stores occupying over 1.1 million square feet. Les Promenades St-Bruno is a two-level super regional mall in the south of Montreal with 225 retail stores having approximately 1 million square feet. Cadillac Fairview now holds a 67.5 percent interest in these two Montreal centres with Ivanhoe III Inc. holding the remaining 32.5 percent interest in these centres.

Cadillac Fairview acquired Eaton's 50 percent interest in Victoria Eaton Centre and now holds 100 percent interest in this asset. Victoria Eaton Centre, located in downtown Victoria, British Columbia is a galleria-style shopping centre with more than 130 retail stores occupying approximately 600,000 square feet.

"We are pleased with the acquisition of these important retail properties, which represents the first major transaction accomplished by Cadillac Fairview's new management team since the financial restructuring completed last year," said Bruce W. Duncan, President and CEO of Cadillac Fairview. "Looking ahead, we are well-positioned and have the financial capacity to take advantage of the many opportunities available in the recovering real estate industry. This transaction highlights one of the key strategies of the new Cadillac Fairview which is to maintain and enhance our dominant presence in the retail markets in major Canadian urban centres."

Cadillac Fairview is one of North America's largest real estate companies with a portfolio of commercial and mixed-use properties in Canada and the United States. It owns interests in and manages in excess of 44 million square feet in 86 properties. These properties include some of Canada's better-known properties, including the Toronto Eaton Centre and the Toronto-Dominion Centre in Toronto, and Pacific Centre in Vancouver.

CONTACT: Cadillac Fairview Corporation

Jon N. Hagan, 416/598-8739

416/598-8254 (fax)