Cadillac Fairview Corp. -- Montreal Eaton Centre.TORONTO--(BUSINESS WIRE)--Aug. 7, 1997--Cadillac Fairview Corp. announced today that they have entered into a purchase and sale agreement with a consortium of lenders to acquire a 100 percent interest in the Montreal Eaton Centre
Eaton's, which was once Canada's largest department store chain, partnered with development companies throughout the 1970s and 1980s to , the premier retail destination in downtown Montreal, Canada's second largest city. This four level, 300,000 square foot shopping centre was visited by over 20 million people in 1996, and is connected to the city's busiest subway subway: see rapid transit. subway Underground railway system used to transport passengers within urban and suburban areas. The first subway line, 3. stop, and Eaton's flagship location in Montreal. The centre's 200 retail stores had average sales of $506 per square foot in 1996, making the centre one of the most productive shopping centres in Canada. "This acquisition adds an outstanding retail property to our existing Montreal portfolio" said Jon Hagan, executive vice president and chief financial officer. "Montreal Eaton Centre is an excellent compliment to our existing portfolio of landmark downtown properties, and reinforces our dominance of downtown retail in the three key Canadian markets along with the Toronto Eaton Centre The Toronto Eaton Centre is a large shopping mall and office complex in downtown Toronto, Ontario Canada, named after the now-defunct Eaton's department store chain. In terms of the number of visitors, the shopping mall is Toronto's top tourist attraction. and Pacific Centre in Vancouver. This acquisition represents a continuation of Cadillac Fairview's strategy to grow through the acquisition of distinctive real estate properties that are accretive to our cash flow," he added. Cadillac Fairview The Cadillac Fairview Corporation is a development corporation which is a wholly owned subsidiary of the Ontario Teachers' Pension Plan. Cadillac Fairview owns, develops and manages property, malls and large office and retail spaces, mostly in Canada and the United States. is one of the largest owners, managers and developers of commercial real estate in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , focusing on high quality retail centres in Canada and the U.S., and office properties in major Canadian cities. It owns interests in and manages 88 properties amounting to approximately 46 million square feet, including some of Canada's landmark properties such as Toronto Eaton Centre and Toronto-Dominion Centre The Toronto-Dominion Centre is a large cluster of buildings in downtown Toronto, Ontario, Canada. It is home to the Toronto-Dominion Bank, as well as many other businesses. 21,000 people work in the complex, making it the largest in Canada. in Toronto, and Pacific Centre in Vancouver. CONTACT: Cadillac Fairview Corporation Jon N. Hagan, 416/ 598-8739 Fax: 416/598-8254 |
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