Cadillac Fairview and Forest City Announce Atlanta Mall Development.

CLEVELAND--(BUSINESS WIRE)--April 14, 1999--

Cadillac Fairview (TSE:CDF.) (NYSE:CDF), Toronto, Canada and Forest City Enterprises, Inc. (NYSE:FCEA) (NYSE:FCEB), Cleveland, Ohio, today announced the commencement of the development of a 1.1 million square-foot shopping center to be built in Atlanta, Georgia. The Mall at Stonecrest will be leased, built, co-owned and managed by Cadillac Fairview's Atlanta office and Forest City Enterprises under a joint-venture agreement.

Construction of Stonecrest is expected to begin first quarter 2000, with a fall 2001 scheduled opening. Four major anchors have committed to The Mall: Dillard's will occupy 200,000 square-feet; JCPenney will build a 125,000 square-foot store, and Parisian and Sears will each occupy 165,000 square-foot stores. The project as currently planned will also contain a fifth anchor department store (to be announced), a state-of-the-art multiplex cinema and two levels of specialty retail shops leading to a dining courtyard.

In conjunction with the development of the mall, Cadillac Fairview and Forest City Enterprises will also develop 2 million square feet of adjoining retail. This peripheral development is expected to be comprised of big box retailers and restaurants. The Mall at Stonecrest will be part of a 1,000-acre mixed-use planned development containing additional retail, as well as office, hotel and residential living.

"Stonecrest is an exciting shopping center development in which we're proud to be a joint-venture participant," said Alan Carlisle, Senior Vice-President, Cadillac Fairview. "This development will create a new shopping destination in this rapidly expanding market and will add to the value of our existing shopping center portfolio in the eastern and south-eastern U.S."

According to Brian Ratner, Senior Vice-President, East Coast Development, Forest City Enterprises, Inc., "The Mall at Stonecrest is going to be a fantastic shopping center. The trade area in which 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. We're thankful for the support of DeKalb County, its commissioners and its CEO, Liane Levetan."

"The project has been a real team effort between the developers, the community and DeKalb County government," said Liane Levetan, CEO of DeKalb County. "It's exciting to watch The Mall plans come to life with the announcement of these four excellent anchor department stores. Stonecrest will have a dramatic economic and social impact on the entire area," she added.

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 104 properties totaling over 51 million square feet of leasable space, including 11 shopping centers in the U.S. totaling over 9 million square feet. 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.