Lincoln Property Company, Cadillac Fairview and IMCO Announce Closing of $800 Million Fund

TORONTO (December 19, 2019)

Lincoln Property Company, Cadillac Fairview and IMCO Announce Closing of $800 Million Fund

Dallas, TX, and Toronto, Canada – December 19, 2019 – Today, Lincoln Property Company’s residential division (“Lincoln Residential”) and its partner, Cadillac Fairview, as co-sponsor, announced the close of a US multifamily fund. With $800 million in equity commitments from Lincoln Residential, Cadillac Fairview and the Investment Management Corporation of Ontario (IMCO), the fund will focus on the development and acquisition of high quality multifamily assets in top US markets. This long-term investment vehicle continues Lincoln Residential’s integration into the asset management business and furthers both Cadillac Fairview and IMCO’s goals of creating a diversified US multifamily portfolio.

Tim Byrne, Lincoln’s Residential CEO stated, “We’re excited to continue our relationship with Cadillac Fairview and to establish a new one with IMCO. It’s an honor to partner with quality institutions that share our values and investment philosophy.”

Chase Erickson, Lincoln’s Vice President of Investments, added, “Together with Cadillac Fairview and IMCO, we look forward to building a long-term portfolio of assets across the country. Our shared vision and surety of execution will allow us to compete for the highest quality multifamily opportunities in the market.”

To date, the partnership has commenced two multifamily development projects, a 254-unit community in Boston, Massachusetts, and a 374-unit community in Fort Lauderdale, Florida. The fund further anticipates starts in other major metropolitan centers early next year and is in the entitlement process on numerous development projects across the country.

Earlier this year, Lincoln Residential and Cadillac Fairview closed on a long-term strategic partnership, concentrating on the growth of multifamily property management operations and investments across the United States.

“Building strong partnerships is central to the thesis of our strategy,” said Duncan Osborne, Executive Vice President, Investments, Cadillac Fairview. “We are thrilled to grow our business with a world-class partner like Lincoln Residential and have our existing partner, IMCO, invest alongside us in this exciting opportunity.”

“IMCO is focused on creating long term value for its clients through strategic investment opportunities,” said Jean Michel, Chief Investment Officer, IMCO. “Working alongside exceptional leaders like Lincoln and Cadillac Fairview enables us to achieve this goal and aligns with our strategy of nurturing strong partnerships with leading, global real estate firms.”

About Lincoln Property Company

Lincoln Property Company was founded in 1965, by Mack Pogue, as a builder and operator of high-quality residential communities. Headquartered in Dallas, TX, Lincoln focuses on real estate investment, construction and development, in addition to property management. Their national reputation has enabled Lincoln to attract a large client base of owners and investors who count on their ability to deliver quality results and continually serve as a market leader. Lincoln is currently the second largest multifamily manager in the United States with over 200,000 units under management and the fifth largest multifamily developer.

About Cadillac Fairview

Cadillac Fairview is one of the largest owners, operators and developers of best-in-class office, retail and mixed-use properties in North America. The Cadillac Fairview portfolio is owned by the Ontario Teachers’ Pension Plan, a diversified global investor which administers the pensions of more than 327,000 active and retired school teachers. The real estate portfolio also includes investments in retail, mixed-use and industrial real estate in Brazil, Colombia and Mexico.
Valued at around $32 billion, the Canadian portfolio includes over 37 million square feet of leasable space at 70 properties in Canada, including landmark developments, such as Toronto-Dominion Centre, CF Toronto Eaton Centre, CF Pacific Centre, CF Chinook Centre, Tour Deloitte and CF Carrefour Laval.

ABOUT IMCO

The Investment Management Corporation of Ontario (IMCO) manages $63.3 billion of assets on behalf of its clients. IMCO’s mandate is to provide broader public-sector institutions with investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. IMCO is an independent organization, operating at arm’s length from government and guided by a highly experienced and professional Board of Directors.

 

For Further Information

Neil Murphy

Vice President, Corporate Communication
(416) 607-7811
neil.murphy@imcoinvest.com

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