News
Armadale Co. Limited and The Cadillac Fairview Corporation Limited announce joint venture for the development of 170 acre Buttonville Airport site
Toronto, ON, October 26, 2010 - Armadale Co. Limited (“Armadale”) and The Cadillac Fairview Corporation Limited (“Cadillac Fairview”) are pleased to announce the formation of a joint venture for the development of the lands bounded by 16th Avenue to the north, Highway 404 to the west, Renfrew Drive to the east and Valleywood Drive to the south, in Markham, Ontario. The site, totalling 170 acres, is one of the most significant contiguous tracts of developable land in the GTA. The site is currently home to the Toronto Buttonville Municipal Airport, a privately owned federally regulated airport operated by Toronto Airways Limited (“TAL”), a wholly owned subsidiary of Armadale Co. Limited. Closure of the airport has been previously announced in anticipation of the redevelopment of the airport lands.
Brookfield Financial acted as advisors to Armadale during the transaction.
“This site represents an excellent opportunity to create a world-class development and we look forward to working with the planning authorities on this exciting project,” stated John Sullivan, Executive Vice President, Development of Cadillac Fairview. “The site’s scale and location and the move to mixed-use and higher density in accordance with sustainable planning principles should allow us to attract significant employment uses to the site through the creation of a vibrant 24 hour mixed-use community,” adds Sullivan.
“Armadale is delighted to have formed this joint venture,” stated Clifford Sifton, President of Armadale. “With Cadillac Fairview as both our partner and master developer we are confident that we can realize our vision for the development of this legacy property into a truly world-class development. With the expectation that our airport operations at Toronto Buttonville Municipal Airport will come to an end in several years, we look forward to actively pursuing relocation plans for our aviation businesses in conjunction with the relevant stakeholders.”
“Brookfield Financial is very pleased to have been a part of the formation of this joint venture,” said Greg Kalil, Managing Partner of Brookfield Financial. “The property represents an excellent development opportunity and we are confident that Armadale and Cadillac Fairview will develop a project that both organizations will be proud of.”
About Cadillac Fairview
The Cadillac Fairview Corporation Limited is one of North America's largest investors, owners and managers of commercial real estate. For more than 50 years Cadillac Fairview has been leading the way in commercial real estate with innovative design, development and management.
Cadillac Fairview focuses on developing and managing high quality office properties and regional shopping centres in Canada and the United States, as well as international investments in real estate companies and investment funds. With a portfolio valued at more than $17 billion and nearly 50 million square feet of leasable space, Cadillac Fairview and its affiliates own and manage 86 properties across North America, including some of Canada's landmark developments, such as Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre and Chinook Centre.
Cadillac Fairview is wholly-owned by the Ontario Teachers' Pension Plan, which invests to secure the retirement income of 289,000 active and retired teachers in Ontario.
About Armadale
Armadale is a private Canadian corporation owned by the Sifton family and headquartered in Markham, Ontario.
The Armadale group of companies is involved in a diverse range of businesses which include business consulting, automobile retailing, property development, operations and management and airport operations and management.
About Brookfield Financial
Brookfield Financial is an investment bank that provides strategic and financial advisory services, debt and equity arrangement, M&A advisory and investment brokerage services for property, power and infrastructure businesses.
Brookfield Financial serves private, corporate, institutional and government clients on both local market and international transactions through its offices located in North and South America, Europe and Australia.