(October 12 – 15:05 10 ET) – Canada Life Financial Corp. has announced the sale of its 100% interest in Sherway Gardens Shopping Centre to Ontrea Inc., a wholly owned subsidiary of the Ontario Teachers’ Pension Plan Board. The property will be leased and managed by The Cadillac Fairview Corporation Limited, also a wholly owned subsidiary of Ontario Teachers’.
The life insurer says the sale of the property represents a continuation of its strategy over the past number of years to reduce its real estate investments, which is in line with the international and domestic trend in the financial services sector. Canada Life announced that it was putting the mall on the block last July.
“While Sherway Gardens delivered excellent returns on Canada Life’s investment over the years, the sale will facilitate an appropriate rebalancing of our investment portfolio, improving liquidity and diversification,” said David Nield, chairman, president and CEO. “We believe we have received a fair price for an exceptional quality property.”
Scotia Capital Inc. acted as Canada Life’s financial advisor in connection with the transaction.
-IE Staff