The Ontario Teachers’ Pension Plan is set to realign oversight of its global real estate activities, while Cadillac Fairview Corporation continues to manage its Canadian holdings. The new organizational structure will see 37 investment management positions migrate from Cadillac Fairview to a new in-house real estate asset group as of January 1, 2024, in keeping with the pension fund’s approach to the other asset classes in its CAD $247-billion portfolio.
A search is now underway for a new global head of real estate, who will step into the role soon after Salvatore Iacono takes the helm at Cadillac Fairview on November 1 of this year. Iacono, currently serving as executive vice president of operations, has been appointed to succeed John Sullivan as president and chief executive officer.
“I would like to thank John for tremendous leadership over many years,” says Jeff Jacobson, chair of Cadillac Fairview’s board. “I would also like to congratulate Sal on his new role as president and CEO. I am confident that given his extensive experience, broad network and strong leadership capabilities he is well placed to lead CF in the coming years.”
With the reorganization, Cadillac Fairview is mandated to grow, diversify and densify a Canadian portfolio that now encompasses 38 million square feet of retail, office and mixed-use space in 68 buildings, and will also provide real estate services for Ontario Teachers’ real estate portfolio beyond Canada. Meanwhile, the new home for the global real estate investment team is expected to support information sharing and co-sourcing with teams managing the pension fund’s assets in public and private equities, fixed income, credit, commodities, natural resources, infrastructure and venture growth.
“We are excited to continue our decades long relationship with CF under an evolved model that will capitalize on expertise across our two organizations and further strengthen our respective positions as a leading global investor and a best-in-class Canadian real estate owner and developer,” says Ziad Hindo, chief investment officer with Ontario Teachers’.
