Teachers' restructures real estate division, names new Cadillac Fairview CEO
John Sullivan will be replaced by Salvatore Iacono
TORONTO — The Ontario Teachers’ Pension Plan says it’s switching up how it handles real estate investments while announcing that the head of its Cadillac Fairview subsidiary is retiring.
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The pension plan has been using its Cadillac Fairview division as its main avenue to invest in real estate, but says it plans to instead create an in-house group to oversee its global real estate investing and portfolio management.
The pension says the new structure will help it share information, co-sourcing, and best practices across its global platform.
As part of the changes, the pension plan will bring 37 of Cadillac Fairview’s real estate professionals to the organization.
The shift, expected to be in place by the start of next year, will leave Cadillac Fairview to focus on developing its Canadian real estate portfolio that is heavily concentrated in malls.
The moves come as Cadillac Fairview president and chief executive John Sullivan announced he plans to retire on Nov. 1, to be replaced by Salvatore Iacono, who currently serves as its executive vice-president of operations.
