The Cadillac Fairview Corporation Limited is a Canadian company that invests in, owns, and manages commercial real estate, mainly in Canada and the United States. As of March 2017, the company had 73 properties, encompassing 38 million square feet, worth over $29 billion.[1] As of September 2017, Cadillac Fairview's portfolio consisted of 60% Canadian retail (mainly major shopping centres) and 26% Canadian office buildings.[2] Cadillac Fairview is wholly owned by the Ontario Teachers' Pension Plan.[3]
The name "Cadillac Fairview" came into existence in 1974 as a result of the merger between Cadillac Development Corporation Ltd and Fairview Corporation.[4] Cadillac Development Corporation was founded by partners Ephraim Diamond (d. 2008), Joseph Berman (1922-2003), and Jack Kamin in Toronto in 1953 as a developers of high-riseapartment buildings. Fairview Corporation was established in 1958 as the real estate division of Cemp Investments, the holding company of the Bronfman family. Before merging, Cadillac and Fairview already had strong ties since 1968.[5] Bronfman-held Cemp Investments sold Cadillac Fairview in 1986.[citation needed]
The company was purchased by the Ontario Teachers' Pension Plan in March 2000. In 2006 it expanded its operations to Brazil by buying 46 percent of Multiplan Emprendimentos Imobiliarios SA, a Brazilian shopping center manager worth more than $1 billion.[6] In 2013, it was tried under private prosecution by EcoJustice for causing hundreds of birds to die due to the glass panes at one of its Toronto office buildings.[7] It won the case. In 2012, Cadillac Fairview bought out the leases of Sears Canada in five stores for $400 million, including the lease of the flagship Sears at Toronto Eaton Centre.[8] Many of the former Sears locations, including the one at Eaton Centre, became Nordstrom.[9] In 2014, it purchased the Toronto flagship store of Hudson's Bay Company for $650 million.[10]
On September 21, 2015, Cadillac Fairview rebranded its shopping centre properties, adding the prefix "CF" in front of each shopping centre name and phasing out individual mall logos in favour of a standardized logo format and image campaign.[11] In January 2017, Cadillac Fairview sold a 50% interest in its Vancouver portfolio to the Ontario Pension Board and the Workplace Safety and Insurance Board.[1] Financial terms were not disclosed, but the deal involved 4 million square feet of leasable space in the Pacific Centre and 12 office properties. In September 2017, it announced it would become a national partner to the Canadian Olympic Committee.[12]
Privacy issues
In July 2018, Cadillac Fairview disclosed that it had been employing facial recognition technology via embedded cameras on their mall directory kiosks, which collected anonymized information of the estimated age and gender of customers. The company stated that this information was being used to analyze mall traffic.[13] Following an investigation by CBC News and the announcement of a government probe, Cadillac Fairview suspended the program.[14]
On October 29, 2020, the federal privacy commissioner and his counterparts in Alberta and B.C. released a report detailing Cadillac Fairview's use of anonymous video analytics (AVA) to collect personally-identifiable information from mall visitors without meaningful consent. It found that at 12 properties, the company had used 5 million images from such kiosks to generate biometric representations of visitors' faces. It was also found that the biometric data had unknowingly been compiled into a database by a third-party technology provider "for no apparent purpose and with no justification", which "compounded the risk of potential use by unauthorized parties or, in the case of a data breach, by malicious actors". The report concluded that Cadillac Fairview had complied with their recommendations, with the exception of those "that speculate about hypothetical future uses of similar technology".[14]
Cadillac Fairview defended the program, arguing that the cameras' use were covered by a general privacy notice located on entrance signage (which warned that premises were monitored for safety and security reasons, and referred users to a companyprivacy policy on the company website), that the images themselves were only stored temporarily for analysis before being deleted, and that they could not individually identify a visitor.[14]
Properties
Cadillac Fairview owns, develops, and manages property, malls and large office and retail spaces across the Western Hemisphere, mostly in North America. Cadillac Fairview has also developed suburban housing, such as the Erin Mills "New Town". Among its Canadian assets are one New Brunswick property, five Quebec properties, twenty-five Ontario properties, two Manitoba properties, eight Alberta properties, and fourteen British Columbia properties.[15]
Cadillac Fairview's malls are generally large and high-quality, with high-end stores and high sales per square foot.[16] For instance, sales at the Toronto Eaton Centre, a CF mall, were $1500 per square foot, while lower-end malls have sales closer to $325 per square foot.[16] Cadillac Fairview has actively tried to sell weak malls, reducing its mall count from a high of 40 to around 20 in 2017.[16]
Notable properties managed by Cadillac Fairview, some co-owned with (or managed on behalf of) other investors, are listed below.
^ abcKopun, Francine (2017-05-11). "Why Canada's top tier malls thrive while local malls barely survive". The Toronto Star. ISSN 0319-0781. Retrieved 2018-01-13.
External links
Official website
January 07, 2023
cadillac, fairview, corporation, limited, canadian, company, that, invests, owns, manages, commercial, real, estate, mainly, canada, united, states, march, 2017, company, properties, encompassing, million, square, feet, worth, over, billion, september, 2017, p. The Cadillac Fairview Corporation Limited is a Canadian company that invests in owns and manages commercial real estate mainly in Canada and the United States As of March 2017 the company had 73 properties encompassing 38 million square feet worth over 29 billion 1 As of September 2017 Cadillac Fairview s portfolio consisted of 60 Canadian retail mainly major shopping centres and 26 Canadian office buildings 2 Cadillac Fairview is wholly owned by the Ontario Teachers Pension Plan 3 The Cadillac FairviewCorporation LimitedTypeSubsidiaryIndustryReal estateFounded1974 49 years ago 1974 Headquarters20 Queen Street West5th FloorToronto OntarioM5H 3R4Area servedCanada United States Brazil China United KingdomKey peopleJohn M Sullivan president and CEO ParentOntario Teachers Pension PlanWebsitewww wbr cadillacfairview wbr com Contents 1 History 1 1 Privacy issues 2 Properties 2 1 Notable former properties 3 References 4 External linksHistory EditThe name Cadillac Fairview came into existence in 1974 as a result of the merger between Cadillac Development Corporation Ltd and Fairview Corporation 4 Cadillac Development Corporation was founded by partners Ephraim Diamond d 2008 Joseph Berman 1922 2003 and Jack Kamin in Toronto in 1953 as a developers of high rise apartment buildings Fairview Corporation was established in 1958 as the real estate division of Cemp Investments the holding company of the Bronfman family Before merging Cadillac and Fairview already had strong ties since 1968 5 Bronfman held Cemp Investments sold Cadillac Fairview in 1986 citation needed The company was purchased by the Ontario Teachers Pension Plan in March 2000 In 2006 it expanded its operations to Brazil by buying 46 percent of Multiplan Emprendimentos Imobiliarios SA a Brazilian shopping center manager worth more than 1 billion 6 In 2013 it was tried under private prosecution by EcoJustice for causing hundreds of birds to die due to the glass panes at one of its Toronto office buildings 7 It won the case In 2012 Cadillac Fairview bought out the leases of Sears Canada in five stores for 400 million including the lease of the flagship Sears at Toronto Eaton Centre 8 Many of the former Sears locations including the one at Eaton Centre became Nordstrom 9 In 2014 it purchased the Toronto flagship store of Hudson s Bay Company for 650 million 10 On September 21 2015 Cadillac Fairview rebranded its shopping centre properties adding the prefix CF in front of each shopping centre name and phasing out individual mall logos in favour of a standardized logo format and image campaign 11 In January 2017 Cadillac Fairview sold a 50 interest in its Vancouver portfolio to the Ontario Pension Board and the Workplace Safety and Insurance Board 1 Financial terms were not disclosed but the deal involved 4 million square feet of leasable space in the Pacific Centre and 12 office properties In September 2017 it announced it would become a national partner to the Canadian Olympic Committee 12 Privacy issues Edit In July 2018 Cadillac Fairview disclosed that it had been employing facial recognition technology via embedded cameras on their mall directory kiosks which collected anonymized information of the estimated age and gender of customers The company stated that this information was being used to analyze mall traffic 13 Following an investigation by CBC News and the announcement of a government probe Cadillac Fairview suspended the program 14 On October 29 2020 the federal privacy commissioner and his counterparts in Alberta and B C released a report detailing Cadillac Fairview s use of anonymous video analytics AVA to collect personally identifiable information from mall visitors without meaningful consent It found that at 12 properties the company had used 5 million images from such kiosks to generate biometric representations of visitors faces It was also found that the biometric data had unknowingly been compiled into a database by a third party technology provider for no apparent purpose and with no justification which compounded the risk of potential use by unauthorized parties or in the case of a data breach by malicious actors The report concluded that Cadillac Fairview had complied with their recommendations with the exception of those that speculate about hypothetical future uses of similar technology 14 Cadillac Fairview defended the program arguing that the cameras use were covered by a general privacy notice located on entrance signage which warned that premises were monitored for safety and security reasons and referred users to a company privacy policy on the company website that the images themselves were only stored temporarily for analysis before being deleted and that they could not individually identify a visitor 14 Properties EditCadillac Fairview owns develops and manages property malls and large office and retail spaces across the Western Hemisphere mostly in North America Cadillac Fairview has also developed suburban housing such as the Erin Mills New Town Among its Canadian assets are one New Brunswick property five Quebec properties twenty five Ontario properties two Manitoba properties eight Alberta properties and fourteen British Columbia properties 15 Cadillac Fairview s malls are generally large and high quality with high end stores and high sales per square foot 16 For instance sales at the Toronto Eaton Centre a CF mall were 1500 per square foot while lower end malls have sales closer to 325 per square foot 16 Cadillac Fairview has actively tried to sell weak malls reducing its mall count from a high of 40 to around 20 in 2017 16 Notable properties managed by Cadillac Fairview some co owned with or managed on behalf of other investors are listed below Property name Location Property type Year openedCarrefour Laval Laval Quebec Shopping centre 1974Champlain Place Dieppe New Brunswick Shopping centre 1974Chinook Centre Calgary Alberta Shopping centre 1960Fairview Mall Toronto North York Ontario Shopping centre 1970Fairview Park Mall Kitchener Ontario Shopping centre 1966Fairview Pointe Claire Pointe Claire Quebec Shopping centre 1965Lime Ridge Mall Hamilton Ontario Shopping centre 1981Market Mall Calgary Alberta Shopping centre 1971Markville Shopping Centre Markham Ontario Shopping centre 1982Masonville Place London Ontario Shopping centre 1985Pacific Centre Vancouver British Columbia Shopping centre and office towers 1971Polo Park Winnipeg Manitoba Shopping centre 1959Promenades St Bruno Saint Bruno de Montarville Quebec Shopping centre 1978Richmond Centre Richmond British Columbia Shopping centre 1964Rideau Centre Ottawa Ontario Shopping centre and office tower 1983Sherway Gardens Toronto Etobicoke Ontario Shopping centre 197116 York Street Toronto Ontario Office tower 2019Shops at Don Mills Toronto Ontario Shopping centre 2009Deloitte Tower Montreal Quebec Office tower 2015Maple Leaf Square Toronto Ontario Multi use complex 2010RBC Centre Toronto Ontario Office tower 2009Simcoe Place Toronto Ontario Office tower with retail concourse 1995Toronto Dominion Centre Toronto Ontario Office complex with retail concourse 1969Toronto Eaton Centre Toronto Ontario Shopping centre and office towers 1977Waterfront Station Vancouver British Columbia Transportation facility 1914Windsor Station Montreal Quebec Office and retail complex former railway station 1889Notable former properties Edit Property name Location Property type Year openedThe Bay Centre Victoria British Columbia Shopping centre 1989Erin Mills Town Centre Mississauga Erin Mills Ontario Shopping centre 1989Galeries d Anjou Montreal Anjou Quebec Shopping centre 1968Galeries Chagnon Levis Quebec Shopping centre 1974Georgian Mall Barrie Ontario Shopping centre 1968McAllister Place Saint John New Brunswick Shopping Centre 1978Place Montreal Trust Montreal Quebec Shopping centre 1988Promenade Shopping Centre Thornhill Ontario Shopping centre 1986The Galleria at White Plains White Plains New York Shopping Center 1980Woodbine Centre Toronto Etobicoke Rexdale Ontario Shopping centre 1985References Edit a b Cadillac Fairview selling half its stake in Vancouver real estate portfolio Vancouver Sun 2017 01 20 Retrieved 2018 01 13 The plan to make Cadillac Fairview a household name The Globe and Mail 2017 09 20 Retrieved 2018 01 13 Cadillac Fairview Corporation Limited Cadillac Fairview CF History Cadillac Fairview CF History Retrieved 2016 10 01 Cadillac Fairview buys asset in Brazil The Globe and Mail 2006 06 27 Retrieved 2018 01 13 Podolsky v Cadillac Fairview Corp 2013 OJ No 581 QL PDF Ontario Court of Justice Retrieved 2020 09 02 Sears Canada to close Eaton Centre store 4 others CBC News Retrieved 2018 01 13 Friend David 2014 01 15 Nordstrom to open in Toronto Eaton Centre by fall 2016 CTVNews Retrieved 2018 01 13 HBC sells flagship Toronto store will open Saks location CBC News CBC 2014 01 27 Retrieved 2018 01 13 Cadillac Fairview renaming Toronto Eaton Centre Global News Retrieved 2018 01 13 Campbell Morgan 2017 09 20 COC signs sponsorship deal with Cadillac Fairview The Toronto Star ISSN 0319 0781 Retrieved 2018 01 13 Company that owns Polo Park using facial recognition in malls without consent CBC News 2018 07 27 Retrieved 2018 07 28 a b c Mall real estate company collected 5 million images of shoppers say privacy watchdogs CBC News 2020 10 29 Retrieved 2020 10 29 The Cadillac Fairview Corporation Limited Our Portfolio The Cadillac Fairview Corporation Limited retrieved 2017 03 06 a b c Kopun Francine 2017 05 11 Why Canada s top tier malls thrive while local malls barely survive The Toronto Star ISSN 0319 0781 Retrieved 2018 01 13 External links EditOfficial website Retrieved from https en wikipedia org w index php title Cadillac Fairview amp oldid 1130461162, wikipedia, wiki, book, books, library,
