Cadillac Fairview Wraps Deal for Lincoln’s Residential Unit
This step concludes a transition that was set in motion four years ago.
Cadillac Fairview has acquired the residential division of Lincoln Property Co.
The final chapter in a meticulously planned transition, Toronto, Cadillac Fairview closed on the purchase after making the deal to purchase the division, known as Lincoln Residential, in 2019.
Cadillac Fairview initially acquired a 49 percent interest in the business with the intention of increasing multifamily property operations across the U.S. Mack Pogue, who founded Lincoln in 1965, and Lincoln Residential’s retiring CEO Tim Byrne have each retained 5 percent stakes in the business.
Toronto-based Cadillac Fairview firm manages the international real estate portfolio of the Ontario Teachers’ Pension Plan, a more than $40 billion bundle of assets throughout the Americas, Europe and Asia.
Lincoln Residential has expanded into one of the largest multifamily operators in the U.S. Four years ago, Lincoln Property Co. and Cadillac Fairview were co-sponsors of a long-term investment program which aimed to develop and acquire high-quality multifamily assets in leading markets across the U.S. Lincoln Residential has completed upwards of $1.5 billion in acquisitions. The company has another $2 billion under development, and plans to significantly expand this program.
In preparation for the company’s strategic growth plans, and as part of the acquisition, Tim Byrne is being succeeded as CEO by Duncan Osborne, who most recently served as Cadillac Fairview’s executive vice president for investments.
Two months ago, Lincoln Property Co. received an approval to build a high-rise apartment building on Chicago’s North Side.