Cadillac Fairview Becomes the Sole Owner of Toronto Buttonville Airport
1 min read
Cadillac Fairview, one of Canada’s largest real estate investment and property management conglomerates, has recently acquired a 100% stake in Toronto Buttonville Municipal Airport. Located in Markham, 30 kilometres north of Toronto, the 169-acre property boosts redevelopment potential, a key consideration for CF.
However, this is not the first time that Cadillac Fairview had its eyes (or its pocketbooks) set on the municipal airport. In 2010, CF and vendor Armadale Properties Ltd. joined a joint venture to hold the property with plans to redevelop the land. The acquisition took place over ten years, with a price tag of nearly $230 million.
In the announcement, Cadillac Fairview stated, “We can confirm that CF is now the 100 percent owner of the Buttonville site. The airport lands have been leased back to Toronto Airways, continuing to operate the Buttonville airport for the foreseeable future. Over the coming year, CF will explore various land use options to optimize the site’s future development potential.”
Learn more about the future development potential of Toronto Buttonville Airport.
Reference
Wilcox, D. (2021, July 15). Cadillac Fairview buys 100% stake in Toronto Buttonville airport [web log]. https://renx.ca/cadillac-fairview-buys-100-interest-in-toronto-buttonville-airport/.
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