Ontario Teachers’ Pension Plan restructures real estate division

Ontario Teachers’ Pension Plan and Cadillac Fairview (CF) have announced leadership changes as well as an evolution in their real estate operating model that will further accelerate the growth and diversification of real estate investments.

After a successful career in commercial real estate spanning more than 30 years, including 25 years at CF, John Sullivan, president and CEO, has announced his intention to retire on Nov. 1, 2023.

Salvatore (Sal) Iacono, currently executive vice president, operations, has been appointed as president and CEO of Cadillac Fairview effective Nov. 1, 2023. Iacono joined CF in 2008.

Building on a strong relationship dating back 25 years, Ontario Teachers’ and CF will be evolving their operating model by establishing an in-house real estate asset class group to oversee real estate investment activities. The pension fund is currently executing its global growth strategy working towards reaching $300 billion in net assets by 2030.