Cadillac Fairview Corporation Limited Cadillac Fairview Partners

Cadillac Fairview Partners with Hopewell Development to Purchase Rosemont Business Park

07 Nov 2022
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Industrial acquisition latest move in diversification of CF's Canadian and global portfolio

TORONTO, Nov. 7, 2022 /CNW/ - Cadillac Fairview (CF) has today announced the purchase of the 146-acre Rosemont Business Park in Balzac, Alberta through a joint venture with Hopewell Development LP (Hopewell). The business park site, in close proximity to the Calgary airport in the Balzac Industrial sector, will be comprised of 2.3 million square feet of industrial gross leasable area.

CF and Hopewell have confirmed plans for the construction of up to five buildings, occupying 45 per cent of available land area and featuring 40-foot clear height, to be built in phases between 2024 and 2029.

Cadillac Fairview Corporation Limited Cadillac Fairview Partners
Cadillac Fairview Partners with Hopewell Development to Purchase Rosemont Business Park (CNW Group/Cadillac Fairview Corporation Limited)

According to Wayne Barwise, Executive Vice President, Development, Cadillac Fairview: "The Rosemont Business Park is attractively situated in a high-potential market area, served with solid transportation links. Major players such as Walmart, Sobeys and Home Depot all have distribution hubs nearby and Calgary is emerging as a robust-growth, up-and-coming market for key logistics uses, with limited inventory available in the foreseeable future to meet increased demand."

The joint venture with Hopewell is consistent with CF's strategy of partnering with best-in-class companies with a demonstrated track record of leadership and local market and sectoral experience and expertise. CF recognizes the synergies with Calgary-based Hopewell Development, the commercial development arm of the Hopewell group of companies, as a result of their commercial property development credentials and strong leadership team. TD Securities acted as financial advisor to Hopewell Development on the transaction.

"At CF, we're very excited to be working with Hopewell to create a highly differentiated offering," said Paul Macchione, Senior Vice President, Industrial Development, Cadillac Fairview. "Together, we'll be well-positioned to service a burgeoning sector in a high-growth market while providing benefits over adjacent and comparable municipalities."

"Cadillac Fairview is a first-class organization, which we are excited to be partnered with in the industrial space and we look forward to realizing the success of Rosemont together," said Murray DeGirolamo, President, Hopewell Development.

The investment in and development of the Rosemont property also reflects CF's momentum in acquisition of industrial assets internationally and in Canada.

CF is now the sole owner of the Toronto Buttonville Municipal Airport site. The 169-acre property 30 kilometres north of Toronto in the City of Markham is considered a prime site for significant industrial redevelopment.

In nearby Richmond Hill, CF previously acquired an eight-acre site within the Beaver Creek Business Park, similarly well-situated with proximity to highway 404 and offering ideal development configuration for either one or two buildings and the potential to create smaller units that attract premium rental rates.

With both Buttonville and Beaver Creek sites, CF is ideally placed to offer a mix of unit sizes to grow tenants organically within its industrial properties in key GTA submarkets.

In addition to the Canadian industrial asset portfolio, CF has aggressively executed an international strategy of strategic partnerships toward diversification into the industrial sector. Following the establishment of CF's European office in London in 2021, CF announced a partnership with Boreal IM, initially announcing €250 million in deals for logistics assets in London and Rotterdam and subsequently growing the portfolio to 3.3 million square feet across the UK and Europe.

In 2012, CF entered into a joint venture with Autonomy Investmentos in Brazil to launch Golgi, a developer and owner of single and multi-tenant Class A industrial warehouses, distribution centres and logistics facilities. Golgi operates eight industrial parks with a combined 6.3 million square feet of leasable area and has an additional development pipeline of 7.5 million square feet of leasable area.


Cadillac Fairview (CF) is a globally focused owner, operator, investor, and developer of best-in-class real estate across retail, office, residential, industrial and mixed-use asset classes. Wholly owned by the Ontario Teachers' Pension Plan, CF manages in excess of $42 billion of assets across the Americas and the United Kingdom, with further expansion planned into Europe and Asia.

Internationally, CF invests in communities with like-minded partners, including Stanhope in the UK, Lincoln Property Company in the U.S., and Multiplan in Brazil. The company's Canadian portfolio comprises 68 landmark properties, including the Toronto-Dominion Centre, CF Toronto Eaton Centre, Tour Deloitte, CF Carrefour Laval, CF Chinook Centre and CF Pacific Centre.

Continually striving to make a positive impact in communities where it operates by promoting social connection, growth, and a sustainable future, CF's Purpose is Transforming Communities for a Vibrant Tomorrow. Learn more at and follow CF on LinkedIn, Twitter, and Instagram.


Headquartered in Calgary with offices in Toronto, Winnipeg and Phoenix, Hopewell is the commercial development division of the Hopewell Group of Companies. For almost 30 years, clients have trusted Hopewell to deliver intelligent and highly personalized real estate solutions.

Hopewell is a highly experienced full-service development company that manages every aspect of the development phase in collaboration with its partners and clients. Hopewell takes pride in engaging the right people at the right time to ensure all aspects of development management process are aligned, including planning, engineering, entitlement approvals, construction management, along with the successful leasing and property management of completed projects.

Hopewell has an extensive track record in all aspects of commercial real estate development and currently has active projects under development in Calgary, Edmonton, Winnipeg, GTA, Ottawa, Phoenix, Las Vegas and Dallas/Fort Worth. Hopewell's experience and expertise spans North America. Learn more at

SOURCE Cadillac Fairview Corporation Limited

For further information: Media Contact: Lexa Newell, North Strategic, [email protected], 647-802-2363

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