Cadillac Fairview, the global real estate arm of the Ontario Teachers' Pension Plan, has acquired a 50% interest in national developer KDC alongside management and its long-standing partner, Compatriot Capital. At the same time, Cadillac Fairview, Compatriot Capital and KDC have closed on their initial $800 million US commercial office and mixed-use fund. 

The fund is a long-term investment and development platform that will focus on developing and acquiring Class A corporate office projects and mixed-use projects in markets across the United States.

"This partnership represents a shared vision to build a premier business in the development and ownership of office and mixed-use properties, an asset class that is particularly dynamic and exciting in today's economy," said Mark Van Kirk, president of Compatriot Capital, in a prepared statement.