KDC JV Closes $800M Office, Mixed-Use Fund
KDC will continue to develop corporate office facilities across the US while also focusing on developing and acquiring mixed-use projects.
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.
KDC has six commercial projects totaling more than 2.1 million square feet and valued over $1.1 billion under development nationally. The company’s projects include Santa Fe Yards in Denver, Aureum in Nashville, Hub RTP in Raleigh, North Carolina, Parkline in San Antonio, CityLine in Richardson, Texas, Park Center in Dunwoody, Georgia and Legacy West in Plano, Texas.