Taylor’s fund is grappling with the worst four-year run at its real estate operation since it was transformed by the acquisition of a business called Cadillac Fairview in 2000. That company came to be one of the fund’s crown jewels and the single biggest in its portfolio. But last year, Taylor took authority for most future real estate investments away from Cadillac Fairview and brought them in-house, just like the plan’s other asset classes.
Advertising
The second-largest Canadian plan, Caisse de Depot et Placement du Quebec, lost 6.2 per cent on real estate bets in fiscal 2023, the worst since the pandemic hit three years earlier. In January, the fund said it would combine that real estate business with another specializing in lending against properties, a merger that’s expected to save the plan $100 million annually.
