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Financial Turnarounds: Preserving Value by William W. Sihler - Darden Graduate School of Business Administration University of Virginia, Henry A. Davis - Henry A. Davis & Co.

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Chapter 10. Real-Estate Sector

Cadillac Fairview

Cadillac Fairview, based in Toronto, is one of North America’s largest fully integrated commercial real-estate operating companies. At the end of 1999, it had C$4.6 billion in assets and 102 properties totaling 51 million square feet, including 49 shopping centers and 42 office properties in Canada and 11 shopping centers in the United States. It was taken private through an LBO in 1987. To succeed, the LBO required continued growth in cash flow and property values, but a depressed Canadian real estate market between 1989 and 1995 kept that from happening. Since reorganizing under the Canadian Companies’ Creditors Arrangement Act (CCAA) in 1995, Cadillac Fairview has pursued a growth strategy within ...

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