Canada Lands Company
This article's factual accuracy may be compromised due to out-of-date information. (December 2012)
|Société immobilière du Canada limitée|
Real estate development,|
|Headquarters||1200-1 University Avenue, Toronto, Ontario, Canada|
|John McBain (CEO)|
|Owner||Government of Canada|
The Canada Lands Company Limited (CLCL; French: Société immobilière du Canada limitée) is a self-financing federal Crown corporation reporting to the Parliament of Canada through Public Services and Procurement Canada. The company is responsible for both managing property on behalf of the federal government and ensuring "the commercially oriented, orderly disposition of surplus properties with optimal value to the Canadian taxpayer". The current President and Chief Executive Officer is John McBain.
CLCL is the parent of three subsidiary companies: Parc Downsview Park Inc. (which manages Downsview Park in Toronto), Old Port of Montreal Corporation (which manages attractions in the Old Port of Montreal historic area including the Montreal Science Centre), and Canada Lands Company CLC Limited (which manages all other holdings such as the CN Tower).
The company has a real estate portfolio totaling approximately 2,400 acres (970 ha) in municipalities across Canada. The initial portfolio included many properties formerly controlled by the Canadian National Railway Company, which was privatized in 1995. This portfolio subsequently increased in size as the Department of National Defence (DND) began closing military bases across the country after the end of the Cold War. CLC purchased several former DND bases that were closed during this process, and it later began to redevelop them.
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