Properties to be sold include the TD Centre in Toronto, the Eaton Centre mall and Vancouver's Pacific Centre. The bank would not release details of its stake in the properties.
The $350 million gain from the sale will be offset by an increase in provisions for bad loans.
"This agreement is representative of our commitment to focus our strategies on core businesses which generate superior returns for our shareholders," said Charles Baillie, chairman and CEO, TD Bank Financial Group.
Cadillac Fairview is Canada's largest shopping mall owner. The firm is a unit Canada's second largest pension fund, the Ontario Teachers' Pension Plan.
"This transaction allows Cadillac Fairview to invest in assets that are cornerstones of our portfolio," said Peter Sharpe, president and CEO of Cadillac Fairview.
