Canadian Pension Funds Split Stake In $1.18B Deal
In another billion-plus-dollar deal, Canada Pension Plan Investment Board grabs a 50% stake in seven office buildings spread across Toronto and Calgary from Oxford Properties.
The real estate arm of Ontario Municipal Employees Retirement System soldthe stake for $1.18B but will continue its management of the 4.2M SF portfolio, CoStar reports. The portfolio includes the 2.4M SF Richmond-Adelaide Centre, a five-building complex in Toronto's financial district, along with Centennial Place and Eau Claire Tower, two buildings in northern Calgary.
The deal between these two funds is no surprise—the two are longtime partners and the move is part of Oxford's strategy to reinvest equity in new opportunities, according to the fund’s executive VP, Michael Turner. [CoStar]