Oxford JVs on London’s Watermark Place
Oxford Properties Group and Hamburg-based Union Investment Real Estate GmbH have formed a 50-50 JV in London’s Watermark Place, a 542k SF office building on the River Thames. Oxford will act as asset manager for the JV, which has refinanced the property—raising a new 10-year, £270 million debt facility. Watermark Place was Oxford’s first investment in London. The group acquired a 50% interest in the asset in 2007 as a development site, then purchased the building outright in 2010. It is 100% leased to Nomura, a Japanese investment bank.