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Transactions - AUGUST 17, 2015

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Canadian investor buys in London and Boston for more than $2b

by Andrea Waitrovich

In separate deals, Canada-based Oxford Properties Group, which invests in real estate for the Ontario Municipal Employees Retirement System, has purchased three offices in London and Boston.

Oxford Properties and Temasek Holdings are under contract to purchase the 499,000-square-foot Blue Fin Building in London for £465 million ($726.5 million). The seller is Time Inc., the magazine publisher spun off from Time Warner Inc.

The Blue Fin building has an all-glass façade and central atrium with 2,000 aluminum blue fins designed to keep the building cool. Time Inc. occupies half of the building and intends to remain a tenant following the sale. Other tenants include Tableau Software UK, Totaljobs, Just Giving and Trinity College.

The Blue Fin, originally known as Bankside 1, was built as part of a development of the area by Land Securities. Land Securities sold Bankside 2 and 3, as well as its retail holdings in the Blue Fin, to M&G Real

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