CPPIB acquires 50 percent interest in Canadian portfolio for C$1.2b
The C$287 billion ($219 billion) Canada Pension Plan Investment Board has acquired a 50 percent interest in a portfolio of high-quality office properties in downtown Toronto and Calgary at a gross purchase price of C$1.175 billion ($900 million). The interest was acquired from Oxford Properties Group, the real estate arm of the C$77 billion ($59 billion) Ontario Municipal Employees Retirement System, which will continue to manage the properties on behalf of the partnership.
The 4.2 million-square-foot portfolio includes seven office buildings with a broad mix of tenants in financial services, technology, accounting, legal and commodities businesses. In Toronto, the Richmond-Adelaide Centre is a high-quality office complex that includes five buildings located in the city’s financial district, totaling 2.4 million square feet and covering almost all of a 4.5-acre city block. In Calgary, Centennial Place and Eau Claire Tower are two class A properties developed by O