Oxford Properties Group and Canada Pension Plan Investment Board (CPP Investments) have closed on a transaction where Oxford will acquire CPP Investments’ 50 percent interest in a portfolio of high-quality office properties in Western Canada for C$730 million ($532 million). With this acquisition, Oxford, the global real estate arm of OMERS, owns 100 percent of the approximately C$1.5 billion ($1.1 billion) portfolio.
The 4 million-square-foot portfolio comprises seven class AAA/A and trophy downtown office properties, three of which are in Calgary and four in Vancouver. The portfolio has benefitted from a flight to quality and outperforms both the Calgary and Vancouver downtown office markets. The portfolio enjoys strong contractual income, with long-term weighted average lease terms from a diversified mix of occupiers across industries such as financial services, technology, legal, transportation and natural resources. The portfolio also benefits from its newer vintage, w
