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Sign in Sign up for a FREE subscriptionOxford Properties sells French portfolio stake to JP Morgan fund for €800m
Oxford Properties Group, the global real estate arm of the Ontario Municipal Employees Retirement System, defined benefit pension plan, has sold a 49.9 percent stake in its French portfolio to a fund advised by J.P. Morgan Asset Management for €800 million ($928 million).
The portfolio consists of 32 Rue Blanche, 92 Avenue de France and Paris Bastille. The sale is part of Oxford Properties’ plan to make further investments. Oxford Properties plans to grow its Paris invested capital to €2.5 billion ($2.9 billion) over time.
Oxford Properties first invested in Paris in 2014 when it bought 32 Rue Blanche. Its portfolio comprises 737,000 square feet of offices across the 9th, 11th and 13th arrondissements of Central Paris, totaling €1.3 billion ($1.51 billion) of assets.
