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Oxford Properties Group, the real estate arm of Canadian pension fund Ontario Municipal Employees Retirement System, has sold an office tower in Australia to Singapore-based real estate firm Mapletree Investments for A$275 million ($192 million).
The property is located at 111 Pacific Highway, North Sydney.
The sale is part of the Canadian investor’s plan to offload 40 percent of its A$3.4 billion ($2.4 billion) Australian office portfolio, held in the former Investa Office Fund, to focus on acquiring and managing premier properties and development schemes in Sydney and Melbourne, according to The Urban Developer.
Oxford also recently sold 10-20 Bond Street in the Sydney central business district to Mirvac Group for about A$325 million ($228 million). And the tower at 66 St Georges Terrace, Perth, was sold for A$72 million ($50 million), reportedly to Sydney-based fund manager CorVal.
