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 benefited from a flight to quality and outperforms both the Calgary and Vancouver downtown office markets. The portfolio also benefits from its newer vintage, with five of the seven assets built after 2010. The portfolio includes the following properties: Eau Claire Tower, Centennial Place and 400 Third in Calgary; and The Stack, Guinness Tower, Marine Building and MNP Tower in Vancouver.