CPP Investments' Toronto offices in September, 2023. Oxford Properties Group has closed a deal to buy its 50 per cent stake in a group of office properties in Western Canada that they co-own for $730-million.Chris Young/The Canadian Press
Oxford Properties Group OXM-N has closed a deal to buy the Canada Pension Plan Investment Board’s 50 per cent stake in a group of office properties in Western Canada that they co-own for $730-million.
The deal gives Oxford full ownership of the portfolio that includes seven downtown office properties.
Oxford is the global real estate arm of pension fund manager OMERS.
The deal covers Eau Claire Tower, Centennial Place and 400 Third in Calgary, while in Vancouver it includes the Stack, Guinness Tower, the Marine Building and MNP Tower.
Oxford and CPP Investments will still co-own a substantial portfolio across Canada.
Tyler Seaman, Oxford Properties executive vice-president, Canada, says the fund believes now is an opportune time to rotate capital back into this asset class.