Oxford Properties Group has signed a deal to buy the Canada Pension Plan Investment Board’s 50% stake in a group of office properties in Western Canada that they co-own for $730 million.
The deal gives Oxford full ownership of a portfolio that includes seven downtown office properties.
Oxford is the global real estate arm of pension fund manager OMERS.
The transaction 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 continue to co-own a substantial portfolio across Canada.
Tyler Seaman, Oxford Properties’ executive vice-president of Canada, says the fund believes now is an opportune time to rotate capital back into this asset class.