Oxford has obtained complete ownership of seven high-end office buildings

Oxford has obtained complete ownership of seven high-end office buildings located in Western Canada.

In a noteworthy development, Oxford Properties Group has purchased the remaining 50% interest in seven premium office buildings located in Calgary and Vancouver from CPP Investments, valuing the entire portfolio at roughly $1.5 billion.

This acquisition represents a strategic move for Oxford, the global real estate division of the Ontario-based OMERS pension fund, as it aims to diversify its holdings and leverage the increasing demand for high-quality office spaces in Western Canada. The portfolio encompasses more than 4 million square feet of class-AAA and class-A office space, featuring seven buildings situated in the core areas of Calgary and downtown Vancouver. These properties have consistently outperformed market averages, boasting a 95% occupancy rate and a varied tenant mix across multiple industries. This acquisition highlights Oxford's confidence in the Canadian office market, which has demonstrated resilience despite the challenges posed by COVID-19 and the rise of remote work. "We believe that premium office properties in key markets like Calgary, Toronto, and Vancouver will continue to lead the market, driven by demand from top-tier employers for quality space," stated Tyler Seaman, Oxford's Executive Vice-President for Canada. "This acquisition provides us with the opportunity to invest in familiar markets while further diversifying our portfolio." This transaction is the outcome of a long-standing collaboration between Oxford and CPP Investments, which will maintain ownership of a significant portfolio of Canadian properties together. The deal underscores the strength of their partnership and their mutual interest in delivering returns for their respective pension stakeholders.

Sophie van Oosterom, CPP Investments' Managing Director and Head of Real Estate, commented that the move aligns with their strategy to execute robust business plans and reinvest capital into new ventures, thereby enhancing the growth and performance of their global real estate portfolio. Through this acquisition, Oxford further solidifies its belief in the Canadian office sector, which has shown signs of recovery in recent quarters. The deal is anticipated to positively influence the local economies of Calgary and Vancouver, fostering job creation and economic development in these areas. About Oxford Properties Group: Oxford Properties Group is a global real estate investor, developer, and manager with approximately $80 billion in assets under management across four continents.

Recognized as one of the world's most active developers, Oxford has more than 70 projects underway across various asset classes. About CPP Investments: The Canada Pension Plan Investment Board (CPP Investments) is a professional investment management organization administering the Canada Pension Plan Fund for over 22 million contributors and beneficiaries. As of March 31, the fund reached a total of $714.4 billion.