The Canada Pension Plan Investment Board and Oxford Properties Group Inc., the real estate arm of the Ontario Municipal Employees’ Retirement System, are selling two downtown office towers in Vancouver for about $300 million, according to reporting by Bloomberg.
The investment organizations will sell the buildings, located at 402 Dunsmuir St. and 401 West Georgia St., to Germany-based financial organization Deka Group. Due to uncertainty in the office real estate market, the price of the sale, which hasn’t been finalized, is lower than a reportedly expected $350 million for the assets.
Read: OMERS evaluates sale of LifeLabs, CPPIB sells stake in software company
In other news, the Ontario Municipal Employees’ Retirement System is closing an offering of euro term notes worth €750 million.
The notes, which carry a 5-year maturity rate, are priced at a yield of 3.24 per cent. The offering represents the second such transaction by the OMERS using European currency and was led by asset managers (47 per cent) and followed by central banks and official institutions (28 per cent), treasuries and private banks class (16 per cent), pension, insurance and other (eight per cent) and corporates (one per cent).
Read: Caisse invests $200M in Swedish battery maker, OMERS closes US$1BN term notes offering