The Canada Pension Plan Investment Board has purchased a 50 per cent share in a corporate real estate portfolio from Oxford Properties Group, the real estate division of the Ontario Municipal Employees’ Retirement System for $1.175 billion.
The portfolio consists of seven office buildings in downtown Toronto and Calgary, including the Richmond-Adelaide Centre that totals 2.4 million square feet in Toronto, and the Centennial Place and Eau Claire Tower in Calgary, which total 1.8 million square feet.
Read: CPPIB adds human rights as key focus area for engaging with potential investments
“This is a rare opportunity to acquire a large-scale portfolio of modern office properties in two key Canadian office markets,” Peter Ballon, managing director and head of investments at CPPIB’s real estate investments arm, said in a press release. “With the addition of these assets, we are able to significantly expand our office portfolio in Canada alongside Oxford…”
Oxford will continue to manage the properties.