Oxford Properties Group Announces the Sale of a Partial Interest-50%-in a National Portfolio of Core Office Properties.TORONTO -- Firm retaining management of assets, speaks to redeployment re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. of capital Oxford Properties Group (Oxford) is pleased to announce the closing of the strategic sale of a 50% interest in a portfolio of 11 core office assets to the Canada Pension Plan The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security (OAS). Investment Board (CPP cpp - C preprocessor. Investment Board). Oxford will continue to manage the properties on behalf of the co-owners as part of its core business. The portfolio comprises 8.2 million square feet of commercial 'Class A' office space in prime central business district locations in Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal. The portfolio includes the following properties: Guinness Tower, Marine Building and Oceanic Plaza (Vancouver); Canterra Tower Canterra Tower is a skyscraper in Calgary, Alberta, Canada. Located at 400 3rd Avenue SW, it stands at m ( ft) or 45 storeys tall.[1] The building was completed in 1988 and was designed by WZMH Architects in postmodern style. (Calgary); Edmonton City Centre Edmonton City Centre is a shopping mall in downtown Edmonton, Alberta, Canada across the street from Churchill Square. After the demise of the Eaton's department store in 1999, Eaton Centre and Edmonton Centre, formerly two independent malls, were redeveloped into one and Bell Tower (Edmonton); Royal Bank Plaza Royal Bank Plaza in Toronto, Ontario, Canada, is the headquarters of the Royal Bank of Canada. The building occupies a full block, bordered by Bay, Front and Wellington Streets in the financial district. , WaterPark Place and One Financial Place (Toronto); Constitution Square (Ottawa); and Place de la Cathedrale (Montreal). "Oxford is committed to a focus on active management to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. secular and cyclical market changes," says Michael Latimer, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Oxford. "This transaction is the first investment for Oxford with CPP Investment Board. This alignment fits perfectly with our strategy and represents a significant step as Oxford repositions its real estate portfolio for increased growth and opportunity. By retaining the management of the properties, Oxford is able to capitalize on the strength of its real estate management platform and continue to deliver the best-in-class service our tenants expect from an Oxford property." As previously announced, Oxford recently hired Christopher Voutsinas in the role of Executive Vice President, Corporate Development and Investments to execute a broad range of new investment opportunities both within Canada and internationally. Oxford Properties Group is the global real estate investment platform for the Ontario Municipal Employees Retirement System, OMERS OMERS Ontario Municipal Employees Retirement System . In 2004 OMERS announced it would pursue an increased focus on private market transactions in the real estate, infrastructure and private equity sectors. OMERS is committed to real estate, with an allocation of between 12 and 15 percent of the total Fund, and is committed to redeploying capital in other markets as part of its global strategy. The CPP Investment Board - Oxford Properties Group venture is part of that strategy. "We are pleased to share this investment opportunity with CPP Investment Board," said Paul Haggis, President and CEO of OMERS, "and we believe this represents the beginning of what will be a successful venture." Oxford Properties Group is one of North America's largest commercial real estate investment firms, managing a portfolio of prime Office, Retail, Industrial and Multi-Family Residential assets and holding interest in real estate assets abroad. Oxford manages $10 billion of real estate for itself and on behalf of its co-owners, and owns $6 billion in real estate at share. |
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