Omers’ Oxford Properties Plans $3 Billion Toronto Project

Ontario Municipal Employees Retirement System’s Oxford Properties said it may invest more than C$3 billion ($3.1 billion) in a downtown Toronto development.

The project, one of the largest urban redevelopments in North America, includes a renovated and expanded convention center, hotel and casino complex and a 5.5-acre urban park, Toronto-based Oxford Properties said in statement today.

“If the decision is made to have a casino in the City of Toronto, Oxford believes it can provide the best location and the ideal solution for all stakeholders,” Oxford Properties Chief Executive Officer Blake Hutcheson said in the statement. “Oxford Place is a well-conceived private sector solution that requires no public infrastructure or other funding and drives significant community benefits.”

Omers, a pension fund manager in Canada’s most-populous province, posted a 3.2 percent return on investments last year, led by private equity, real estate and infrastructure holdings the fund said in an earnings statement. It invests in real estate and manages more than C$55 billion of assets for more than 420,000 retired and active municipal employees in Ontario.

The development would be called Oxford Place and also includes renovation of Metro Toronto Convention Centre. Architectural firm Foster & Partners will be responsible for the master plan, Oxford Properties said.

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