Oxford Properties to Buy CPPIB Stake in $1.1 Billion of Offices
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Oxford Properties, which helped develop New York City’s Hudson Yards, struck a deal to buy out Canada Pension Plan Investment Board’s stake in seven office buildings, valuing the portfolio at C$1.5 billion ($1.1 billion), according to a person familiar with the matter.
Oxford, the real estate arm of the Ontario Municipal Employees Retirement System, agreed to purchase the 50% of the portfolio that it doesn’t already own, said the person, who asked not to be identified discussing private information.