Canada Pension Plan Investment Board (CPPIB) is investing in a Toronto office property in a joint venture with Oxford Properties.
The asset, at 30 Bay Street, is being sold by PortsToronto, which occupies the building, for CAD96m (€64.1m).
“This acquisition of 30 Bay Street fits well with our Canadian office portfolio strategy, which focuses on key markets such as Toronto,” said Peter Ballon, CPPIB managing director, head of real estate investments.
“The site’s proximity to a major transportation hub and a growing urban residential area make it an attractive future development site.”
PortsToronto said proceeds from the sale will be used to support a federal mandate to manage operations on a self-sustaining basis in order to reinvest funds into marine safety, environmental protection, community programming, and transportation infrastructure.
“Oxford has been enthusiastic about this site since PortsToronto selected us as their redevelopment partner five years ago,” said Michael Turner, executive vice president for Canada at Oxford Properties.
“This is an exceptional piece of real estate and we will continue to advance the development of the site to maximise its value and associated benefits to the community.”