CANADA - Oxford Properties Group - the real estate branch of Canadian pension fund OMERS - is in the process of acquiring the Metro Toronto Convention Centre Complex in Canada from Canada Lands Company.
The deal will see Oxford Properties acquire a 7.4-acre, mixed-use development in Toronto, which includes several assets:
Mark Laroche, chief executive at Canada Lands Company, said: "Our sale of the MTCCC follows the consolidation of our ownership interest in it in early 2008.
"We then brought the MTCCC to market this past April as valuations allowed and are pleased to have found such a well-respected and capable buyer in Oxford for this important iconic asset."
The acquisition of the Metro Toronto Convention Centre Complex is part of Oxford Properties' plan to invest in assets that provide a stable cash flow.
Blake Hutcheson, president and chief executive at Oxford Properties Group, said: "The MTCCC represents a terrific long-term investment for OMERS that is in line with Oxford's domestic investment strategy and is a great addition to our portfolio.
"The MTCCC is a sizeable, well-located, mixed-use asset with attractive risk-adjusted income returns, and our investment in the property reflects our confidence in both the asset itself and the city of Toronto."