Property deal roundup: OMERS, Metric, USAA, Cambridge Development Group

GLOBAL - The Ontario Municipal Employees Retirement System (OMERS) has acquired a 50% stake in London’s MidCity Place from a US private equity firm.

The price of the acquisition, made by the CAD53bn (€37.9bn) pension fund’s Oxford Properties subsidiary, has not been disclosed.

In a statement, European senior managing director Paul Brundage said the acquisition was in line with its European strategy to target large-scale, high-quality assets.

In other news, Metric Property Investments, a UK REIT, has acquired a redevelopment site in County Durham for £11m (€12.1m). 

The company will pay the sellers, Bank of Ireland and Kingsland Estates, £2.3m for the site. Development costs will account for the other £8.7m.

Metric has already submitted a planning application to redevelop a retail park on the site beginning early next year. 

The eventual yield on the scheme, assuming a zero vacancy rate, will be 7.75%.

Finally, an unnamed additional investor has acquired a 376-unit San Antonio residential project from developers USAA Real Estate Company and Cambridge Development Group.

The sellers have not disclosed the acquisition price.

The 25-acre residential community was completed last year.