Oxford Properties acquires Investa Office Fund for AU $ 3.4 billion (C $ 3.3 billion)
Paul Brundage, director of Oxford Europe and Asia Pacific, commented: “I am proud of the diligent, effective and efficient work that the Oxford team has done on this transaction, allowing us to provide an attractive offer to IOF shareholders and to acquire great real estate. Completing this transaction in just 100 days is a testament to our team’s ability to quickly execute complex, large-scale transactions in markets around the world. We are also very happy to have started to establish our presence in Australia and are building our team in the field. “
“Oxford invests for the long term in global gateway cities with a focus on best-in-class assets in high growth markets,” continued Mr. Brundage. “We see a lot of avenues to develop our business in Australia, taking advantage of the immediate scale created by this transaction. Oxford has a deep and long-standing commitment to customers, communities and city building, and we look forward to continuing this tradition and building strong relationships with all stakeholders in the Australian market. “
Office portfolio management
Coinciding with today’s close, Oxford renamed the vehicle of ownership of the portfolio to Oxford Investa Property Partners (“OIPP”). In addition to Oxford’s role as a strategic asset manager, Oxford retained the Investa Office Management (“Investa”) platform to continue to manage the portfolio, providing investment management, asset management services. , goods, projects and development. This appointment will ensure continuity for clients and reflects Oxford’s high level of confidence in the quality and expertise of the Investa team.
Mr. Brundage commented on the engagement, stating: “The Investa team has done an outstanding job in building a high quality portfolio and strong relationships. She shares our vision of connecting people in great places and is a natural partner in managing this portfolio’s assets. . “
Jonathan callaghan, CEO of Investa, said: “We look forward to working closely with Oxford as the new owner of OIPP and in its role as the strategic asset manager of the portfolio. We had a very positive experience getting to know the Oxford team and are satisfied with the strong synergies between our two activities. As the manager of the OIPP portfolio, we are uniquely positioned to continue to generate strong asset performance with Oxford. “
Focus on strategic assets
Following the closing of the transaction, Oxford intends to divest a number of non-core properties and has initiated select sales processes in order to reposition the portfolio and recycle capital to fund future growth. Further announcements on this activity are expected in the coming months.
Oxford is committed to focusing its resources on the strategic investments it plans to hold for the long term, aligning its perspective and interests with its clients and communities. This focus guides the company’s capital reinvestment program, which includes significant improvements in real estate technology and capital assets as well as a commitment to connecting people in great places.
The Oxford team will continue to seek further origination opportunities in Australia to expand your portfolio over time. In addition to expanding its portfolio of high quality and conveniently located office buildings, Oxford is also actively increasing its exposure to residential and industrial building rental properties globally.
The closing of this transaction comes in a period of ambitious global growth for Oxford. The company recently announced its intention to develop the St John’s Terminal, a 1.3 million square foot office building in New York City, and The Stack, which will be the one in Vancouver tallest office building, and recently completed the development of London Wall Place, a two-property office complex in London.
Morgan Stanley acted as financial advisor to Oxford in connection with the transaction. In addition, Oxford was advised by the Sydney-Teams based in Ashurst, Cushman & Wakefield and EY. As part of the transaction, Oxford raised approximately 2.2 billion Australian dollars (C $ 2.1 billion) credit facility which has been arranged and underwritten by a syndicate comprising the Commonwealth Bank of Australia, ING Bank, Morgan Stanley and Westpac Banking Corporation.
About Oxford Properties Group
Oxford Properties Group connects people in great places and is the owner, developer and manager of some of the world’s finest real estate assets. Created in 1960, it manages more than 50 billion Canadian dollars of assets around the world on behalf of its co-owners and investment partners. Oxford’s portfolio includes offices, retail, industries, hotels and multi-family residences and spans 60 million square feet in global gateway cities on four continents. A thematic and highly disciplined investor, Oxford invests in properties, portfolios, development sites, debt, securities and platform opportunities across the risk-return spectrum. With regional headquarters in Toronto, new York, London, Luxembourg, Singapore and Sydney, its long-term approach to real estate investing aligns Oxford’s interests with its clients and the communities in which it operates. Oxford is the global real estate arm of OMERS, the AAA-rated defined benefit pension plan for from ontario municipal employees.
For more information about Oxford, visit www.oxfordproperties.com
SOURCE Oxford Properties Group Inc.