Oxford Properties and CPPIB seek to sell one of Toronto’s largest office buildings

Oxford Properties and CPPIB seek to sell one of Toronto's largest office buildings

Oxford Properties and CPPIB seek to sell one of Toronto’s largest office buildings

Sep 28,2021 1 Comment By The Lilly Commercial Team

Oxford Properties Group and co-investor Canada Pension Plan Investment Board (CPPIB) have hired RBC Capital Markets to explore a potential sale of Toronto’s Royal Bank Plaza, according to a spokesperson for Oxford.

The downtown office complex is among Toronto’s largest, totalling almost 1.5 million square feet across two towers, with RBC leasing 40% of the building.

Famed for a series of windows covered with a 24-carat gold coating, the building was built in the 1970s and is a stand-out feature in Toronto.

Oxford, the real estate business for the Ontario Municipal Employees Retirement System (OMERS), has owned and managed the property since 1999, while CPPIB became a co-investor in 2005.

The sale is part of Oxford’s move to increase its assets in logistics, multifamily and life sciences, according to the spokesperson.

Proceeds will be used to fund Oxford’s Greater Toronto Area development pipeline.

“The anticipated sale is part of our global diversification strategy and we will look to redeploy the proceeds to fund our growth in Toronto, where we continue to have a favorable long-term view,” said Randy Hoffman, Senior Vice President, Canada at Oxford Properties, in an emailed statement.

Oxford declined to comment on pricing but a source close to the matter said the building should sell for more than C$1 billion ($797 million).

“From time to time, we evaluate opportunities to realize gains on our investments, including real estate,” said a spokesman for CPPIB.

Source Financial Post. Click here to read a full story

Comments

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