CPP Investment Board swaps property holdings with Oxford through partnership

TORONTO – CPP Investment Board is doing a property swap with Oxford Properties Group, the real estate arm of the Ontario Municipal Employees’ Retirement System.

CPPIB, which manages assets on behalf of the Canada Pension Plan, will acquire a 50 per cent interest in Upper Canada Mall in Newmarket, Ont., from Oxford and sell to Oxford a 50 per cent interest in a Quebec City shopping mall.

Financial terms were not disclosed in the announcement Monday.

Oxford will manage both properties on behalf of the partners.

Les Galeries de la Capitale in Quebec City has approximately 250 shops and services spread over 1.5 million square feet. Upper Canada Mall, north of Toronto, has about 210 shops and services over 980,000 sq. ft.

Oxford is the real estate arm of OMERS Worldwide Group of Companies. The Ontario Municipal Employees Retirement System is one of Canada’s largest pension plans, managing some $55 billion in assets on behalf of about 420,000 members.

The CPP Investment Board is a professional investment management organization based in Toronto that invests money not needed by the Canada Pension Plan to pay benefits. The CPP fund currently totals some $183.3 billion.