(Reuters) - Canada Pension Plan Investment Board (CPPIB) bought a 50 percent interest in a Canadian office portfolio from real estate developer Oxford Properties Group for about $1.18 billion.
The portfolio includes five office buildings in downtown Toronto and two in Calgary, with a combined area of 4.2 million square feet, CPPIB said.
Following the deal, Oxford and CPPIB will jointly own over 12 million square feet of office properties.
Oxford will continue to manage the properties on behalf of the partnership.
(This version of the story has changed headline to ‘50 percent of a Canada office portfolio’ not ‘50 percent of Oxford Properties’ Canada office portfolio’)
Reporting by Nikhil Subba in Bengaluru; Editing by Anil D'Silva