CANADA - CPP Investment Board (CPPIB) and Oxford Properties, the real estate arm of the Ontario Municipal Employees Retirement System, have teamed up to build the Royal Bank of Canada's new Toronto headquarters.
The development is a 50-50 joint venture between both pension fund managers in which Oxford will oversee all aspects of the development and management of the property.
Oxford Properties president and chief executive Blake Hutcheson said: "Oxford is excited to develop this exceptional piece of real estate, and to bring this world class office project to Toronto's vibrant waterfront community. We are also very proud to build upon Oxford's 50-year relationship with RBC. The signing of the pre-lease for 60% of RBC WaterPark Place is a testament to both the quality of the project and the strength of the relationship."
CPPIB vice-president and head of real estate investments Americas Peter Ballon added: "We are delighted to be partnering in this project with Oxford Properties, a proven developer of top-quality office properties with whom we have a long-standing partnership. RBC WaterPark Place provides us with the opportunity to add a major, state-of-the-art office tower to our Canadian real estate portfolio with a premier tenant in place."
Oxford and CPPIB co-own a portfolio of office properties across Canada valued at approximately C$3bn ($2.96bn).
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