TORONTO, ONTARIO--(Marketwire - Aug. 18, 2011) - Oxford Properties Group, the real estate arm of the OMERS Worldwide Group of Companies, is finalizing its acquisition of the Metro Toronto Convention Centre Complex ("MTCCC" or "the Complex"), a 7.4 acre mixed-use development in downtown Toronto. The Complex includes the Metro Toronto Convention Centre (MTCC), the 277 Front Street Office Tower, the InterContinental Hotel and a 1,200 stall parking facility. The transaction is anticipated to close in mid September 2011.
"The MTCCC represents a terrific long-term investment for OMERS that is in line with Oxford's domestic investment strategy and is a great addition to our portfolio," said Blake Hutcheson, President and CEO, Oxford Properties Group. "The MTCCC is a sizable, well located mixed-use asset with attractive risk-adjusted income returns and our investment in the property reflects our confidence in both the asset itself and the City of Toronto. We look forward to working with our new partners within this complex, the operators of both the convention centre and hotel, and making the entire block an ongoing success today, and well into the future."
"Canada Lands Company's sale of the MTCCC is in line with our company's ongoing objective of optimizing the value of selected assets originally belonging to the Government of Canada," said Mark Laroche, President and CEO of Canada Lands Company. He added that "our sale of the MTCCC follows the consolidation of our ownership interest in it in early 2008. We then brought the MTCCC to market this past April as valuations allowed, and are pleased to have found such a well-respected and capable buyer in Oxford for this important iconic asset."
The MTCCC includes:
(i) the MTCC, which provides approximately 260,000 square feet of exhibition, meeting and ballroom space, and which is operated by the Metropolitan Toronto Convention Centre Corporation, a provincial agency,
(ii) a 586-room InterContinental branded hotel,
(iii) a 265,000 square foot, 99% leased Class-B office building, and
(iv) a 1,200 stall parking facility serving the Complex.
The MTCCC is located in downtown Toronto, running the length of Front Street from Simcoe Street to John Street. The property is located adjacent to other Oxford-owned assets, including 315 Front and 325 Front, and in close proximity to Oxford's 123 Front, 1 University, MetroCentre, Royal Bank Plaza and TD Canada Trust Tower, among others. Hutcheson added, "This area of Toronto is highly strategic to Oxford and we are pleased to have a much greater piece of it through this acquisition."
Oxford Properties Group is a global platform for real estate investment, development and management, with over 1,300 employees and over $17 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford has regional offices in Toronto, London and New York, and the company's portfolio includes approximately 50 million square feet of office, retail, industrial, multi-family and hotel properties. Oxford is the real estate arm of the OMERS Worldwide Group of Companies.
For more information about Oxford visit www.oxfordproperties.com.
OMERS is one of Canada's largest pension funds with over $53 billion in net assets. It provides first-class pension administration and innovative products and services to over 400,000 members. Approximately one in every 20 employees working in the province of Ontario is an OMERS member. Through the OMERS Worldwide brand, our team of investment professionals uses a direct drive, active management investment strategy to invest in public and private market assets, including publicly-traded equities, fixed-income, infrastructure, private equity and real estate.
For more information about OMERS, please visit www.omers.com, or www.omersworldwide.com.
About Canada Lands Company
Canada Lands Company is an arm's length, self-financing federal Crown corporation. The company purchases federal properties at fair market value, and then improves and sells them to optimize their financial and community value. The company also owns and manages select properties such as the CN Tower, in Toronto.
To learn more about Canada Lands Company, please visit www.clc.ca.