{"id":1004286833,"date":"2018-12-18T03:10:39","date_gmt":"2018-12-18T11:10:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004286833"},"modified":"2022-12-08T22:11:14","modified_gmt":"2022-12-09T06:11:14","slug":"oxford-properties-acquires-australian-office-fund-for-2-4b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/oxford-properties-acquires-australian-office-fund-for-2-4b\/","title":{"rendered":"Oxford Properties Acquires Australian Office Fund for $2.4B"},"content":{"rendered":"<p>By Scott Baltic<\/p>\n<div id=\"attachment_1004286848\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004286848\" data-attachment-id=\"1004286848\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-acquires-australian-office-fund-for-2-4b\/paul-brundage\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg\" data-orig-size=\"5120,3840\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Paul Brundage, head of Europe and Asia Pacific, Oxford Properties Group\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Paul Brundage, head of Europe and Asia Pacific, Oxford Properties Group&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?w=1024\" class=\"wp-image-1004286848 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg 5120w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?resize=1536,1152 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?resize=2048,1536 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?resize=150,113 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?resize=696,522 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?resize=1068,801 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?resize=1920,1440 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?resize=560,420 560w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?resize=80,60 80w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg?resize=265,198 265w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004286848\" class=\"wp-caption-text\">Paul Brundage, Head of Europe and Asia Pacific, Oxford Properties Group<\/p><\/div>\n<p>Oxford Properties Group, the real estate arm of OMERS, has closed the $2.4 billion (A$3.4 billion) acquisition of the Investa Office Fund, including Investa\u2019s 19-asset, 5.3 million-square-foot portfolio in Australia.&nbsp;As of closing, the portfolio\u2019s ownership vehicle has been renamed Oxford Investa Property Partners.<\/p>\n<p>As part of the transaction, Oxford raised an approximately $1.6 billion (A$2.2 billion) debt facility arranged and underwritten by a syndicate comprising Commonwealth Bank of Australia, ING Bank, Morgan Stanley and Westpac Banking Corp. Oxford will serve as strategic asset manager but has retained the Investa Office Management platform to continue its role in managing the portfolio and providing investment, asset, property, project and development management services.<\/p>\n<div id=\"attachment_1004286860\" style=\"width: 210px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004286860\" data-attachment-id=\"1004286860\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-acquires-australian-office-fund-for-2-4b\/126-phillip-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg\" data-orig-size=\"3700,5551\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"126 Phillip St.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;126 Phillip St.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg?w=683\" class=\"wp-image-1004286860 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg 3700w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg?resize=200,300 200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg?resize=768,1152 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg?resize=683,1024 683w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg?resize=1024,1536 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg?resize=1365,2048 1365w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg?resize=150,225 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg?resize=300,450 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg?resize=696,1044 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg?resize=1068,1602 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg?resize=1920,2881 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/126-Phillip-St..jpg?resize=280,420 280w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/a><p id=\"caption-attachment-1004286860\" class=\"wp-caption-text\">126 Phillip St.<\/p><\/div>\n<p>As of mid-2018, 80 percent of the portfolio was rated as A Grade or Premium, and 65 percent was in Sydney, with 15 percent located in Melbourne and 14 percent in Brisbane. The portfolio had an average total occupancy of 97 percent and encompassed 437 tenants, also at mid-year.<\/p>\n<p>One noteworthy property is 126 Phillip St. in Sydney, a 445,400-square-foot (41,376-square-meter) office property. Designed by Norman Foster, it was completed in 2005. Another signature asset is 567 Collins St. in Melbourne, which was completed in mid-2016. It has 26 stories and about 592,000 square feet (55,000 square meters) of net leasable space.<\/p>\n<h2>Tight now and for a while<\/h2>\n<div id=\"attachment_1004286863\" style=\"width: 210px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004286863\" data-attachment-id=\"1004286863\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-acquires-australian-office-fund-for-2-4b\/567-collins-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg\" data-orig-size=\"3702,5551\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"567 Collins St.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;567 Collins St.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg?w=683\" class=\"wp-image-1004286863 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg 3702w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg?resize=200,300 200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg?resize=768,1152 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg?resize=683,1024 683w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg?resize=1024,1536 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg?resize=1366,2048 1366w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg?resize=150,225 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg?resize=300,450 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg?resize=696,1044 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg?resize=1068,1601 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg?resize=1920,2879 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/567-Collins-St.jpg?resize=280,420 280w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/a><p id=\"caption-attachment-1004286863\" class=\"wp-caption-text\">567 Collins St.<\/p><\/div>\n<p>The CBD office markets in both Sydney and Melbourne remain well below their typical\u2014over the past two decades\u2014vacancies of 7 to 7.5 percent, according to a second-half 2018 report from Colliers International. Currently, the average Premium vacancy is 4.6 percent in Sydney and 3.6 percent in Melbourne. In contrast, the comparable figure in Brisbane is 14.6 percent.<\/p>\n<p>The report predicts that \u201c<em>these tight market conditions in both cities will be with us for some time yet<\/em>.\u201d Colliers bases its forecast on three factors\u2014no significant new supply will complete till 2020, preleasing of the space in the pipeline is running at 60 percent in Sydney and 70 percent in Melbourne, and strong, ongoing population and job growth in both cities is continuing to drive the white-collar employment market. In response to rising rents, tenants are looking to tighten workspace ratios and seek buildings that provide flexible space.<\/p>\n<p>In a prepared statement, Oxford said the acquisition gave it \u201c<em>an immediate and substantial presence in the Australian market<\/em>.\u201d Paul Brundage, Oxford\u2019s head of Europe and Asia Pacific, added, \u201c<em>We see a lot of runway to grow our business in Australia, leveraging the immediate scale created by this transaction<\/em>.\u201d<\/p>\n<p>Morgan Stanley acted as financial advisor to Oxford. In addition, the buyer was advised by the Sydney-based teams at Ashurst, Cushman &amp; Wakefield and EY. Following this transaction, Oxford reportedly plans to divest a number of non-core properties to reposition its portfolio. Among other new projects, the company revealed plans to develop St. John\u2019s Terminal, a <a href=\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-cppib-buy-nyc-waterfront-for-700m\/\">1.3 million-square-foot office building in New York City<\/a>.<\/p>\n<p><em>Images courtesy of Oxford Properties Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The real estate arm of OMERS purchased 19 office assets in Sydney, Melbourne, Brisbane, Perth and Canberra from Investa Property Group. Oxford and Investa will manage the portfolio jointly. <\/p>\n","protected":false},"author":882,"featured_media":1004286848,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,16,21783,21742,21747],"tags":[32763,32799,43430,32774,32880,33104],"class_list":["post-1004286833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-international","category-investment","category-latest","category-office","tag-colliers-international","tag-cushman-wakefield","tag-investa-property-group","tag-morgan-stanley","tag-norman-foster","tag-oxford-properties-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Oxford Properties Acquires Australian Office Fund for $2.4B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-acquires-australian-office-fund-for-2-4b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oxford Properties Acquires Australian Office Fund for $2.4B\" \/>\n<meta property=\"og:description\" content=\"The real estate arm of OMERS purchased 19 office assets in Sydney, Melbourne, Brisbane, Perth and Canberra from Investa Property Group. Oxford and Investa will manage the portfolio jointly.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-acquires-australian-office-fund-for-2-4b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-18T11:10:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:11:14+00:00\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Paul-Brundage.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/oxford-properties-acquires-australian-office-fund-for-2-4b\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/oxford-properties-acquires-australian-office-fund-for-2-4b\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Oxford Properties Acquires Australian Office Fund for $2.4B\",\"datePublished\":\"2018-12-18T11:10:39+00:00\",\"dateModified\":\"2022-12-09T06:11:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/oxford-properties-acquires-australian-office-fund-for-2-4b\\\/\"},\"wordCount\":514,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/oxford-properties-acquires-australian-office-fund-for-2-4b\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/12\\\/Paul-Brundage.jpg\",\"keywords\":[\"Colliers International\",\"Cushman &amp; 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