UBS has sold its 50 percent stake in Watermark Place to Oxford Properties. The half share in the London development is thought to be worth in the region of £200 million.
Since they already owned the other half, the terms of the sale give Oxford Properties full control over the half-million square feet of office space. London saw one of its largest lets in recent years in 2009 when Japanese investment bank Nomura leased the entire development at more than £40 per square foot.
Despite its English-sounding name, Oxford Properties is the real estate branch of OMERS, the Ontario Municipal Employees Retirement System. As of 2008, OMERS held over 50 billion Canadian dollars of investments.
UBS’ South East Recovery Fund, which formerly owned the stake, had been planning to sell to a German buyer, the close-ended fund Hannover Leasing, but Oxford Properties exercised its pre-emption right.
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