The CPP Investment Board today announced it has acquired a 50 per cent ownership interest in a national portfolio of 11 commercial real estate properties from Oxford Properties Group for $1 billion.

With Class “A” properties in Calgary, Edmonton, Montreal, Ottawa, Toronto and Vancouver, the total portfolio comprises 8.2 million square feet of commercial office space in prime downtown locations.

Oxford Properties retains a 50% interest in the portfolio and is the operating partner.

“This transaction significantly advances our plan to diversify the CPP reserve fund into high quality real estate and other real return assets. This is an exceptional opportunity that fits very well with our long-term investment objectives,” said David Denison, President and CEO, CPP Investment Board.

“Real estate offers attractive risk-adjusted returns that are a good match for the inflation-indexed benefits provided by the CPP. We are pleased to be working with Oxford Properties, one of the country’s largest real estate companies,” said Denison.