Canada’s OMERS saw its global property valuations fall slightly in the first half of 2023 due to higher interest rates and lower demand for office space.

The decreases totalled 0.2 per cent and offset gains from favourable retail, residential and hotel leases, the Toronto-based pension fund said in its mid-year investment update.

OMERSs was active in the U.S. biomanufacturing-facility sector, trading three properties. The deals involved two acquisitions, including a 30-year leaseback to the seller, and one sale. Two properties are based in the Boston region while the other is located in North Carolina’s Raleigh-Durham area.

OMERS executed the transactions through its Toronto-based subsidiary Oxford Properties, a global investor, asset manager and developer.

In July, OMERS agreed to partner with Pioneer Group on the conversion of iconic London-based office building Victoria House into a life sciences hub. Oxford Properties will co-ordinate the redevelopment with Pioneer, a London-based developer, owner and operator of innovation-focused campuses.

Britain’s Bioindustry Association has preleased space that will become its new headquarters.