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Photo of Victoria House

OMERS Property Valuations Dip in First Half

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.


Inside The Story

OMERSMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Lease
  • ◦Sale/Acquisition
  • ◦Development
  • ◦Financing
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