Oxford Properties has reached a deal to acquire the Canada Pension Plan Investment Board’s stake in a portfolio of seven office buildings in Calgary and Vancouver for $1.5 billion, Bloomberg reported.

The wire service, cited an unidentified person familiar with the matter.

Oxford, the real estate investment arm of the Ontario Municipal Employees Retirement System (OMERS), already owns 50% of the portfolio and will purchase the remaining half from CPPIB, the person told Bloomberg. The assets include three properties in Calgary and four in Vancouver, including Canada’s first net-zero office tower, the Stack.

Spokespeople for Oxford and CPPIB declined to comment to Bloomberg on the reported agreement.

The deal comes amid tentative signs of recovery in Canada’s office market, which has struggled since the onset of the COVID-19 pandemic and the shift to remote work.

While Oxford is doubling down on office assets, CPPIB and other major players have been reducing their exposure. Toronto-based Oxford has emphasized its strong desire to remain active in the office sector.

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