Canadian real estate developer Oxford Properties Group, a unit of pension fund company OMERS, has bought Australian real estate investment trust Investa Office Fund for $3.3 billion.
The transaction consists of office buildings in Melbourne, Brisbane, Sydney, Perth and Canberra.
Oxford and Investa said that they plan to jointly manage the portfolio, comprised of 19 properties in Australia.
Oxford intends to divest a number of non-core properties and has started select sale processes to reposition the portfolio and finance future growth.