The next time you attend a major conference in Toronto, it might just be in the complex just purchased by the Ontario Municipal Employees Retirement System (OMERS).
The sprawling 7.4 acre Metro Toronto Convention Centre Complex includes conference facilities, office space, a hotel and parking. The pension fund’s real estate division, Oxford Properties Group, bought the property from Canada Lands Company for an undisclosed price.
“The MTCCC represents a terrific long-term investment for OMERS that is in line with Oxford’s domestic investment strategy and is a great addition to our portfolio,” said Blake Hutcheson, president and CEO, Oxford Properties Group. “The MTCCC is a sizable, well located mixed-use asset with attractive risk-adjusted income returns and our investment in the property reflects our confidence in both the asset itself and the City of Toronto.”
The deal is expected to close in mid-September 2011.