Oxford Properties has bought a 50% interest in Investa Office Management Holdings, asset manager of a multi-billion commercial property portfolio, from MIRA Real Estate.
The transaction price was not disclosed, but ΒιΆΉΣ³» Real Assets understands the figure was βnorth of A$50mβ (β¬30m).
The management company is a fully-integrated real estate company and fund management platform with almost A$12bn in assets, mostly office towers, under management.
In August 2018, at the height of a protracted takeover battle for Investa Office Fund [now owned by Oxford Properties], Investa Commercial Property Fund (ICPF) sold the 50% stake in the management platform to the Macquarie group arm.
ICPF, which is a co-owner in several office buildings with Oxford, is retaining its half interest.
Alec Harper, head of Australia at Oxford Properties, said it was a βnatural next stepβ for Oxford to take a substantial equity position in the management company.
The investment gave Oxford immediate access to an operating platform, which would become its partner as Oxford Properties looked to grow its presence in Australia, he said.
David Matheson, Oxfordβs head of Asia-Pacific, said the investment in the Investa asset management platform gave Oxford Properties βimmediate scale to our on-the-ground capabilities in Australiaβ.
βAnd it will accelerate our ability to deploy capital in this market,β he added.
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