The Ontario Municipal Employees Retirement System (OMERS) and Temasek are buying a central London office asset.
OMERSβs real estate arm, Oxford Properties, and the Singaporean governmentβs Temasek are paying Β£415m ($580m) for the Blue Fin Building in London.
The fully let, 497,000 sq ft asset, south of the river Thames, is expected to be sold by year-end.
Publishing group Time, the assetβs main tenant, is selling the building and will lease back 160,000 sq ft.
Paul Brundage, executive vice-president and senior managing director at Oxford Properties Europe, said the Blue Fin asset was a βgreat additionβ to Oxfordβs European portfolio.
The company, he said, now has more than CAD7bn (β¬4.8bn) of real estate in London and Paris.
OMERS has previously invested with Temasek, having bought a 50% stake in MidCity Place .
βThis transaction,β Brundage said, βreinforces Oxfordβs belief that specific emerging live-work-play destinations will outperform over time as a result of infrastructure improvements and shifting occupier dynamics.β
Time Inc. executive vice-president Jeff Bairstow said it was βlogical to monetise the assetβ.
Temasek was part of an international consortium, including the UKβs Native Land and Malaysiaβs Amcorp Properties, to buy a mixed-use London development less than 1km away for Β£308m from The Carlyle Group.
