LONDON—Madison International Realty has acquired 50% of Oxford Properties Group's stake in its Paternoster Square office assets in a deal valued at approximately £200 million (US$251 million). The global real estate arm of the Ontario Municipal Employees Retirement System, Oxford will serve as asset manager for the new joint venture.
The assets included in the JV are King Edward Court, home of the London Stock Exchange, and St Martin's Court, CBRE's head office in the City of London. Oxford acquired St Martin's Court in October 2012 and King Edward Court six months later. Oxford also manages the wider Paternoster Square Estate mixed-use development.
“We are thrilled to partner with Oxford, which we consider to be a world class owner, developer and manager of prime assets in our target markets,” says Ronald Dickerman, Madison's founder and president. “King Edward Court and St Martin's Court are two extremely high quality, well-let assets in an iconic location directly next to St Pauls' Cathedral in the City of London which make strong additions to our portfolio. We have purchased over £300 million worth of real estate in London since the EU referendum and have every confidence in both the city's continued position as a leading global financial center and its enduring appeal as a destination for international businesses.”
At Oxford, EVP and senior managing director Paul Brundage says his company is hopeful that the partnership with Madison develops “further across Europe and North America. St Martin's Court and King Edward Court represent cornerstone assets within Oxford's London portfolio and Oxford remains committed both to these investments and the relationships we have built with the London Stock Exchange and CBRE over the years. This transaction is in line with Oxford's strategy to co-invest with strategic partners and lever our European platform to deliver enhanced returns.”
Oxford was advised by CBRE and Ashurst. Madison was advised by Fried, Frank, Harris, Shriver & Jacobson LLP.
LONDON—Madison International Realty has acquired 50% of Oxford Properties Group's stake in its Paternoster Square office assets in a deal valued at approximately £200 million (US$251 million). The global real estate arm of the Ontario Municipal Employees Retirement System, Oxford will serve as asset manager for the new joint venture.
The assets included in the JV are King Edward Court, home of the London Stock Exchange, and St Martin's Court, CBRE's head office in the City of London. Oxford acquired St Martin's Court in October 2012 and King Edward Court six months later. Oxford also manages the wider Paternoster Square Estate mixed-use development.
“We are thrilled to partner with Oxford, which we consider to be a world class owner, developer and manager of prime assets in our target markets,” says Ronald Dickerman, Madison's founder and president. “King Edward Court and St Martin's Court are two extremely high quality, well-let assets in an iconic location directly next to St Pauls' Cathedral in the City of London which make strong additions to our portfolio. We have purchased over £300 million worth of real estate in London since the EU referendum and have every confidence in both the city's continued position as a leading global financial center and its enduring appeal as a destination for international businesses.”
At Oxford, EVP and senior managing director Paul Brundage says his company is hopeful that the partnership with Madison develops “further across Europe and North America. St Martin's Court and King Edward Court represent cornerstone assets within Oxford's London portfolio and Oxford remains committed both to these investments and the relationships we have built with the London Stock Exchange and CBRE over the years. This transaction is in line with Oxford's strategy to co-invest with strategic partners and lever our European platform to deliver enhanced returns.”
Oxford was advised by CBRE and
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
