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Oxford Properties closes A$3.4B Investa takeover

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Oxford Properties closes A$3.4B Investa takeover

Toronto-based Oxford Properties Group Inc. closed its A$3.4 billion take-private purchase of office real estate investment trust Investa Office Fund, gaining a 19-asset Australian portfolio in the process.

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126 Phillip St. in Sydney's CBD
Source: Oxford Properties Group



Oxford faced stiff competition from Blackstone Group LP for Investa Office, but ultimately prevailed over the U.S. private equity giant's A$3.3 billion bid.

Oxford changed the ownership vehicle for the portfolio to Oxford Investa Property Partners, in connection with the deal close, and retained the Investa Office Management platform for portfolio property management and other services related to the assets.

In order to reposition the portfolio and recycle capital to fund future growth, Oxford plans to sell several noncore properties.

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567 Collins St. in Melbourne's CBD
Source: Oxford Properties Group

Oxford secured a roughly A$2.2 billion debt facility to fund the deal arranged and underwritten by a syndicate of lenders including Commonwealth Bank of Australia, ING Bank, Morgan Stanley and Westpac Banking Corp.

Morgan Stanley acted as financial adviser to Oxford on the deal. The Sydney-based teams at Ashurst, Cushman & Wakefield and EY also served as advisers on the transaction.