Brookfield Property Partners is in talks to buy-out Oxford Properties’ share of a prime real estate development in the heart of London’s financial district.
That’s according to unnamed sources reported by Bloomberg who say the deal involves the $870 million London Wall Place office development which the two firms jointly own.
The development consists of two buildings and was acquired by Brookfield in 2012 with Oxford taking a stake shortly after.
A sale of the stake would fit with other recent real estate divestments in the British Capital by Oxford, the property investment arm of the Ontario Municipal Employees Retirement System.
Although Oxford has continued to buy UK warehouses and rental housing, its offices investments have been moving towards mainland Europe in recent years.
Oxford has also been increasing its presence in Asia Pacific and recently announced its first Australian project as lead developer. The project involves two towers in Sydney’s central business district above the new Pitt St. Metro station. The 39-storey building includes prime office space and a residential tower.