Canada's Oxford Properties to sell $2. 2 B industrial property portfolio


Aug 17 - Private equity firm Oxford Properties Group said on Tuesday it had agreed to sell a 14.5 million square feet industrial property portfolio for about $2.2 billion to KKR Co, a real estate investor based in Canada.

Toronto Municipal Employees Retirement System, the real estate arm of Canada, expects to acquire Oxford to help it expand into the U.S. market. The portfolio includes 149 buildings across 12 major industrial markets including Dallas, Chicago and Houston.

The pandemic last year triggered the shift from online shopping to brick and mortar stores, retail demand for industrial properties such as warehouses and logistics facilities skyrocketed.

Oxford and its portfolio companies manage about C $70 billion of assets according to its website.