Oxford Properties Group

Oxford Properties Group

July 17, 2007 02:30 ET

Oxford Properties Acquires a 250-Year Ground Lease to Develop a 530,000 sq ft Riverside Development, Watermark Place, London, England

TORONTO, ONTARIO--(Marketwire - July 17, 2007) - Oxford Properties Group ("Oxford") today announced the acquisition of a 250-year ground lease from UBS South East Recovery Fund ("UBS") to develop Watermark Place. Watermark Place will be a landmark 11 storey, 530,000 square foot office building situated on the River Thames in London, England. The project is due to be completed by the end of September 2009.

Alex O'Connell, Executive Director, UBS Global Real Estate said, "We are delighted to have Oxford on board as developer and leaseholder. This is a very exciting project as it will provide one of the largest buildings in the city in the early part of this cycle".

Christopher Voutsinas, Executive Vice President, Corporate Development & Global Investment, Oxford said: "The Watermark Place development is another important step in the expansion of Oxford's global investment platform, demonstrating the skills, capabilities, and reach of Oxford and its investment professionals. We are excited about our relationship with UBS - a world-class investment manager and a great like-minded partner." Andrew Trickett, Vice President of Corporate Development & Investment, added "this development represents a unique investment opportunity for Oxford and an outstanding addition to London's office market."

An exceptional development team has been assembled to deliver the approximately CDN$500,000,000 project: the architect for Watermark Place is Fletcher Priest; the development manager is City Offices LLP; and Sir Robert McAlpine has been appointed as construction contractor. As property developer, Oxford has full responsibility for the delivery of the project and will asset manage the development and the completed investment. Construction at the site is to commence in September 2007 with completion planned in September 2009.

Watermark Place will be built in accordance with Leadership in Energy and Environmental Design (LEED®) guidelines. LEED buildings feature efficient water and energy conservation systems, and are designed to meet a high standard of indoor environmental quality.

CBRE represented both UBS and Oxford. CBRE and Knight Frank are letting agents for the scheme.

About Oxford: One of North America's largest commercial real estate investment firms, Oxford Properties Group owns and manages a portfolio of approximately 40 million square feet of prime Office, Retail, Industrial, Multi-Family Residential and Hotel properties predominantly in Canada. Oxford has undertaken a global investment mandate and in the past 18 months has directly invested approximately CDN $2 billion of equity throughout multiple markets in Europe, the United States, South America, Asia and Canada.

Contact Information

  • Oxford Properties Group
    Claire Kennedy
    Director, Communications
    (416) 350-4734