PortsToronto sells head-office property to Oxford and CPPIB

On May 1, 2017, PortsToronto announced that it had completed the sale of its property at the corner of 30 Bay and 60 Harbour Streets to Oxford Properties Group (Oxford) and Canada Pension Plan Investment Board (CPPIB), who will each own a 50% stake. The transaction is valued at C$96 million, a portion of which will be payable over the next three years.

One of Toronto's most recognizable buildings throughout much of the 20th century, the historic Toronto Harbour Commission building, which currently serves as headquarters for PortsToronto, is located on the site along with a surface parking lot. The building will be restored and maintained as part of any future development plan.

PortsToronto is a government business enterprise that owns and operates Billy Bishop Toronto City Airport, the Outer Harbour Marina, and Terminals 51 and 52 in the Port of Toronto.

Oxford Properties is the real estate investment arm of OMERS, one of Canada's largest pension plans.

Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments.

Further information can be found on Canada Newswire's website.