Oxford Fairmont Hotels/Bloomberg
The talks between Oxford and GIC are said to be at an advanced level and a deal could be announced in coming weeks.
Thursday 05, September 2019
Singapore’s sovereign wealth fund, GIC, is nearing a deal to acquire a majority stake in Oxford Properties Group’s Fairmont portfolio, which consists of four of Canada’s most iconic hotels, according to people familiar with the matter, reported Bloomberg.
The exact price of the transaction could not immediately be determined but any deal is expected to value the whole portfolio at about $1.5 billion.
Oxford, the real estate arm of Canadian pension fund OMERS, is expected to retain a minority stake in the assets and manage the properties.
In May media reports said that Oxford was planning to sell a 50 per cent stake in its Fairmont hotels in Whistler, British Columbia as well as Lake Louise, Banff Springs and Jasper Park in Alberta.
The hotels have more than 2,200 rooms that draw 1.2 million guests a year, with roots dating to the dawn of the country’s train travel in the late 1800s.