Australian office portfolio take-private

Sydney & Melbourne, Australia

Over a period of 100 days in 2018, Oxford launched a take-private bid for the 19-property, ASX-listed Investa Office Fund, now Investa Gateway Offices (IGO), won shareholder approval, secured over $2 billion in new financing and closed a $4.5 billion transaction. It marked our first investment in Australia and gave us immediate scale and presence in the market.

The complicated structure of the public entity had resulted in the stock trading at a discount to asset value. Investor interest in single property acquisitions remained high, so we took advantage of the wholesale-to-retail arbitrage opportunity. Speed and scale worked to our advantage. Less than a year after acquiring them, we had sold the thirteen properties that didn’t meet our investment strategy and generated significant gains.

The speed, scale and creativity of this transaction demonstrate how we like to do business. We paired the expertise and scale of our global team and balance sheet with the market savvy and relationships of our local colleagues. We partnered with team members from the OMERS capital markets team to unlock a significant informational and access advantage. We did our homework to allow us to act with conviction.

After contracting Investa Office Management (‘IOM’) to manage OIPP, Oxford further strengthened the partnership in November 2020 by acquiring a 50% interest in IOM. As a result, IOM acts as Oxford’s partner across our commercial office assets and to implement our strategy to build a leading multifamily business in Australia.

As a fully integrated developer, asset, property and fund manager in Australia’s major business districts, Investa is led by an experienced team with a 20-year track record of creating Australia’s most valued workplaces.

Combining specialist expertise in office building management and development to enhance the value of Australian workplaces for its customers, investors and communities, the Investa management team share Oxford’s vision for connecting people to exceptional places. We retained its management services following our acquisition and continue to grow our relationship with its team.

Premium buildings located in the central business districts of Sydney and Melbourne, surrounded by high-demand amenities and easily accessible by public transit, bicycle and car. They are home to blue-chip multinationals, Australia’s premier businesses and are recognized for delivering exceptional customer experiences.

Oxford’s follow-on investment into IOM gives us the access to partner with a best in class Australian management team with a deep fund management track record. The transaction speeds up our ability to deploy capital into Australia, build a multifamily business in what is a nascent market for this sector and help grow IOM’s fund management business though our relationships with international institutional investors.

Successfully transacting this quickly and decisively doesn’t happen by chance.

Our rigorous risk analysis and data-driven approach give us the foundation required to be creative and nimble. Our hard-earned reputation, forged over 60 years, opens doors and establishes stakeholder confidence. Our long-term focus gives us the freedom to envision creative, multi-pronged strategies. And the depth and breadth of our global and local teams give us the expertise and experience to execute large scale, complex transactions with speed.

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Across our global portfolio, we connect people to exceptional places. We're proud that our properties prioritize excellence and the safety, health and well being of our customers and communities.

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