News

Oxford Properties purchases UBS Global Asset Management's 50% stake in Watermark Place

October 04, 2010

(October 1, 2010) Oxford Properties, the real estate arm of OMERS pension fund, has exercised its pre-emption right to purchase the 50% stake in Watermark Place currently owned by UBS South East Recovery Fund (UBS-SERF, the Fund), which is managed by UBS Global Asset Management (UK) Ltd. Upon completion, Oxford Properties will have 100% control of the City Riverside redevelopment. Oxford Properties and UBS-SERF have been joint owners of Watermark Place since mid 2007. Paul Brundage, Senior Managing Director, Oxford Properties Europe, commented: "Our strategy is to build a portfolio of core and value added investments delivering superior risk adjusted returns for OMERS. Watermark Place was our first London investment and the acquisition of UBS's 50% stake at this time is in line with our strategy and further demonstrates our commitment to the London market." "We are delighted to secure the sale of our interest in Watermark Place, one of UBS-SERF's original investments in 2004", said Sam Sananes, Portfolio Manager for UBS-SERF. "The sale is consistent with our strategy for the Fund, which will focus on value added opportunities in Central London offices." Watermark Place was fully let to Nomura, the Asia-based investment bank, in 2009, in a deal believed to be the largest ever non pre-let leasing transaction in the UK office market.

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For further information, please contact:

Oxford Properties
Ceri Edwards/Debbie Cracknell
Redwood Consulting
T: 0207 8285553
M: 07515 050337/07860 658288
E: ceri@redwoodconsulting.co.uk
debbie@redwoodconsulting.co.uk
UBS
Ollie Gadney
UBS AG
T: 0207 5689982
E: oliver.gadney@ubs.com

About Oxford

Celebrating its 50th anniversary in 2010, Oxford Properties Group is one of North America's largest commercial real estate investment, development and management firms. Oxford oversees and manages approximately $18 billion of real estate for itself and on behalf of its co-owners and investment partners including headquarter buildings and development projects such as the Royal Bank Plaza in Toronto, the West Side Yards in New York, Watermark Place in London and Centennial Place in Calgary. Oxford's investments include office, retail, hotel, industrial and multi-family residential properties.

About UBS
UBS Global Asset Management is a large scale asset manager with well diversified businesses across regions, capabilities and distribution channels. It offers investment capabilities and investment styles across all major traditional and alternative asset classes. These include equity, fixed income, currency, hedge fund, real estate and infrastructure investment capabilities that can also be combined in multi-asset strategies.

Invested assets totalled some CHF 569 billion (EUR 432 billion, GBP 354 billion, USD 528 billion) at 30 June 2010. The firm is a leading fund house in Europe, the largest mutual fund manager in Switzerland[1] and one of the largest global fund of hedge funds managers.

With around 3,500 employees, located in 25 countries, we are a truly global firm. Our main offices are in London, Chicago, Frankfurt, Hartford, Hong Kong, New York, Paris, Sydney, Tokyo, Toronto and Zurich.

UBS Global Asset Management's Global Real Estate actively manages real estate investments, worth approximately CHF 58 billion (EUR 44 billion, GBP 36 billion, USD 54 billion)[2], in Asia, Europe and the US and across the major real estate sectors. Its capabilities emphasize core and value-added, but also include other strategies across the risk/return spectrum. These are offered on a global, regional and country basis and through open and closed-end private funds, customized investment structures, funds of funds, individually managed accounts and publicly traded real estate securities globally.


[1] Source: Lipper FundFlows Insight Report (as at 30 June 2010)

[2] Asset under management stated on gross asset values basis, reflecting property values as at 30 June 2010, where available. Includes assets managed by our joint venture with Mitsubishi Corporation, Japan.