Real Estate

Oxford Properties Group (Oxford) is one of North America's largest commercial real estate investment and management firms. Oxford oversees and manages approximately $16 billion of real estate for itself and on behalf of its co-owners and investment partners at December 31, 2010.

Oxford's focus is to build a global platform for real estate investment, providing superior risk-adjusted returns and secure, sustainable and growing cash flows for the Plan. Oxford's strategy focuses on the ownership and active management of significant assets, diversified by property type, geographic market, partner relationship and risk-reward profile. A diversified real estate portfolio of this nature generates reliable cash flows, facilitating our ability to meet both current and future benefit obligations. Furthermore, actively managed real estate generally appreciates in capital value over time in step with inflation, which helps to offset the inflation exposure of our pension liabilities.