International law firm Ashurst advised Oxford Properties, the global real estate arm of the OMERS defined benefit pension plan, on the sale of a 49.9% stake in its French portfolio to a fund advised by J.P. Morgan Asset Management for approximately €400 million.

The sale of a non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille gives Oxford Properties a strategic investment partner in Paris and releases capital to make further investments.

A fourth asset, Window, a 44,200 square meter office building located in La Défense acquired in July 2017 and expected to complete by October 2018, will remain entirely owned and managed by Oxford Properties with the assistance of Hines France.

Oxford Properties currently manages €1.3 billion of assets in Paris, including Window, and has the intention to grow its Paris invested capital to €2.5 billion over time.

The Ashurst team, advising on the joint venture documentation, was led by real estate partner David Jones with support from partners Sarah Sivyour and Philippe None, and assisted by associate Chris Benbow.