Canadian Oxford Properties Group is on the hunt in Europe as it looks to add $7-billion to the real estate portfolio it manages by 2015, part of a massive expansion that would boost its size by nearly a third.
As it looks to bulk up, the real estate giant is also considering developing three new Canadian office towers, and vying for the chance to create a complex with a casino in downtown Toronto.
To continue feeding the growth of one of Canada’s largest pension plans and keep risk in check through diversification, Oxford is also increasingly looking outside this country.
Mr. Hutcheson is conscious of the fact that the success or failure of Oxford’s investments can impact a pension fund with 429,000 members. Within geographies “we really look at our industrial product and our multifamily product as our bonds, and our office and our retail as our equities,” Mr. Hutcheson said.
He believes in expertise and scale. “The greatest mistake is jumping on an airplane, flying into a new city and thinking you can outsmart people on the ground who have the relationships, who understand that this side of the street where the sun shines is more valuable than that side of the street.”
Oxford’s first step abroad was to London four years ago, followed by New York. At this point it is focusing its U.S. resources on Washington, Boston and New York.
Read more: Oxford Properties looks to Europe to boost real estate portfolio - The Globe and Mail
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