UBS Global Asset Management has forward sold its Watermark Place development in the City of London to a Canadian Pension Fund
It announced today that its UBS South East Recovery Fund had granted a 250-year ground lease to a subsidiary of the Ontario Municipal Employees Retirement System to develop the 530,000 sq ft scheme on the River Thames.
The fund is Canada’s third largest pension fund and its property investments are managed through Oxford Properties Group. Oxford owns and manages a global property portfolio of more than 40m sq ft.
Oxford Properties will pay 50% of the rentals of the completed building to the UBS fund.
Oxford and City Offices has been appointed as development manager and have appointed Sir Robert McAlpine as contractor for the £200m reconstruction which starts on site next week.
Watermark Place will be completed at the end of September 2009.