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Oxford Properties purchases UBS’ 50% stake in Watermark Place

1 October 2010

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Oxford Properties, the real estate arm of OMERS pension fund, recently invoked its pre-emption right to purchase UBS Global Asset Management's 50% stake in Watermark Place, giving it 100% control of the City Riverside redevelopment. Oxford Properties and UBS-SERF have been joint owners of Watermark Place since mid 2007. 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.

Redwood led the announcement of the purchase to the press; liaising with Oxford Properties' Canadian press office and UBS' communications team to ensure consistency of message. Timings were essential to the success of this announcement; the news of Oxford's purchase had to reach the press to coincide with UBS' informing unsuccessful bidders of the deal to prevent a leak and associated mixed messaging. Testament to the success of the strategy, positive coverage was achieved across national and trade press via the press release alone, which met Oxford Properties requirements for communications.