Oxford enters into residential property management agreement with BGO for 5,000-unit multifamily portfolio in Canada
All team members employed within Oxford’s residential portfolio will transition to BGO
TORONTO – April 9, 2024: Oxford Properties Group (“Oxford”), a leading global real estate investor, developer, and manager, today announced it has agreed to enter into a residential property management agreement with BGO, a global real estate investment management firm and a leading provider of real estate services, for its 100% owned, 5,000-unit multifamily portfolio in the GTA and Montreal. Oxford’s multifamily portfolio includes 15 high quality residential buildings spanning these markets.
Under the terms of the agreement, all Oxford permanent residential site employees will become BGO team members. Oxford will continue to manage the core strategic components of the residential portfolio including asset management, capex decisions and execution, development, and investments. Given the unique nature of residential property management, Oxford has sought an alternative operating model for this asset class, and intends to keep its internal management of office, retail and industrial in Canada. Oxford manages $18.5B and 40 million square feet of assets within the Canadian office, retail and industrial sector alone, giving it a unique competitive advantage operationally within the Canadian market due to its scale.
Tyler Seaman, Executive Vice President, Canada, Oxford Properties, commented, “BGO is a highly regarded, institutional-quality residential property manager who will continue to provide the best possible class of service to our residents. 100% of our property management site team members will be offered employment with BGO, which ensures continuity for our residents. An important part of Oxford’s decision to partner with BGO was the technology and operational advantages they possess in the residential sector. However, more importantly, BGO has a people-first culture and will provide career growth opportunities for our residential team members as a result of their growth aspirations in the Canadian property management sector.
“The operating needs and customer relationships in multifamily real estate are highly distinct from the commercial sector. The internal operation of our Canadian office, retail and industrial assets provides Oxford with unique competitive advantages due to their scale and our close relationships with corporations that span across Canada and the globe. We will continue to internally manage these portfolios to benefit from our operational capabilities in these areas. These capabilities are both an important area of differentiation for Oxford and highly regarded by the institutional capital partners we co-invest with.”
The change in operating model does not alter Oxford’s long-term conviction in the Canadian residential sector, where it has over $2.7B of residential assets and growing. The company is committed to helping address housing choice issues in Canada by delivering much needed new supply. Oxford currently has 1,000 new residential units nearing completion in the GTA and Vancouver, with a plan to deliver an additional 5,000 new rental units by 2030.
Christina Iacoucci, Managing Partner, Head of Canada, and CIO, BGO, added, “Oxford Properties have built an exceptional portfolio of multifamily properties in Canada. BGO Living’s deep and experienced team, with support from professional teams across BGO’s global firm, are eager to bring the best of their service philosophy, operational excellence, and resident engagement programs to these communities with an aim to deliver an outstanding quality of living experience. Earning this significant mandate from Oxford Properties further solidifies BGO’s best in class, 3rd party property management platform and meaningfully grows our residential property management footprint in Canada to over 12,000 units. But more importantly, BGO is growing the right way, by serving quality owners like Oxford, with whom we share common values and appreciation for the property teams who will now proudly deliver BGO’s many advantages to our newest residents.”
BGO Living, the residential services brand for BGO in Canada, has been in the residential rental property management business since 2013. With the inclusion of Oxford’s portfolio of residential communities, BGO Living serves residents across 46 properties and 12,000+ units in Victoria, Vancouver, Calgary, Edmonton, Winnipeg, SW Ontario, Toronto, and Montreal. Named Rental Housing Provider of the Year for 2022 and 2023 by the Canadian Federation of Apartment Associations, BGO Living brings a successful track record in the lease-up, marketing, resident engagement and retention, and on-boarding of multifamily residential properties.
Media Contacts
For Oxford media inquiries, please contact media@oxfordproperties.com
For BGO media inquiries, please contact media@bgo.com
About Oxford Properties Group
Oxford Properties Group (“Oxford”) is a leading global real estate investor, developer and manager. Established in 1960, Oxford and its portfolio companies manage approximately C$85 billion of assets across four continents on behalf of their investment partners. Oxford’s owned portfolio encompasses logistics, office, retail, multifamily residential, life sciences, credit and hotels in global gateway cities and high-growth hubs. A thematic investor with a committed source of capital, Oxford invests in properties, portfolios, development sites, debt, securities and real estate businesses across the risk-reward spectrum. Together with its portfolio companies, Oxford is one of the world’s most active developers with over 70 projects currently underway globally across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees.For more information on Oxford, visit www.oxfordproperties.com
About BGO
BGO is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $83 billion USD of assets under management (as of December 31, 2023) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bgo.com
