GIC closes in on $2.08b deal to buy stake in Oxford's Fairmont hotels

The portfolio consists of four iconic hotels in Canada.

Singapore’s sovereign wealth fund, GIC is reportedly nearing a deal to acquire a majority stake in Canada-based real estate firm Oxford Properties Group’s Fairmont portfolio, which consists of four of Canada’s most iconic hotels.

The talks are advanced and a deal could be announced in coming weeks. No transaction price has been stated, but any deal is expected to value the whole portfolio at about $2.08b (US$1.5b).

Oxford, the real estate arm of Canadian pension fund OMERS, is expected to retain a minority stake in the assets and manage the properties.

Representatives for Toronto-based Oxford and GIC declined to comment.

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