T
ORONTO — Oxford Properties Group, the real estate investment arm of a major Canadian pension fund, is concerned that a B.C. billionaire's bid to acquire 25 Hudson's Bay leases could harm its assets and ultimately affect millions of pension plan beneficiaries. In court documents filed over the weekend, Oxford argues that Ruby Liu's plans would undermine the value and stability of its real estate portfolio. Liu aims to take over about two dozen Bay leases to build a new department store with entertainment, dining, and recreation spaces.

    Oxford owns three properties included in the leases: Southcentre Mall in Calgary, Hillcrest Shopping Centre in Richmond Hill, Ont., and Upper Canada Mall in Newmarket, Ont. The company manages over $79 million in assets across hundreds of properties on four continents. Landlords are opposing Liu's plans, citing underfunding and unrealistic timelines that would likely lead to failure.

    Liu remains confident she can win over property owners if her purchase is approved. Oxford's concerns stem from its role as the real estate division of Ontario Municipal Employees Retirement System, which administers pensions for over 600,000 plan members.