Manulife Real Estate has acquired a portfolio of five commercial real estate properties, totaling 440,297 square feet and located primarily in the greater Montreal region, for $75.9 million from the Redbourne Realty Fund. The portfolio, comprised of three office properties and two industrial properties, was purchased for its Manulife Canadian Property Portfolio, a core, open-end, income producing real estate investment fund that invests in Canadian commercial real estate assets managed by Manulife Real Estate. The Fund is offered to institutional investors through Manulife Asset Management, the global asset management arm of Manulife Financial.
“Manulife is pleased to be able to put our long established real estate expertise to work in a fund platform that allows investors to take advantage of what has been a sound asset class for the company for the last seven decades,” said Kevin Adolphe, Global Head of Private Asset Management for Manulife Financial and president and CEO of Manulife Real Estate. “We’ve had great interest in our fund platform since it launched in February 2011 and we’re encouraged by the significant capital we’ve raised to date for the Manulife Canadian Property Portfolio. We are well positioned for continued growth.”
With this acquisition, the Manulife Canadian Property Portfolio holds 19 income producing properties totaling approximately 2.7 million square feet with assets under management of $422 million. Globally, Manulife’s real estate portfolio totals more than 36 million square feet, with more than 1.2 million square feet, owned or managed, in Montreal, including Centre ManuVie which Manulife developed in 1982.