Manulife Real Estate Funds acquires Burlington Office Complex

Manulife Real Estate Funds has acquired a two-building, 159,237-square-foot, Class-A office complex located in Burlington, Ontario in a deal that closed October 11, 2011. The property was purchased for the Manulife Canadian Property Portfolio, a core, open-end, income producing real estate investment fund that invests in quality 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.

"We're very pleased to be able to put our long established real estate expertise to work in a platform that allows investors to take advantage of what has been a sound asset class for Manulife for the last six decades," said Kevin Adolphe, Chief Operating Officer of Manulife's Investment Division and President and CEO of Manulife Real Estate. "The new Burlington property is considered as one of the premier business complexes in this key sub-market of Greater Toronto. It's the quintessential combination of cost-effective accommodation and superb location - ideal characteristics for any successful real estate investment."

Located at 5035-5045 South Service Road, at the intersection of Appleby Line in Burlington, the property provides immediate access to both the Queen Elizabeth Way and the GO Train commuter rail system. The complex consists of a six-storey office building and a 5-storey office building, both built in 1999, and is 94% leased with a strong, stable tenant roster, anchored by national financial services companies with long-term lease arrangements.

The Manulife Canadian Property Portfolio invests in quality commercial real estate with an emphasis on office and industrial assets in liquid, stable and economically-diverse markets across Canada. With the acquisition of 5035-5045 South Service Road, the Manulife Canadian Property Portfolio holds 15 income producing office and industrial buildings totaling approximately 2.2 million square feet with assets under management of C$290 million.

"We're delighted to be adding this exceptional property to the Manulife Canadian Property Portfolio," said Catherine G. Barbaro, President, Manulife Real Estate Funds. "The complex is an excellent complement to the portfolio and the acquisition is completely in line with the Fund's strategy to provide institutional investors with an opportunity to invest in a quality, diversified property portfolio that offers income stability while also preserving capital."

 

 

Manulife Real Estate Funds acquired 5035-5045 South Service Road, a two-building, 159,237-square-foot, Class-A office complex in Burlington, Ontario in a deal that closed October 11, 2011. The property was purchased for Manulife Canadian Property Portfolio, a core, open-end real estate investment fund that invests in Canadian commercial real estate assets.

on October 14, 2011