Manulife Real Estate Acquires Portfolio of Five Commercial Properties in Quebec

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 C$75.9 million from the Redbourne Realty Fund, in a deal that closed June 13, 2013. The portfolio, comprising 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 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.
"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."
The Manulife Canadian Property Portfolio invests in quality commercial real estate assets in stable and economically-diverse markets across Canada. 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 C$422 million.
"Montreal is a market we know well and these properties are an excellent complement to the Manulife Canadian Property Portfolio," added Mr. Adolphe. "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, the global real estate arm of Manulife Financial, serves as the asset manager for the Manulife Canadian Property Portfolio which launched in February 2011, extending to investors the benefit of Manulife's extensive real estate investment and management experience. Today, Manulife's global 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.
RBC Capital Markets Real Estate Group acted as broker on the transaction.
 "715 Square Victoria, Montréal, Québec - Property Type: Downtown Office, Building Size: 88,087 SF, Number of Floors: 10
 "Place Agropur, 101 Roland-Therrien Boulevard, Longueuil, Québec - Property Type: Suburban Office, Building Size: 126,860 SF, Number of Floors: 8
"3250 Lapinière Boulevard, Longueuil, Québec - Property Type: Suburban Office, Building Size: 82,879 SF, Number of Floors: 3 ".
"290 Guthrie Avenue, Dorval, Québec - Property Type: Industrial, Building Size: 42,490 SF, Number of Floors: 1+2 Office
"855 Industriel Boulevard, Granby, Québec - Property Type: Industrial Building Size: 99,981 SF, Number of Floors: 1 ". 


on June 26, 2013