Manulife Real Estate acquires Aldergrove Village Shopping Centre in Langley, BC

 Manulife Real Estate has acquired Aldergrove Village Shopping Centre, a 91,517-square-foot retail property in Langley, British Columbia, for C$29.25 million in a deal that closed March 5, 2013. The property 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 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."
Located in Greater Vancouver's Langley Township, Aldergrove Village Shopping Centre enjoys prime exposure on the Fraser Highway. The multi-tenanted shopping centre is anchored by Save-On-Foods and Shoppers Drug Mart, two top Canadian retailers, which occupy 46 per cent of the 91,517 square feet of commercial retail space.
The Manulife Canadian Property Portfolio invests in quality commercial real estate assets in stable and economically-diverse markets across Canada. With the acquisition of Aldergrove Village Shopping Centre, the Manulife Canadian Property Portfolio holds 14 income producing properties totaling approximately 2.3 million square feet with assets under management of C$345 million.
"The acquisition of this prime retail property in Western Canada is an excellent complement to the Manulife Canadian Property Portfolio," added Mr. Adolphe. "It's 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."

on March 12, 2013