October 7, 2021
Manulife Investment Management announces joint venture acquisition of Australian logistics properties portfolio
Manulife Investment Management announces the joint venture acquisition on behalf of Manulife Asia of a logistics portfolio comprised of 19 operating properties across the eastern seaboard of Australia. The investment with other consortium partners is Manulife’s first logistics asset in Australia, adding 324,841 square meters to its growing portfolio in the country.
The 100%-freehold portfolio is located across major Australian cities – Sydney (New South Wales), Melbourne (Victoria), and Brisbane (Queensland). The assets are well-located close to prime transportation hubs and intercity motorways with easy access to the city centers across the East Coast. The portfolio is leased with a diversified tenant base providing an attractive initial yield. Several sites also offer future expansion potential due to low site coverage ratio.
“We are very excited about the new partnership and the potential to grow this strategic relationship.” said Kenny Lam, Head of Asia Real Estate Investments, Manulife. “The acquisition positions us to benefit from the robust demand for logistics real estate on the back of sustained economic growth in Australia.”
The strength of Australia’s resilient economy further underscores the bright prospects in its logistics and e-commerce sectors. Coupled with compelling themes that continue to drive the sector’s growth—including the modernization and reconfiguration of supply chains and heightened levels of national infrastructure spend—the portfolio is expected to see continued strong leasing demand.
Manulife Investment Management develops and manages commercial real estate for thousands of customers around the globe as part of its comprehensive private markets’ capabilities. As of June 30, 2021, the real estate portfolio totals 63 million square feet of office, industrial, and retail space strategically located in markets across Canada, the U.S., and Asia. The group leverages its global platform and local expertise to provide market-leading solutions for its tenants and deliver results for its partners.
Manulife Financial Corporation is a leading international financial services provider that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Canada, Asia, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and our global wealth and asset management segment, Manulife Investment Management, serves individuals, institutions and retirement plan members worldwide. At the end of 2020, we had more than 37,000 employees, over 118,000 agents, and thousands of distribution partners, serving over 30 million customers. As of June 30, 2021, we had CAD$1.3 trillion (US$1.1 trillion) in assets under management and administration, and in the previous 12 months we made $31.3 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 155 years. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.
As of June 30, 2021, Manulife Investment Management’s assets under management and administration, including assets managed for Manulife’s other segments, totaled CAD $1.0 trillion (US $834 billion). Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.