December 8, 2020
Manulife Investment Management Announces the Completion of Amazon’s Newest Toronto Fulfillment Center
Toronto – Manulife Investment Management Private Markets announces the completed development of Amazon’s newest fulfillment center in Scarborough, Ontario. The one million square foot industrial distribution facility is Amazon’s ninth building in the Greater Toronto Area, located on Manulife’s 52-acre land at Steeles Avenue East and Tapscott Road.
As owner and landlord of the property, Manulife Investment Management took the lead in preparing the land and executing improvements consisting of the building, parking lots, as well as on-site and off-site infrastructure. In turn, Manulife Investment Management united with Broccolini, a family-owned, single source provider of construction, development and real estate services, to design and construct the site and its facilities. “The collaborative relationship between Broccolini and Manulife facilitated the construction and delivery of this cutting-edge facility on schedule and within budget,” said Delis Lus, Broccolini’s VP, Real Estate Development.
“We are pleased to welcome Amazon in to their newest fulfillment centre in Scarborough and would like thank both Amazon and Broccolini for their collaboration which has resulted in the development of this state-of-the-art industrial facility,” said Gregory Sweeney, Manulife Investment Management’s Head of Canadian Real Estate Investments. “Manulife remains committed to our industrial build-to-core program as a means to grow our industrial portfolio. The industrial sector has been exceptionally resilient and, in many ways, demand for industrial product and space has accelerated for investors and tenants alike.”
The building is Amazon’s ninth fulfillment center in Ontario, alongside its two Toronto tech hub locations. The facility, intended to pick, pack and ship small items, recently opened for operations creating more than 700 new opportunities of employment, on top of currently employing 5,000 employees across the province.
Manulife Investment Management's comprehensive private markets capabilities include real estate, private equity and credit, infrastructure, timber and agriculture. Through its real estate group, Manulife Investment Management develops and manages commercial real estate for thousands of customers around the globe. As of September 30, 2020, the real estate portfolio totals over 63 million square feet of office, industrial, and retail space and over 6,000 multifamily units 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.
Additional information about our Real Estate group can be found at www.manulifeim.com/realestate.
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 17 countries and territories. 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 September 30, 2020, Manulife Investment Management had CAD$923 billion (US$692 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.