March 4, 2022
Manulife Investment Management together with Kenedix announce the JPY 19.8 billion joint venture
Tokyo/Toronto/Hong Kong – Manulife Investment Management (“Manulife”) and Kenedix today announced an agreement to launch a JPY 19.8 billion joint venture (“JV”) pursuing acquisitions of multifamily assets in Japan’s major cities. The JV has entered into sale and purchase agreements to acquire a seed portfolio comprising nine assets with acquisition of four assets completed. The JV also targets a pipeline of assets to be purchased in the near future.
The seed portfolio consists of stabilized institutional-grade multifamily assets with over 250,000 square feet of net rentable area. Five of the properties are located in Tokyo 23 Wards and the rest are in the Greater Tokyo Area, Osaka and Nagoya. All are high quality stablised assets with convenient access to railway stations and nearby neighborhood amenities.
This transaction marks Manulife’s first standalone multifamily investment in Japan, demonstrating its commitment to growing its real estate exposure in the Asia Pacific region. The acquisition brings Manulife’s real estate portfolio in the region to 580,000 square feet.
“We are thrilled to partner with Kenedix on our first multifamily real estate investment in Japan. Kenedix has an experienced and high performing local team with a strong reputation not only in the multifamily asset class but across other property types in Japan. The multifamily sector continues to be a favorable asset type to us globally, especially in Japan given its resilient nature and strong growth potential,” said Kenny Lam, Senior Managing Director, Head of Asia Real Estate Investments, Manulife. “The acquisition fits well with our long-term investment strategy for the Asia Pacific market.”
“We are very pleased to establish the partnership with Manulife on their first investment in the Japan multifamily sector. In recent years, our business in this strategy has been growing steadily and we look forward to expanding more in this sector. We regard this as one of the most important strategic initiatives for our core real estate strategy. We have seen demand for multifamily real estate continue to be strong, especially in the Tokyo metropolitan area. The seed portfolio offers stable cashflows amid the COVID-19 pandemic by benefiting from a balanced mix of single, compact and family type units. We will continue to provide high-quality real estate asset management services by leveraging our sourcing and management capabilities we have cultivated over the years,” said Soushi Ikeda, Managing Director, Head of Strategic Investment Department, Kenedix,Inc.
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 December 31, 2021, the real estate portfolio totals 64 million square feet of office, industrial, retail, and multifamily space strategically located in markets across Canada, the U.S., and Asia Pacific. 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 provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our global wealth and asset management segment, we serve individuals, institutions and retirement plan members worldwide. Our principal operations are in Asia and 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. In the previous 12 months we made CAD$31.8 billion in payments to our customers. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
About Manulife Investment Management
Manulife Investment Management is the global brand for 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. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
Kenedix, Inc. was established in 1995. The company made a full-fledged entry into the real estate asset management business in 1999, and has developed its business through the application of advanced investment and financial approaches. The company’s Asset Management Business, which began with the management of private real estate funds, has expanded into the management of several J-REITs, and is currently expanding its scope of operations to include long-term core funds. Kenedix plans to continue expanding its business by extending the scope of its operations in line with the needs of its client investors.
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