C$ unless otherwise stated
TORONTO, Aug. 25, 2014 /CNW/ - Manulife Real Estate today announced the
completion of its acquisition of 3383 Gilmore Way, a 146,537 square
foot office building. The property, located in Burnaby BC, a Greater
Vancouver suburb, was purchased for Manulife Real Estate's Manulife
Canadian Property Portfolio and lifts the Fund's assets under
management to approximately CAD$550 million. The Fund is an open-end,
income producing real estate investment fund, and invests in quality
Canadian commercial real estate assets. The Fund is offered to institutional investors through Manulife Asset
Management, the global asset management arm of Manulife Financial.
"The acquisition of 3383 Gilmore Way contributes to the diversification
of our Fund portfolio -- adding a high quality, income producing office
asset in Western Canada," said Kevin Adolphe, President and CEO of
Manulife Asset Management Private Markets. "It is validation of our
growth strategy and the significant capital we've raised to date for
the Manulife Canadian Property Portfolio."
Located at the intersection of Canada Way and Gilmore Way, 3383 Gilmore
Way is a showcase for environmental sustainability and state-of-the-art
building systems. It is one of four LEED® Platinum certified office
buildings in Metro Vancouver. The complex is 100 per cent leased with a
strong, stable tenant with long-term lease arrangements.
The acquisition is aligned to Manulife's long term growth and
diversification strategy within the Manulife Canadian Property
Portfolio. The Portfolio now holds 22 income-producing office and
industrial buildings totaling approximately 3.1 million square feet.
Manulife Real Estate, the global real estate arm of Manulife, serves as
the asset manager for the Manulife Canadian Property Portfolio,
launched in February 2011. The Portfolio extends the benefit of
Manulife's extensive real estate investment and management experience
to investors. Today, Manulife's global real estate portfolio totals
more than 38 million square feet, with more than 1.1 million square
feet, owned or managed, in Vancouver.
Notice to Investors
This communication is not, and under no circumstances is to be construed
as an invitation to make an investment in the Fund nor does it
constitute a public offering to sell units of the Fund. Subscriptions
for units of the Fund will only be considered on the terms of the
Offering Memorandum (the "OM") of the Fund. Units of the Fund are only
available for purchase by "accredited investors", as such term is
defined under applicable Canadian securities legislation. Purchasers
may have statutory or contractual rights of action under certain
circumstances as disclosed in the OM. An investment in units of the
Fund is subject to certain risks and is appropriate only for investors
who have the capacity to absorb a loss of some or all of their
investment. There is no market through which units of the Fund may be
sold and none is expected to develop. Under certain circumstances, the
Fund is entitled to suspend or restrict rights of redemption. An
investment in units of the Fund is not intended as a complete
investment program. An investment in units of the Fund should only be
made after consultation with independent investment and tax advisors.
Only investors who do not require immediate liquidity of their
investment should consider the purchase of units of the Fund. Only
investors who can reasonably afford a substantial impairment or loss of
their entire investment should consider the purchase of Units of the
Fund. Please refer to the OM for a further discussion of the risks of
About Manulife Real Estate
Manulife Real Estate is the global real estate arm of Manulife with
fully integrated in-house capabilities and 70 years of experience as an
active investor, owner, developer and asset manager of commercial real
estate. Diversified by both geography and asset type, the portfolio
consists primarily of prime office and industrial properties, as well
as select retail and multi-family residential properties, in key
metropolitan centers throughout Canada, Asia and in the United States,
through Manulife's U.S. division, John Hancock. In addition to equity
real estate, Manulife Real Estate manages the space requirements and
own use facilities for Manulife's operations around the world. In 2011,
Manulife Real Estate launched a new real estate fund platform,
extending the benefit of its long established real estate asset
management expertise to institutional investors. As at June 30, 2014,
the Manulife Real Estate portfolio totaled more than 38 million square
feet with a market value of C$10.9 billion (US$10.2 billion).
Additional information about Manulife Real Estate can be found at manuliferealestate.com.
About Manulife Asset Management
Manulife Asset Management is the global asset management arm of
Manulife, providing comprehensive asset management solutions for
institutional investors and investment funds in key markets around the
world. This investment expertise extends across a broad range of public
and private asset classes, as well as asset allocation solutions. As at
June 30, 2014, assets under management for Manulife Asset Management
were approximately C$300 billion (US$281 billion).
Additional information about Manulife Asset Management may be found at ManulifeAM.com.
Manulife is a leading Canada-based financial services group with
principal operations in Asia, Canada and the United States. Clients
look to Manulife for strong, reliable, trustworthy and forward-thinking
solutions for their most significant financial decisions. Our
international network of employees, agents and distribution partners
offers financial protection and wealth management products and services
to millions of clients. We also provide asset management services to
institutional customers. Funds under management by Manulife and its
subsidiaries were approximately C$637 billion (US$597 billion) as at
June 30, 2014. Our group of companies operates as Manulife in Canada
and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE,
and under '945' on the SEHK. Manulife can be found on the Internet at manulife.com.
Image with caption: "Manulife Real Estate has acquired a five-storey, 146,537 square foot office building in Burnaby, BC in a deal that closed August 14, 2014. The building was purchased for Manulife Canadian Property Portfolio, a core, open-end, income producing real estate investment fund that invests in quality Canadian commercial real estate assets. (CNW Group/Manulife Financial Corporation)". Image available at: http://photos.newswire.ca/images/download/20140825_C7763_PHOTO_EN_42525.jpg
SOURCE: Manulife Financial Corporation
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