12-storey office property is newest addition to Manulife's global real
estate portfolio and Company's first property investment in Osaka
TOKYO, June 1, 2011 /CNW/ - Manulife Real Estate has acquired the Dojima
East Building in Osaka, Japan, from a local private equity fund, in a
deal that closed May 31, 2011. The newest addition to Manulife's global
real estate portfolio marks the Company's first property investment in
"Manulife is extremely pleased to be entering the Osaka real estate
market with a prime asset like the Dojima East Building," said Kevin
Adolphe, Chief Operating Officer of Manulife Financial's Investment
Division and President and CEO of Manulife Real Estate. "The building
is an excellent complement to Manulife's portfolio of properties
throughout Japan and provides us with a great opportunity to further
diversify into the key region of Osaka, the second largest market in
Japan after Tokyo."
Manulife's commercial real estate portfolio in Japan totals more than
900,000 square feet (25,745 tsubo) and includes assets in regional
centres across the Country including six properties in Tokyo and the
Manulife Japan Headquarters building in Kokuryo.
The Dojima East Building is located in the heart of Osaka's central
business district bounded by the commercial areas of Umeda and
Nakanoshima. The prime location features immediate proximity to both
business and entertainment amenities and convenient access to multiple
commuter rail and subway stations including Osaka Station, the largest
train terminal in Western Japan.
Built in 2007, the Dojima East Building is equipped with
state-of-the-art building systems and features ground floor retail
space and underground parking. The building totals 82,900 square feet
(2,330 tsubo) with 12 floors above grade and one floor below grade.
"Dojima East is a quality property with a strong tenant base, located in
one of the most vibrant commercial centres of Japan," said Hajime
Kojima, Managing Director of Manulife's real estate portfolio in Japan.
"Manulife has a diverse real estate portfolio throughout Japan and we
are pleased to include this prime office property in the business core
of Osaka as part of the asset mix."
About Manulife Real Estate
Manulife Real EstateTM, the real estate arm of Manulife Financial Corporation, is actively
involved in the ownership, development and management of commercial
real estate. The portfolio includes a diversified mix of prime office
and industrial properties in key metropolitan centres throughout
Canada, the United States and Asia. In addition to equity real estate,
Manulife Real Estate manages the Company's space requirements and
own-use facilities to accommodate Manulife's more than 24,000 employees
worldwide. As at March 31, 2011, Manulife's global real estate
portfolio totals 30 million square feet and represents a carrying value
of Cdn$6.3 billion (US$6.4 billion).
About Manulife Financial and Manulife Japan
Manulife Life Insurance Company (Manulife Japan) is a member of the
Manulife Financial Group.
Manulife Financial is a leading Canadian-based financial services group
operating in 22 countries and territories worldwide. For more than 120
years, clients worldwide have looked 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 around the
world. We provide asset management services to institutional customers
worldwide as well as reinsurance solutions, specializing in life and
property and casualty retrocession. Funds under management by Manulife
Financial and its subsidiaries were C$478 billion (US$492 billion) as
at March 31, 2011. The Company operates as Manulife Financial 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 Financial can be found on the
Internet at www.manulife.com. Manulife Japan can be found on the Internet at www.manulife.co.jp.
SOURCE Manulife Financial
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