Manulife Investment Management announces $30 million redevelopment of Manulife Place
A transformative redevelopment in Edmonton's downtown core.
C$ unless otherwise stated
EDMONTON, Jan. 14, 2020 /CNW/ - Manulife Investment Management announced today plans for a $30 million redevelopment of Manulife Place, its landmark 36-storey office and retail tower in the heart of Edmonton's downtown core.
With construction commencing in mid-2020, the project will include a major modernization of the exterior façade with multi-level transparent glazing and bright, new signage. A repositioning of the retail storefronts to the exterior of the centre will extend the shopping experience outwards, creating a visually dynamic and engaging streetscape. In addition, the interior space will be refreshed with new porcelain flooring and LED lighting, as well as the creation of inviting communal spaces. A 45,000 square foot rooftop terrace will also be constructed, providing an acre of fully-landscaped parkland in the heart of downtown Edmonton—an amenity that is exclusive to Manulife Place.
"The city of Edmonton is undergoing a renaissance that will breathe life into its downtown service and amenity offerings," said Ted Willcocks, Manulife Invesment Management's Global Head of Asset Management, Real Estate. "The repositioning of Manulife Place is integral to this evolution and we are excited to be a part of redefining the community."
Manulife Place currently encompasses 745,000 square feet of office and 103,000 square feet of retail space. Featuring two levels of first class retail shops and services, it is occupied by longstanding retailers such as Vandenberg's Jewellers, Blu's, Jamiesons Opticians and Henry Singer. Anchoring downtown Edmonton's vast pedway system, Manulife Place is prominently connected to the city's business community and will soon be accessible via the LRT's Southeast Valley Line.
In 2018, Manulife Place was the first in Edmonton to receive its Wired Gold Certification for its best in class building connectivity. It is also BOMA BEST® Certified and, most recently, received its LEED® EB Gold recertification demonstrating a significant and ongoing focus on excellence in real estate sustainability and design.
Manulife Place is jointly owned by Manulife and Alberta Investment Management Corporation ("AIMCo").
About Manulife Investment Management's Real Estate Platform
Manulife Investment Management's comprehensive private markets platform includes Real Estate, Private Equity and Credit, Infrastructure, Timber and Agriculture. Through its Real Estate arm, Manulife Investment Management develops and manages commercial real estate for thousands of customers around the globe. Its portfolio includes millions of square feet of office, industrial, retail and multi-family space strategically located in major metropolitan markets. The Real Estate team leverages its vertically integrated platform to serve its customers as well as manage the space requirements and corporate-use facilities for Manulife's global operations.
As at September 30, 2019, the Real Estate portfolio totaled over 58 million square feet. Additional information can be found at www.manuliferealestate.com.
About Manulife Investment Management
Manulife Investment Management1 is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than 150 years of financial stewardship to partner with clients across our institutional, retail, and retirement businesses globally. Our specialist approach to money management includes the highly differentiated strategies of our fixed-income, specialized equity, multi-asset solutions, and private markets teams—along with access to specialized, unaffiliated asset managers from around the world through our multimanager model. Our personalized, data-driven approach to retirement is focused on delivering financial wellness in retirement plans of all sizes to help plan participants and members retire with dignity.
Headquartered in Toronto, we operate as Manulife Investment Management throughout the world, with the exception of the United States, where the retail and retirement businesses operate as John Hancock Investment Management and John Hancock, respectively; and in Asia and Canada, where the retirement business operates as Manulife. Manulife Investment Management had C$844 billion (USD $645 billion) in assets under management and administration as of June 30, 20192. Not all offerings available in all jurisdictions. For additional information, please visit our website at manulifeinvestmentmgt.com.
About Alberta Investment Management Corporation
AIMCo is one of Canada's largest and most diversified institutional investment managers with more than $115 billion of assets under management. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 31 pension, endowment and government funds in the Province of Alberta. For more information on AIMCo please visit www.aimco.ca.
AIMCo's $20.2 billion real estate portfolio includes Core strategy assets, comprising long term, direct investments in quality office, retail, industrial and multi-unit residential properties located in Canada's major cities, and Foreign Program assets, comprising opportunistic investments targeted to quality real estate assets, in markets with long term growth characteristics, and supported by strong local management teams.
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1 | Manulife Investment Management's public and private asset management business is comprised of several affiliated investment advisers, including Manulife Investment Management, which manages public markets investments on behalf of affiliated and unaffiliated businesses including Manulife's General Account, and Hancock Capital Investment Management, which manages private asset investments on behalf of third-party clients. |
2 | Source: MFC financials. Global Wealth and Asset Management AUMA at June 30, 2019 was C$844 billion and includes C$191 billion of assets managed on behalf of other segments and C$136 billion of assets under administration. |
SOURCE Manulife Investment Management
Media Contact: Dénes Németh, AIMCo, 780-392-3857, [email protected]; Anne-Julie Gratton, Manulife, 438-401-7346, [email protected]
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