"The QMLP multi-family portfolio provides a unique opportunity to further broaden our global private asset management platform by diversifying and expanding our equity real estate capabilities and product offering for our clients," said Kevin Adolphe, President and Chief Executive Officer of Manulife Asset Management Private Markets. "We are excited to deepen our partnership with Conundrum and look forward to further growing the platform in the coming years."
He added that Conundrum has a solid 16-year track record not only of managing properties well, but also raising and investing institutional real estate private equity funds.
Based in Toronto, Conundrum was founded in 2000 and manages $875 million in invested and committed equity, representing $1.3 billion of multi-unit rental residential assets. They manage 38 properties and more than 7,100 units.
Its three founders, Chief Executive Officer Dan Argiros, Chief Financial Officer Rick Dainard and Executive Vice President Gord McMehen, will continue to be responsible for the day- to-day operations of the business. The company will retain its existing branding. Representatives of Manulife will join the QMLP Board immediately.
"As an investor with Conundrum for many years, we have seen them successfully execute their strategy of acquiring and aggregating underperforming and undermanaged mid-rise and high-rise residential properties. They then enhance income through professional management and selective capital improvements," said Vipon Ghai, Senior Managing Director and Head of Manulife Capital. "We are pleased to be taking this next step with Conundrum."
"With Manulife Asset Management Private Markets as a committed partner moving forward, we will have a tremendous opportunity to even more quickly grow our platform and expand our investor base," Mr. Argiros said.
He said QMLP has focused on properties in the Greater Toronto Area and Ottawa – both strong, growing markets that provide good upside potential. He said QMLP's institutional investor base is comprised of a mixture of financial institutions, pension/endowment funds, and family offices/foundations.
The firm has a staff of 35 at its Toronto head office as well as 160 on-site property management staff. All employees are expected to remain with the company.
About Manulife Asset Management Private Markets
Manulife Asset Management Private Markets has investment expertise in several private asset classes, including commercial real estate, timberland and farmland, biomass renewable energy and oil and gas. Manulife Asset Management Private Markets also partners with Manulife's specialized private asset investment teams to invest in private placement debt, commercial mortgages, private equity and mezzanine debt. Hancock Natural Resources Group, Manulife Real Estate, John Hancock Real Estate, NAL Resources, Regional Power, Manulife Capital, and Hancock Capital Management are units of Manulife Asset Management Private Markets. As at March 31, 2016, Manulife's assets under management in private asset classes were C$104.6 billion (US$80.7 billion), including assets managed by and for Manulife's general fund and external clients. Additional information may be found at ManulifeAM.com/PrivateMarkets.
About Manulife Asset Management
Manulife Asset Management is the global asset management arm of Manulife, providing comprehensive asset management solutions for investors. This investment expertise extends across a broad range of public and private asset classes, as well as asset allocation solutions. As at March 31, 2016, assets under management for Manulife Asset Management were approximately C$421 billion (US$325 billion).Additional information about Manulife Asset Management may be found at ManulifeAM.com.
Manulife Financial Corporation is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions. We operate as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. At the end of 2015, we had approximately 34,000 employees, 63,000 agents, and thousands of distribution partners, serving 20 million customers. At the end of March 2016, we had $904 billion (US$697 billion) in assets under management and administration, and in the previous 12 months we made more than $24.9 billion in benefits, interest and other payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. Follow Manulife on Twitter @ManulifeNews or visit www.manulife.com or www.johnhancock.com.
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SOURCE Manulife Asset Management Private Markets