Completes Its Second Largest Real Estate Transaction
TSX/NYSE/PSE: MFC SEHK:945
TORONTO, April 11, 2017 /PRNewswire/ - Manulife Real Estate today announced that it has acquired 8 Cross Street, a 28-storey, 355,000 square foot, Class A office tower located in Singapore. The transaction, valued at US$526 million, is the second largest in Manulife Real Estate's global portfolio to date.
Located in Raffles Place Central Business District (CBD), the most significant office district in Singapore, 8 Cross Street offers direct access to public transportation and close proximity to convenient eateries and retail amenities.
The property will house Manulife Singapore's operations. Singapore represents Manulife's third largest market in Asia.
"8 Cross Street is our first real estate acquisition in Singapore. It is a reflection of our expanding commitments in Singapore, where Manulife has maintained operations for 36 years," said Kevin Adolphe, President and CEO of Manulife Real Estate. "This acquisition enables us to relocate offices into a prominently located CBD tower, while accommodating future growth plans for our operations."
"This purchase is an exciting move that reflects our strong success in Singapore and shows Manulife's commitment to business in the area, an important financial hub in Asia," said Mr. Naveed Irshad, CEO of Manulife Singapore. "Having our own Manulife building in a prominent location in the Central Business District will help us further strengthen the Manulife brand and provide greater visibility to our consumers."
Manulife's global real estate investment portfolio includes more than 62 million square feet across Asia, Canada and the United States.
About Manulife Real Estate and John Hancock Real Estate
Manulife Real Estate is the global real estate arm of Manulife, operating as John Hancock Real Estate in the U.S. and Manulife Real Estate in all other parts of the world. Manulife Real Estate has fully integrated in-house capabilities and 80 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. In addition to equity real estate, Manulife Real Estate manages the space requirements and own use facilities for Manulife and John Hancock operations around the world. Manulife Real Estate also extends its real estate asset management expertise to institutional investors. As at December 31, 2016, the Manulife Real Estate portfolio totaled more than 62 million square feet with AUM market value of C$21.0 billion (US$15.6 billion). Additional information about Manulife Real Estate can be found at http://www.manuliferealestate.com/
Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions. We operate as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2016, we had approximately 35,000 employees, 70,000 agents, and thousands of distribution partners, serving more than 22 million customers. At the end of 2016, we had $977 billion (US$728 billion) in assets under management and administration, and in the previous 12 months we made almost $26 billion in 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.
SOURCE Manulife Financial Corporation