Core downtown property newest addition to Manulife's global real estate portfolio
TORONTO, Oct. 29 /PRNewswire/ - Manulife Financial has purchased 100 University Avenue, a prime, 266,000 square foot, 12-storey office building in downtown Toronto for C$82.2 million in a deal that closed October 28, 2010.
"Manulife has been looking for opportunities to grow our real estate investment portfolio and we are extremely pleased to secure this superb asset in Toronto's downtown core," said Kevin Adolphe, Chief Operating Officer of Manulife's Investment Division. "As the home of our global headquarters, Manulife has a long-standing presence in Toronto and it's a market we know well. We are optimistic about the possibilities in Toronto and other key markets as we continue to look for core office and industrial property investments across Canada, the United States and Asia."
The Toronto acquisition comes on the heels of Manulife's September 2010 purchase of a major, 770,000 square foot office complex, Market Center, in downtown San Francisco.
Located at the corner of University Avenue and King Street West in downtown Toronto, 100 University Avenue is strategically positioned to both the city's financial core and the entertainment district. Toronto's St. Andrew subway station is at the door of the property, providing immediate access to public transit and the city's underground PATH system as well as proximity to Toronto's Union Station commuter train terminal.
100 University Avenue is distinguished in Toronto's landscape by its bold architectural wave feature and Brazilian granite cladding. Designed by renowned architect Boris Zarafa, the building was completely renovated in 1996 with state-of-the-art building systems and upgraded finishes.
"100 University Avenue is a high-quality property, fully leased with a strong tenant base, in a prime downtown location. It's an exceptional complement to our portfolio," said Michael Caplice, Regional Director of Manulife's real estate portfolio in Toronto. "Manulife has an extensive and diverse portfolio throughout Toronto and we're pleased to have another office property in the city's downtown core as part of the asset mix."
Totaling more than six million square feet, with a value of approximately Cdn$1.5 billion, Manulife's commercial real estate portfolio in Toronto is the largest in the Company's more than Cdn$6 billion global real estate portfolio. The portfolio includes 25 office and industrial properties throughout the Greater Toronto Area, most notably the landmark Manulife Centre in the city's Bloor-Yorkville district which the Company developed in the early 1970s.
Cushman & Wakefield's Capital Markets Group in Toronto served as the broker on the transaction.
About Manulife Financial's Real Estate Division
Through its Real Estate Division, Manulife Financial 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, the Real Estate Division manages Manulife Financial's space requirements and own use facilities to accommodate the Company's 24,000 employees worldwide. As at June 30, 2010, Manulife Financial's real estate portfolio totals 29 million square feet and represents a carrying value of Cdn$6.0 billion (US$5.7 billion).
About Manulife Financial
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 Cdn$454 billion (US$428 billion) as at June 30, 2010. 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
SOURCE Manulife Financial