BOSTON, Dec. 5, 2023
/PRNewswire/ - Manulife Investment Management has announced a
$1.2 billion partnership with
Scannell Properties and StepStone Real Estate, facilitating the
recapitalization of 35 newly constructed Class A industrial assets
spanning 10.4 million square feet across 17 markets within
the United States.
"We're pleased to partner with Scannell Properties given their
extensive expertise as an industrial developer and their
reliability and delivery of high-quality industrial assets," said
Marc Feliciano, Global Head of Real
Estate for Manulife Investment Management. "This venture represents
a key differentiator of the real estate business at Manulife
Investment Management – the ability to work with partners to find
solutions and create value in challenging environments on behalf of
our clients."
Manulife Investment Management's real estate platform provides
investment solutions globally as part of its comprehensive private
markets' capabilities. Its sustainably operated platform offers
core, core-plus, value-add, and opportunistic strategies spanning
over 74.7 million square feet of office, industrial, retail, and
multifamily assets strategically across Canada, the U.S., and Asia Pacific. The real estate investment team
leverages its global platform and regional market knowledge to
identify opportunities and drive results for its investment
clients.
"We are delighted to work with StepStone as a strategic partner,
and their experience in GP-led transactions played an important
role in consummating this exciting venture," said Feliciano.
"This investment highlights StepStone's strength as a provider
of strategic capital to institutional managers and operators" said
Jeff Giller, Head of StepStone Real
Estate. "We're delighted to partner with Manulife Investment
Management on this significant Class A industrial portfolio
recapitalization."
"Fundamentals within the industrial sector remain strong; we see
this investment as an important opportunity to capitalize on the
current market environment and access a portfolio of assets
well-positioned to capture the robust long-term demand for
logistics, especially as companies revisit supply chain needs and
advancement in automation," said Jessica
Harrison, Head of U.S. Acquisitions & Capital Markets,
Real Estate, Manulife Investment Management. "Our team will work
closely with Scannell to further create value and execute the
business plan of the portfolio, which is to complete construction,
lease-up of the remaining vacancy, and execute financing and
disposition strategies upon stabilization."
Scannell Properties has deep expertise in the development of
build-to-suit and speculative industrial assets across the US,
Canada, and Europe. In 2018, Scannell expanded into
Europe, with offices in
France, Germany, Italy, Spain,
and the U.K and has 10 offices globally. Since inception in 1990,
Scannell Properties has completed over 530 development projects
totaling 150 million square feet. Scannell's clients include some
of the world's largest life sciences, manufacturing, and e-commerce
companies.
"We welcome the partnership with Manulife Investment Management
a highly distinguished investment partner. This significant
investment in our portfolio is a clear indication of our strength,
stability, and leadership in industrial development," said
Bob Scannell, President and Founder,
Scannell Properties.
Additional information about Manulife Investment
Management's real estate capabilities can be found
at manulifeim.com/institutional.
Additional information about Scannell Properties can be found at
scannellproperties.com.
About Manulife Investment
Management
Manulife Investment Management is the brand for the global
wealth and asset management segment of Manulife Financial
Corporation. Our mission is to make decisions easier and lives
better by empowering investors for a better tomorrow. Serving more
than 17 million individuals, institutions, and retirement plan
members, we believe our global reach, complementary businesses, and
the strength of our parent company position us to help investors
capitalize on today's emerging global trends. We provide our
clients access to public and private investment solutions across
equities, fixed income, multi-asset, alternative, and
sustainability-linked strategies, such as natural capital, to help
them make more informed financial decisions and achieve their
investment objectives. Not all offerings are available in all
jurisdictions. For additional information, please visit
manulifeim.com.
About Scannell
Properties
Scannell Properties is a privately held real estate development
and investment company that focuses on build-to-suit and
speculative development of industrial, office, and multifamily
facilities throughout the U.S., Canada and Europe. Since inception in
1990, Scannell Properties has completed over 530 development
projects totaling 150 million SF. The annual development
volume is estimated at $5
billion. For additional information, please visit
scannellproperties.com.
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SOURCE Manulife Investment Management