John Hancock, the US division of Manulife Financial Corporation, has acquired three office properties totalling USD618m in New York, Chicago and Boston.
"We are constantly assessing opportunities to grow our real estate investment portfolio. We've done just that yet again with these three excellent properties that align nicely with our strategy of investing in core and diverse markets," says Kevin Adolphe, president and CEO of Manulife Real Estate and Manulife Asset Management Private Markets. "We remain optimistic about these markets and will continue to evaluate core office, industrial and multi-family residential property investments throughout Canada, the US and Asia."
John Hancock's real estate portfolio is diversified by both geography and asset type, consisting primarily of prime office and industrial properties, as well as select retail and multi-family residential properties, in key metropolitan centres throughout Canada, Asia and the US.
With these new acquisitions, the company's global real estate portfolio now represents a market value of USD10.4bn (CAD10.7bn) with properties totalling more than 39 million SF. Other key markets in the US include Washington DC, Atlanta, Los Angeles and San Francisco.
"These properties represent the type of high quality assets we acquire in key markets as a priority for our strategic plan. The strong tenant rosters and superb locations make these excellent additions to our investment portfolio," says Ted Willcocks, global head of asset management for Manulife Real Estate.
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