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Manulife Acquires 180 Wellington

Toronto Office
Manulife Acquires 180 Wellington

Manulife Real Estate ends 2014 with a bang, acquiring 180 Wellington plus a 24-building industrial portfolio for its Manulife Canadian Property Portfolio fund. Managing director and fund manager Tim Blair tells us the deals are only the latest in a series of acquisitions over the past year that have added 2.6M SF—or $438M of real estate—to the fund, almost doubling its assets under management. “We’ve had tremendous growth in 2014," he says. The fund is nearing the $1B mark, "and we’re looking to continue to grow next year.”   

Manulife Acquires 180 Wellington

Manulife was attracted to 180 Wellington—the fund’s first acquisition in the financial district—because of the stability of its tenant profile: it’s 100% leased to Royal Bank of Canada on a long-term deal. Tim notes extensive refurbishment work has been done on the 12-storey, 210k SF tower—which is targeting LEED Gold—so minimal capital needs to be spent on the property at first. “It’s effectively a new building...a great long-term hold.” As for the 1.5M SF industrial portfolio (which Manulife bought off LaSalle Investment Management a few weeks ago), Tim says it “gives the fund significant critical mass.”