Manulife Enters Australian Real Estate Market
TORONTO, January 31, 2018
Manulife Real Estate today announced that it has acquired 800 Collins Street, a 14-storey, 317,335 square foot, Class A office tower located in Melbourne, Australia. 800 Collins Street was built in 2010 and is fully leased. This transaction is the first Australian commercial real estate acquisition in Manulife’s global real estate portfolio.
Located in the Docklands Central Business District (CBD), an extension of the Melbourne CBD, 800 Collins Street offers direct access to public transportation and close proximity to convenient eateries and retail amenities.
The investment in Australia is part of Manulife Real Estate’s pan-Asian core real estate investment strategy created to support Manulife’s rapid growth in Asia.
“Australia’s economy is enjoying its 26th year of consecutive annual economic growth and Melbourne is one of its top two cities in economic size and depth and breadth of the commercial real estate market,” said Kevin Adolphe, President and CEO of Manulife Real Estate. “This acquisition enables us to gain key exposure in the City as we diversify our real estate portfolio and represents a significant milestone as we execute our global real estate strategy.”
“Collins Street is the most prestigious commercial address in Melbourne,” said Kenny Lam, Managing Director, Head of Asia Real Estate Investments, Manulife Real Estate. “The desirability of Collins Street as a commercial hub is highlighted by the quality and diversity of tenants and the movement of organizations into the area.”
Manulife’s global real estate investment portfolio includes more than 62 million square feet of office, industrial and select retail and residential properties across Asia, Australia, 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 Asia, Australia, Canada and the United States.