Manulife Asset Management Private Markets has entered into an arrangement with Allianz to co-invest up to $1 billion in U.S. real estate.

As part of the co-invest, John Hancock Real Estate, the U.S. real estate unit of Manulife Asset Management Private Markets, has sold majority interests in two of its Class A office assets to Allianz: 1100 New York Avenue in Washington, D.C., and 191 North Wacker Drive in Chicago. Manulife will maintain a partial interest and continue to manage both assets.

In partnership with Allianz, Manulife will seek to invest in additional high-quality office properties in U.S. cities with a population between 35,000 and 250,000.

“Manulife is pleased to be partnering with Allianz—a highly regarded and established institutional investor that is very much aligned to our long-term investment philosophy,” says Kevin Adolphe, president and CEO of Manulife Asset Management Private Markets. “This partnership reflects how our experienced teams work with investors to provide unique opportunities to meet their investment goals. We look forward to growing our relationship with Allianz in the years to come.”

“We are excited to start our partnership with Manulife, a like-minded, best-in-class real estate investor,” says Christoph Donner, CEO of Allianz Real Estate of America.

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Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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