12-storey office property is newest addition to Manulife’s global real estate portfolio and Company’s first property investment in Osaka
Tokyo - Manulife Real Estate has acquired the Dojima East Building in Osaka, Japan, from a local private equity fund, in a deal that closed May 31, 2011. The newest addition to Manulife’s global real estate portfolio marks the Company’s first property investment in Osaka.
“Manulife is extremely pleased to be entering the Osaka real estate market with a prime asset like the Dojima East Building,” said Kevin Adolphe, Chief Operating Officer of Manulife Financial’s Investment Division and President and CEO of Manulife Real Estate. “The building is an excellent complement to Manulife’s portfolio of properties throughout Japan and provides us with a great opportunity to further diversify into the key region of Osaka, the second largest market in Japan after Tokyo.”
Manulife’s commercial real estate portfolio in Japan totals more than 900,000 square feet (25,745 tsubo) and includes assets in regional centres across the Country including six properties in Tokyo and the Manulife Japan Headquarters building in Kokuryo.
The Dojima East Building is located in the heart of Osaka’s central business district bounded by the commercial areas of Umeda and Nakanoshima. The prime location features immediate proximity to both business and entertainment amenities and convenient access to multiple commuter rail and subway stations including Osaka Station, the largest train terminal in Western Japan.
Built in 2007, the Dojima East Building is equipped with state-of-the-art building systems and features ground floor retail space and underground parking. The building totals 82,900 square feet (2,330 tsubo) with 12 floors above grade and one floor below grade.
“Dojima East is a quality property with a strong tenant base, located in one of the most vibrant commercial centres of Japan,” said Hajime Kojima, Managing Director of Manulife’s real estate portfolio in Japan. “Manulife has a diverse real estate portfolio throughout Japan and we are pleased to include this prime office property in the business core of Osaka as part of the asset mix.”
About Manulife Real Estate
Manulife Real EstateTM, the real estate arm of Manulife Financial Corporation, is actively involved in the ownership, development and management of commercial real estate. The portfolio includes a diversified mix of prime office and industrial properties in key metropolitan centres throughout Canada, the United States and Asia. In addition to equity real estate, Manulife Real Estate manages the Company’s space requirements and own-use facilities to accommodate Manulife’s more than 24,000 employees worldwide. As at March 31, 2011, Manulife’s global real estate portfolio totals 30 million square feet and represents a carrying value of Cdn$6.3 billion (US$6.4 billion).
About Manulife Financial and Manulife Japan
Manulife Life Insurance Company (Manulife Japan) is a member of the Manulife Financial Group.
Manulife Financial is a leading Canadian-based financial services group operating in 22 countries and territories worldwide. For more than 120 years, clients worldwide have looked to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients around the world. We provide asset management services to institutional customers worldwide as well as reinsurance solutions, specializing in life and property and casualty retrocession. Funds under management by Manulife Financial and its subsidiaries were C$478 billion (US$492 billion) as at March 31, 2011. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. Manulife Japan can be found on the Internet at www.manulife.co.jp.
Manulife acquires the Dojima East Building, a 12-storey, 82,900 square foot (2,330 tsubo) office property in Osaka, Japan, in a deal that closed May 31, 2011. The newest addition to Manulife’s global real estate portfolio marks the Company’s first property investment in Osaka.
Gross Floor Area:
Number of Floors:
Dojima East Building
1-4-19 Dojima Hama, Kita-ku, Osaka, Japan
82,900 square feet (2,330 tsubo)
12 above grade and 1 below grade