Manulife Investment Management Announces Acquisition of Luxury Multifamily Property in Quebec for $63 Million
November 18, 2020
TORONTO – Manulife Investment Management announces the acquisition of Le Vibe, a recently constructed two-building purpose-built residential complex located at 78-88 Rue Dollard-des-Ormeaux, in downtown Gatineau, Quebec on behalf of its Manulife Canadian Property Portfolio fund. The addition of the asset presents an opportunity to further diversify Manulife Investment Management’s real estate portfolio.
“Multifamily investments have shown resiliency through recent market cycles providing stable cash flows and long-term growth potential,” said Gregory Sweeney, Manulife Investment Management’s Head of Canadian Real Estate Investments. “Manulife Investment Management continues to look to expand our multifamily portfolio. Le Vibe represents our first investment in the Ottawa-Gatineau multifamily market and our fourth multifamily investment nationally year-to-date.”
The property comprises two, eight-storey towers, connected by two-levels of underground parking, totaling 180 units with a suite mix of one-bedroom, two-bedroom, and three-bedroom units ranging from 585 to 1,419 square feet. The complex also features on-site amenities including a gym, a rooftop terrace and stunning views of Ottawa’s parliament buildings.
Le Vibe offers urban living conveniences including direct access to transit, with quick connection to Ottawa’s downtown and Byward Market. The property’s location in the central business district not only provides a vast number of amenities within walking distance but is also near many green spaces and the Ottawa River.
About Manulife Investment Management, Private Markets
Manulife Investment Management's comprehensive private markets capabilities include real estate, private equity and credit, infrastructure, timber and agriculture. Through its Real Estate group, Manulife Investment Management develops and manages commercial real estate for thousands of customers around the globe. As at June 30, 2020, the real estate portfolio totals 62 million square feet of office, industrial, and retail space and over 6,000 multifamily units strategically located in markets across Canada, the U.S., and Asia. The group leverages its global platform and local expertise to provide market-leading solutions for its tenants and deliver results for its partners.
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 17 countries and territories. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.
As of September 30, 2020, Manulife Investment Management had CAD$923 billion (US$692 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
This news release is not, and under no circumstances is to be construed as, a prospectus or an advertisement for a public offering of securities of Manulife Canadian Property Portfolio. No securities commission or similar authority in Canada has in any way passed upon the merits of the securities of Manulife Canadian Property Portfolio and any representation to the contrary is an offence. The securities of Manulife Canadian Property Portfolio have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States or to U.S. persons or other non-residents of Canada. In the event of a conflict between this news release and Manulife Canadian Property Portfolio’s offering memorandum, the information contained in the offering memorandum shall govern.
