February 23, 2022
Toronto – Manulife Investment Management announced the acquisition of Garibaldi Village I, an open-format shopping centre located in Squamish, BC on behalf of Manulife’s Canadian Pooled Real Estate Fund (“MCPREF”). This acquisition compliments the adjacent Garbaldi Village II, acquired by MCPREF in 2011.
The mixed-use office and retail property is a 39,402 square foot centre. Together with Garibaldi Village II, both assets create a 120,000 square foot plaza-styled shopping centre on a 9.93-acre site. The combined properties have over 1,000 feet of direct frontage along a major highway, providing prime visibility in a thriving community that is experiencing tremendous growth.
“We are thrilled to announce the strategic acquisition of Garibaldi Village I which, alongside our adjacent property, will provide common ownership to this prominent retail centre and foster opportunities for improved efficiencies in the operation and management of the two properties,” said Gregory Sweeney, head of Canada real estate investments at Manulife Investment Management. “We look forward to continuing to serve this growing and vibrant communities retail needs”
Squamish is situated halfway between Vancouver, British Columbia’s largest city, and Whistler, a world-class four-season mountain and ski resort, with 45-minute drive each way. Located along the Sea to Sky Highway, the property functions as part of a major commercial hub for the local community as well as a highway rest stop for travelers. The demand for retail services in the community is further supported by a growing number of tourists visiting Squamish.
Manulife Investment Management develops and manages commercial real estate for thousands of customers around the globe as part of its comprehensive private markets’ capabilities. As of December 31, 2021, the real estate portfolio totals over 64 million square feet of office, industrial, and retail space 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.
About Manulife Investment Management
Manulife Investment Management is the global brand for 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 18 geographies. 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.
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