Manulife Asset Management Private Markets has joined forces with Allianz to invest in US real estate to the value of $1b.Part of the co-investment resulted in John Hancock Real Estate selling majority interest in two of its class A office projects to Allianz. John Hancock Real Estate is the US real estate division of Manulife Asset Management Private Markets. The properties involved were 191 North Wacker Drive, Chicago, IL and 1100 New York Avenue, Washington, DC.
A partial interest in both assets will be maintained by Manulife, as well as management via its vertically integrated platform. The partnership between Allianz and Manulife will look at investing in other top quality office properties within gateway cities in the US.
Manulife expressed their pleasure at partnering with Allianz and said the co-investments are a reflection of how their teams work with investors to offer unique investment goal opportunities. Allianz have also expressed their excitement at working with Manulife as they are of like minds. Allianz intends expanding its real estate portfolio within the US and are pleased with the acquisition of the two properties.
Manulife has recently undergone expansion in its third party private asset management business globally and is also planning to invest in commercial mortgages and private placement debt.
The company operates as Manulife Real Estate outside the US and as John Hancock Real Estate within the US. It has a global portfolio in excess of 40 million square feet at a market value of R10.4bn.