Manulife Investment Management Announces Acquisition of Upscale Multifamily Property in Montreal for $105 Million
A best-in-class opportunity capitalizing on Montreal’s positive economic momentum
January 23, 2020
Montreal – Manulife announced today it has acquired Phases 3 and 4 of EQ8 LaSalle for $105 million.
The two, newly-constructed multifamily buildings stand at 16 storeys and encompass a total of 300 units. Catering to young professionals and families, EQ8 features an attractive suite mix of 32% one-bedroom units, 48% two-bedroom units, and 20% three-bedroom units. Suite sizes range from 500 square feet to 1,350 square feet, and are accompanied by an attractive mix of amenities and high-end finishes.
The property is ideally located in Montreal’s borough of LaSalle, situated on the southwest portion of the City. Acting as a major industrial and commercial hub, LaSalle is equidistance from downtown Montreal and Trudeau International Airport. The borough is also proximate to many amenities renters are looking for. Residents of the area benefit from access to 2.3 million square feet of retail, including two large retail centres adjacent to the property, as well as immediate access to public transit and main, aeterial highways.
“The City of Montreal’s economic story is positive,” said Michael McNamara, Head of Real Estate Investments, Manulife Investment Management. “Infrastructure investments, a tightening labour market and government support for technology have all contributed to economic advancement, and ultimately, a market we’re looking to expand in.”
EQ8 was completed in January 2020 and is currently fully leased.
About Manulife Investment Management’s Real Estate Platform
Manulife Investment Management's comprehensive private markets platform includes 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. Its portfolio includes millions of square feet of office, industrial, retail and multifamily space strategically located in major metropolitan markets. The Real Estate group leverages its vertically integrated platform to serve its customers as well as manage the space requirements and corporate-use facilities for Manulife’s global operations.
As at September 30, 2019, the Real Estate portfolio totaled over 58 million square feet. Additional information can be found at www.manuliferealestate.com.
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than 150 years of financial stewardship to partner with clients across our institutional, retail, and retirement businesses globally. Our specialist approach to money management includes the highly differentiated strategies of our fixed-income, specialized equity, multi-asset solutions, and private markets teams—along with access to specialized, unaffiliated asset managers from around the world through our multimanager model. Our personalized, data-driven approach to retirement is focused on delivering financial wellness in retirement plans of all sizes to help plan participants and members retire with dignity.
Headquartered in Toronto, we operate as Manulife Investment Management throughout the world, with the exception of the United States, where the retail and retirement businesses operate as John Hancock Investment Management and John Hancock, respectively; and in Asia and Canada, where the retirement business operates as Manulife. Manulife Investment Management had CAD$854 billion (US$652 billion) in assets under management and administration.* Not all offerings are available in all jurisdictions. For additional information, please visit our website at manulifeinvestmentmgt.com.
* MFC financials. Global Wealth and Asset Management AUMA as of September 30, 2019, was CAD$854 billion and includes CAD$195 billion of assets managed on behalf of other segments and CAD$140 billion of assets under administration.
