Business
Manulife Investment Management Announces Industrial Outdoor Storage Venture with Foundry Commercial
Manulife Investment Management Announces Industrial Outdoor Storage Venture with Foundry Commerci...
About this update from Manulife Financial Corporation
[{"type":"text","content":"\n \n \n \n Manulife Investment Management Announces Industrial Outdoor Storage Venture with Foundry Commercial\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n BOSTON\n \n \n ,\n \n \n June 27, 2024\n \n \n /CNW/ - Manulife Investment Management (Manulife IM) has announced a strategic partnership with Foundry Commercial to acquire, develop, and lease industrial outdoor storage (IOS) sites in key infill industrial markets throughout the Southeast.  The portfolio consists of  10 sites located in\n \n Atlanta\n \n ,\n \n Nashville\n \n ,\n \n Dallas-Fort Worth\n \n , and\n \n Jacksonville\n \n . Three of the sites have completed construction and were acquired by Manulife IM directly; the remaining will be developed in partnership with Foundry.\n \n \n \"Our investment in IOS is part of a larger alternatives strategy to invest in industrial and residential adjacent sectors with significant tailwinds. Partnering with Foundry was a logical choice given their extensive expertise as a top tier industrial developer and considerable knowledge in IOS,\" said\n \n Jessica Harrison\n \n , Head of Transactions & Capital Markets, Real Estate Equity, U.S., Manulife IM. \"Today's market is undeniably challenging – we continue to source and structure interesting opportunities which seek to generate outsized risk adjusted returns on behalf of our clients, which we believe is a key differentiator of our real estate business.\"\n \n \n \"We are thrilled to form this new strategic partnership with Manulife IM. Together we seek to drive compelling investment performance for investors as early entrants into this growing and exciting alternative property type of IOS,\" said\n \n Pryse Elam\n \n , Foundry Commercial's Chief Investment Officer.\n \n \n Manulife IM's real estate platform, with\n \n $19.2 billion\n \n in assets under management as of\n \n March 31, 2024\n \n , provides investment solutions globally as part of its comprehensive private market's capabilities. Its platform offers core, core-plus, value-add, and opport...