Manulife Real Estate announced on Thursday (February 1) that it has acquired 800 Collins Street, a 14-storey, 317,335 square foot, Class A office tower located in Melbourne, Australia. The tower was built in 2010 and is fully leased. This transaction is the first Australian commercial real estate acquisition in Manulife's global real estate portfolio.Located in the Docklands Central Business District (CBD), an extension of the Melbourne CBD, 800 Collins Street offers direct access to public transportation and close proximity to convenient eateries and retail amenities. The investment in Australia is part of Manulife Real Estate's pan-Asian core real estate investment strategy created to support Manulife's rapid growth in Asia. "Australia's economy is enjoying its 26th year of consecutive annual economic growth and Melbourne is one of its top two cities in economic size and depth and breadth of the commercial real estate market," said Kevin Adolphe, President and CEO of Manulife Real Estate. "This acquisition enables us to gain key exposure in the city as we diversify our real estate portfolio and represents a significant milestone as we execute our global real estate strategy." Kenny Lam, Managing Director, Head of Asia Real Estate Investments, Manulife Real Estate, said: "Collins Street is the most prestigious commercial address in Melbourne. The desirability of Collins Street as a commercial hub is highlighted by the quality and diversity of tenants and the movement of organisations into the area." Manulife's global real estate investment portfolio includes more than 62 million square feet of office, industrial and select retail and residential properties across Asia, Australia, Canada and the United States. Manulife Real Estate is the global real estate arm of Manulife, operating as John Hancock Real Estate in the US and Manulife Real Estate in all other parts of the world. Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions.
Manulife enters Australian real estate market