Boston, June 27, 2024 Manulife Investment Management (Manulife IM) announced that it has entered into a strategic partnership with Foundry Commercial to acquire, develop and lease industrial outdoor storage (IOS) sites in key infill industrial markets throughout the Southeast. Atlanta, Nashville, Dallas-Fort Worthand JacksonvilleThree sites have already been constructed and acquired directly by Manulife IM, while the remaining sites will be developed in partnership with Foundry.
“Our investment in IOS is part of a larger alternatives strategy to invest in the industrial and residential related sectors where there are significant tailwinds. Partnering with Foundry was a logical choice given their extensive expertise as a top industrial developer and their deep knowledge of IOS,” he said. Jessica HarrisonManulife IM, Head of U.S. Real Estate Equity Trading and Capital Markets. “The market today is undoubtedly challenging. We continue to identify and structure interesting opportunities that generate significant risk-adjusted returns on behalf of our clients. We see this as a key differentiator for our real estate business.”
“We are excited to enter into this new strategic partnership with Manulife IM. Together, we aim to drive attractive investment performance for investors as early entrants into a growing and exciting alternative real estate type IOS,” Manulife IM said. Price ElamChief Investment Officer at Foundry Commercial.
Manulife IM’s real estate platform is $19.2 billion Assets under management: March 31, 2024provides investment solutions globally as part of a comprehensive private markets capability. The firm’s platform offers core, core plus, value-add and opportunistic strategies across over 84.6 million square feet of commercial real estate across the United States. Canadaand Asia PacificOur real estate investment team leverages our global platform, local market knowledge and deep relationships to identify opportunities that deliver results for our clients.
“Expanding our real estate equity platform and core-plus strategies to invest in high-conviction sectors such as industrial outdoor storage and accessing this premium portfolio of Foundry is a natural extension of our broader global investment strategy. The niche strategies are increasingly aligned with long-term structural changes, evolving demand-side drivers and the desire of institutional investors to diversify into alternative investments that are rapidly becoming institutionalized,” he said. Maggie ColemanChief Investment Officer, Real Estate Equity, North America Co-Head of Portfolio Management at Manulife IM.
Head Office Location OrlandoThe Foundry Commercial is a full-service commercial real estate firm with an integrated development and investment platform leveraging local knowledge, a brokerage team and the insights of property and construction managers. Since 2014, The Foundry $4.4 billion He has worked on projects covering 30 million square feet and is currently $2.7 billion In assets under management.
“By targeting IOS, which shares the same drivers as industrial at a fraction of the capital cost, we continue to reap the benefits of a vertically integrated platform with leading local execution capabilities in today’s environment, unlocking investment opportunities not available in the open market,” the principals said. Rick CoeHe leads Foundry’s IOS investments.
Additional information about Manulife Investment Management’s real estate practice can be found at manulifeim.com/institutional
Additional information about Foundry Commercial can be found at foundrycommercial.com.
About Manulife Investment Management
Manulife Investment Management is the brand of Manulife Financial Corporation’s global asset management division. Our mission is to make decisions easier and lives better by empowering investors to create a better tomorrow. Serving more than 17 million individuals, institutions and retirement plan participants, we believe our global reach, complementary businesses and parent company strengths position us to help investors take advantage of today’s emerging global trends. We provide clients with access to public and private investment solutions across equity, fixed income, multi-asset, alternatives and sustainability-linked strategies such as natural capital, helping them make more informed financial decisions and achieve their investment goals. Not all services are available in all jurisdictions. For more information, visit manulifeim.com.
About Foundry Commercial
Foundry Commercial is a full-service commercial real estate services and investment firm operating across office, industrial, retail, multifamily, healthcare, religious and non-profit asset classes and clients. Focused on the Sunbelt market, Foundry is supported by 2,900 employees operating in 12 markets and provides leasing and management of more than 3,000 senior housing units representing over 68 million square feet and typically has over 10 million square feet under lease. $2 billion Investing $10 billion annually in leasing, tenant representation and investment sales transactions. Foundry’s development and investment platform is fully integrated with its services business and currently has over $10 billion in investments underway. $4.4 billion The company has joint ventures with many of the country’s most prominent institutional investors. For more information, please visit www.foundrycommercial.com.
Source: Manulife Investment Management
