Manulife, Allianz To Co-invest Up To $1 Bln In U.S. Real Estate

(RTTNews) - Manulife Asset Management Private Markets, the private asset management arm of Manulife Financial Corp. (MFC, MFC.TO), said Friday that it has entered into an arrangement with German insurer Allianz SE to co-invest up to $1 billion in U.S. real estate.

As part of the co-invest, John Hancock Real Estate - the U.S. real estate unit of Manulife Asset Management Private Markets - has sold majority interests in two of its class A office assets to Allianz: 1100 New York Avenue in Washington, DC and 191 North Wacker Drive in Chicago, IL. Manulife will maintain a partial interest and continue to manage both assets through its vertically integrated platform. In partnership with Allianz, Manulife will seek to invest in additional high quality office properties in U.S. gateway cities.

Manulife recently expanded its global third party private asset management business by extending the benefit of the company's expertise in specialized private asset investments to external institutional investors. Manulife's Private Markets group brings together a diverse range of private asset classes, including: commercial real estate, timberland and farmland, renewable energy, oil and gas, private equity and mezzanine debt. Manulife Asset Management Private Markets also partners with Manulife's specialized private asset investment teams to invest in private placement debt and commercial mortgages.