TORONTO Dec 19 John Hancock, the U.S. arm of
Canadian life insurer Manulife Financial Corp, said on
Thursday it has acquired three office properties worth $618
million in New York, Chicago and Boston.
With these acquisitions, Manulife said its global real
estate portfolio is now worth $10.4 billion, with office and
industrial properties, coupled with retail and multifamily
residential properties in Canada, Asia and the United States.
The buildings acquired include a 21-story building in New
York's financial district, bought from Mitsui Fudosan for $166.5
million; and a 40-story building in Chicago's central business
district that it acquired from a joint venture comprised of
Equity Group Investments, Pearlmark Real Estate Partners and
TEIR REIT for $214.5 million.
The third asset, Wellesley Office Park, located in Greater
Metropolitan Boston, was bought from an affiliate of Blackstone
Group for $237 million.
Kevin Adolphe, who heads Manulife's real estate business,
said the insurer continues to assess opportunities to expand its
real estate portfolio.
The deal comes just weeks after Manulife announced it is
expanding its private asset management business, allowing
clients such as pension funds to invest in real estate and other