Manulife Real Estate, the global real estate arm of Manulife Financial Corp, said on Tuesday it acquired 8 Cross Street, a 28-storey office tower in Singapore, for $526 million.
The 355,000-square foot property, located in Raffles Place Central Business District, will house Manulife Singapore’s operations.
The deal is Manulife Real Estate’s first real estate acquisition in Singapore and the second largest in its global portfolio to date, the company said.
Manulife Financial is Canada’s biggest insurer.
Manulife taps overseas markets to diversify funding