<article>Manulife Real Estate on Thursday announced the acquisition of an office asset in Australia for a reported sum of $240.35 million.</article>

Manulife Real Estate on Thursday announced the acquisition of an office asset in Australia for a reported sum of $240.35 million.
The property is a 317,335 sq feet, 14-storeyed office tower in Melbourne.
 A <a style="color: #000080; font-weight: bold;" href="https://realassets.ipe.com/real-estate/manulife-real-estate-pays-aud300m-for-myers-hq-in-australia/realassets.ipe.com/real-estate/manulife-real-estate-pays-aud300m-for-myers-hq-in-australia/10022948.fullarticle" target="_blank" rel="noopener">report</a> from Investment &amp; Pensions Europe states that the consideration for the asset is A$300 million ($240.35 million). The property was jointly owned by Lendlease-managed Australian Prime Property Fund (APPF) and Savills. Lendlease will continue to manage the building.
In a statement, Kenny Lam, Managing Director, Head of Asia Real Estate Investments, Manulife Real Estate, said, &#8220;Collins Street is the most prestigious commercial address in Melbourne.&#8221;
800 Collins Street was built in 2010 and is fully leased. This transaction is the first Australian commercial real estate acquisition in Manulife&#8217;s global real estate portfolio.
The investment in Australia is part of Manulife Real Estate&#8217;s pan-Asian core real estate investment strategy.
Kevin Adolphe, President and CEO of Manulife Real Estate, said, &#8220;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.&#8221;
Manulife&#8217;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 and operates as John Hancock Real Estate in the US market. The firm is an active investor, owner, developer and asset manager of commercial real estate assets. This consists primarily of prime office and industrial properties, as well as select retail and multi-family residential properties, in key metropolitan centres throughout Asia, Australia, Canada and the US.
As at September 30, 2017, the Manulife Real Estate portfolio totalled more than 62 million square feet with AUM market value of C$21.3 billion ($17.1.6 billion).
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Manulife Real Estate has acquired an office property at 800 Collins St in Melbourne from Lendlease and Savills IM in an A$300M deal.

Manulife Real Estate enters Australia with $240m office asset deal

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Manulife Real Estate enters Australia with $240m office asset deal

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