Manulife and Allianz 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 is pleased to be partnering with Allianz—a highly-regarded and established institutional investor that is very much aligned to our long-term investment philosophy," said Kevin Adolphe, President and CEO of Manulife Asset Management Private Markets.
"We are excited to start our partnership with Manulife, a like-minded, best-in-class real estate investor," said Christoph Donner, CEO of Allianz Real Estate of America. ■