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TORONTO, Feb. 23, 2022 /CNW/ - Manulife Investment
Management announced the acquisition of Garibaldi Village I, an
open-format shopping centre located in Squamish, BC on behalf of Manulife's Canadian
Pooled Real Estate Fund ("MCPREF"). This acquisition compliments
the adjacent Garbaldi Village II, acquired by MCPREF in 2011.
The mixed-use office and retail property is a 39,402 square foot
centre. Together with Garibaldi Village II, both assets create a
120,000 square foot plaza-styled shopping centre on a 9.93-acre
site. The combined properties have over 1,000 feet of direct
frontage along a major highway, providing prime visibility in a
thriving community that is experiencing tremendous growth.
"We are thrilled to announce the strategic acquisition of
Garibaldi Village I which, alongside our adjacent property, will
provide common ownership to this prominent retail centre and foster
opportunities for improved efficiencies in the operation and
management of the two properties," said Gregory Sweeney, head of Canada real estate investments at Manulife
Investment Management. "We look forward to continuing to serve this
growing and vibrant communities retail needs"
Squamish is situated halfway
between Vancouver, British
Columbia's largest city, and Whistler, a world-class
four-season mountain and ski resort, with 45-minute drive each way.
Located along the Sea to Sky Highway, the property functions as
part of a major commercial hub for the local community as well as a
highway rest stop for travelers. The demand for retail services in
the community is further supported by a growing number of tourists
visiting Squamish.
Manulife Investment Management develops and manages commercial
real estate for thousands of customers around the globe as part of
its comprehensive private markets' capabilities. As of December 31,
2021, the real estate portfolio totals over 64 million square feet
of office, industrial, and retail space strategically located in
markets across Canada, the U.S.,
and Asia. The group leverages its
global platform and local expertise to provide market-leading
solutions for its tenants and deliver results for its partners.
About Manulife Investment Management
Manulife Investment Management is the global brand for the
global wealth and asset management segment of Manulife Financial
Corporation. We draw on more than a century of financial
stewardship and the full resources of our parent company to serve
individuals, institutions, and retirement plan members worldwide.
Headquartered in Toronto, our
leading capabilities in public and private markets are strengthened
by an investment footprint that spans 18 geographies. We complement
these capabilities by providing access to a network of unaffiliated
asset managers from around the world. We're committed to investing
responsibly across our businesses. We develop innovative global
frameworks for sustainable investing, collaboratively engage with
companies in our securities portfolios, and maintain a high
standard of stewardship where we own and operate assets, and we
believe in supporting financial well-being through our workplace
retirement plans. Today, plan sponsors around the world rely on our
retirement plan administration and investment expertise to help
their employees plan for, save for, and live a better retirement.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulifeim.com.
SOURCE Manulife Investment Management