Manulife Investment Management has formed a $1.2 billion partnership with Scannell Properties and StepStone Real Estate, facilitating the recapitalization of 35 newly constructed Class A industrial assets spanning 10.4 million square feet across 17 markets within the U.S..
“Fundamentals within the industrial sector remain strong; we see this investment as an important opportunity to capitalize on the current market environment and access a portfolio of assets well-positioned to capture the robust long-term demand for logistics, especially as companies revisit supply chain needs and advancement in automation,” said Jessica Harrison, head of U.S. acquisitions & capital markets, real estate, Manulife Investment Management.
She continued, “Our team will work closely with Scannell to further create value and execute the business plan of the portfolio, which is to complete construction, lease-up of the remaining vacancy, and execute financing and disposition strategies upon stabilization.”
StepStone Real Estate head Jeff Giller added, “This investment highlights StepStone’s strength as a provider of strategic capital to institutional managers and operators,” said Jeff Giller, Head of StepStone Real Estate. “We’re delighted to partner with Manulife Investment Management on this significant Class A industrial portfolio recapitalization.”
Pictured: Scannell’s Elgin Distribution Center in Elgin, IL.