Manulife Real Estate, the global real estate arm of Manulife Financial Corporation (TSX/NYSE/PSE: MFC; SEHK: 945), through its managed Manulife Canadian Property Portfolio, has acquired Aldergrove Village Shopping Centre in Langley, BC, from MDC Property Services Ltd. for $29.25 million, effective March 5, 2013.
Manulife Canadian Property Portfolio is a core, open-end, income producing real estate investment fund that invests in quality Canadian commercial real estate assets.
Well located on the major intersection of Fraser Highway (Highway 1A) and Highway 13. Aldergrove Village Shopping Centre is a 91,517-square-foot retail property anchored by a 27,459 square foot Save-On-Foods grocery store.
Aldergrove Village Shopping Centre is 81% leased to major national tenants including Save-On-Foods, Shoppers Drug Mart, Boston Pizza, TD Canada Trust, Bosley’s Pet Food Plus, and Marks Work Wearhouse, as well as a BC Liquor Store.
Aldergrove Village Shopping Centre property consists of six buildings constructed in 1999 and a 2006 addition to one of the buildings.
MDC Property Services acquired Aldergrove Village Shopping Centre in September 2009.
“Manulife is pleased to be able to put our long established real estate expertise to work in a platform that allows investors to take advantage of what has been a sound asset class for the Company for the last seven decades,” said Kevin Adolphe, Global Head of Private Asset Management for Manulife Financial and President and CEO of Manulife Real Estate. “We’ve had great interest in our fund platform since it launched in February 2011 and we’re encouraged by the significant capital we’ve raised to date for the Manulife Canadian Property Portfolio. We are well positioned for continued growth.”
“The acquisition of this prime retail property in Western Canada is an excellent complement to the Manulife Canadian Property Portfolio,” added Adolphe. “It’s completely in line with the Fund’s strategy to provide institutional investors with an opportunity to invest in a quality, diversified property portfolio that offers income stability while also preserving capital.”
With the acquisition of Aldergrove Village Shopping Centre, the Manulife Canadian Property Portfolio holds 14 income producing properties totaling approximately 2.3 million square feet with assets under management of $345 million.