Manulife Investment Management announces the acquisition of a mixed-use property in Squamish, British Columbia

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TORONTO, February 23, 2022 /CNW/ – Manulife Investment Management has announced the acquisition of Garibaldi Village I, an open concept shopping center located in Squamish, BC on behalf of Manulife’s Canadian Real Estate Pooled Fund (“MCPREF”). This acquisition complements the adjacent Garbaldi Village II, acquired by MCPREF in 2011.

Manulife Investment Management logo (CNW Group/Manulife Investment Management)

The mixed-use office and retail building is a 39,402 square foot center. Together with Garibaldi Village II, the two assets are creating a 120,000 square foot plaza-style shopping center 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 phenomenal growth.

“We are delighted to announce the strategic acquisition of Garibaldi Village I which, alongside our adjacent property, will provide common ownership to this important shopping center and foster opportunities for improved efficiencies in operations and management of both properties,” said Gregory Sweeneyboss of Canada real estate investments at Manulife Investment Management. “We look forward to continuing to serve the retail needs of these vibrant and growing communities”

Squamish is halfway between Vancouver, British Columbia largest city, and Whistler, a world-class four-season mountain and ski resort, a 45-minute drive each way. Located along the Sea to Sky highway, the property is part of a major commercial hub for the local community as well as a roadside rest stop for travellers. The demand for retail services in the community is further supported by an increasing number of tourists visiting Squamish.

Manulife Investment Management develops and manages commercial real estate for thousands of clients worldwide through its comprehensive private markets capabilities. As of December 31, 2021, the real estate portfolio totaled over 64 million square feet of office, industrial and retail space strategically located in markets across Canadathe United States and Asia. The group leverages its global platform and local expertise to deliver cutting-edge solutions to 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 business of Manulife Financial Corporation. We draw on more than a century of financial stewardship and all the resources of our parent company to serve individuals, institutions and pension plan members around the world. Based at Toronto, our industry-leading capabilities in public and private markets are bolstered by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers around the world. We are committed to investing responsibly in our business. We develop innovative global frameworks for sustainable investing, collaborate 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 pension plans. Today, plan sponsors around the world rely on our expertise in pension plan administration and investment to help their employees plan, save and live a better retirement. Not all offers are available in all jurisdictions. For more information, please visit manulifeim.com.

SOURCE Manulife Investment Management

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