Manulife to create new home for larger operations in Montreal Co-venture with Ivanhoe Cambridge will build "Maison Manuvie"
Toronto – Manulife Financial Corporation (“Manulife”) today announced it will jointly develop 900 de Maisonneuve West, a new 27-storey building in Montreal. Last month Manulife announced that it would acquire the Canadian operations of Standard Life plc, subject to regulatory approvals and the approval of Standard Life plc’s shareholders. The 900 de Maisonneuve West office building would be expected to house the Montreal-based operations of Manulife and Standard Life following the closing of the acquisition.
Donald Guloien, President and Chief Executive Officer of Manulife made the announcement during a speech at The Canadian Club of Montreal. “After we complete the acquisition, all of our employees will not fit in the Standard Life building or Centre Manuvie,” said Mr. Guloien. “Assuming we receive approval of the deal as proposed, we will commence building a new home in partnership with Caisse de dépôt et placement du Québec. Maison Manuvie will house our staff and allow for future growth, and will be a new world-class addition to the Montreal skyline.”
Manulife entered into a co-venture agreement with Ivanhoe Cambridge, to develop, own and operate the 900 de Maisonneuve West office building development. Following the closing of the proposed acquisition, Manulife will occupy more than half the space in the new building. The AAA building will be built to LEED CS Gold certification standards. Construction will begin in the first quarter of 2015 and should be completed in 2017.
Manulife expects to complete the acquisition of Standard Life’s Canadian-based operations in the first quarter of 2015, and the integration of the businesses will take place over the next 18 to 24 months.
Donald Guloien’s Canadian Club speech can be found here: http://www.manulife.com/public/investor/index/0,,lang=en&navId=640006,00.html
Manulife is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife and its subsidiaries were approximately C$637 billion (US$597 billion) as at June 30, 2014. We operate as John Hancock in the U.S. and as Manulife in other parts of the world.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife can be found on the Internet at manulife.com.
About Manulife Real Estate
Manulife Real Estate is the global real estate arm of Manulife with fully integrated in-house capabilities and 70 years of experience as an active investor, owner, developer and asset manager of commercial real estate. Diversified by both geography and asset type, the portfolio consists primarily of prime office and industrial properties, as well as select retail and multi-family residential properties, in key metropolitan centers throughout Canada, Asia and in the United States, through Manulife’s U.S. division, John Hancock. In addition to equity real estate, Manulife Real Estate manages the space requirements and own use facilities for Manulife’s operations around the world. In 2011, Manulife Real Estate launched a new real estate fund platform, extending the benefit of its long established real estate asset management expertise to institutional investors. As at June 30, 2014, the Manulife Real Estate portfolio totaled more than 38 million square feet with a market value of C$10.9 billion (US$10.2 billion). Additional information about Manulife Real Estate can be found at manuliferealestate.com.