In order to buy, develop, and lease industrial outdoor storage (IOS) properties in important infill industrial areas in the Southeast, Manulife Investment Management (Manulife IM) and Foundry Commercial have formed a strategic alliance.
The ten sites in the portfolio are spread across Atlanta, Nashville, Dallas-Fort Worth, and Jacksonville. Manulife IM directly purchased three of the sites after they were built, while the other two will be developed in collaboration with Foundry.
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Manulife IM’s real estate platform offers investment solutions worldwide as part of its full private market capabilities, and as of 31 March 2024, it has $19.2bn in assets under administration.
Its platform covers over 84.6 million square feet of commercial real estate in the United States, Canada, and Asia Pacific and provides core, core-plus, value-add, and opportunistic strategies.
The real estate investment team finds opportunities that benefit its clients by utilising its extensive network, local market expertise, and worldwide platform.
Moreover, Foundry Commercial is a full-service commercial real estate firm with its headquarters located in Orlando, uses an integrated development and investing platform that leverages the local experience of brokerage teams, property managers, and construction managers.
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By GlobalDataFoundry has managed $2.7bn in assets since 2014 and has invested over $4.4bn in 30 million square feet of projects.
Jessica Harrison, head of transactions & capital markets, real estate equity, US, Manulife IM said: “Our investment in IOS is part of a larger alternatives strategy to invest in industrial and residential adjacent sectors with significant tailwinds. Partnering with Foundry was a logical choice given their extensive expertise as a top tier industrial developer and considerable knowledge in IOS. Today’s market is undeniably challenging – we continue to source and structure interesting opportunities which seek to generate outsized risk adjusted returns on behalf of our clients, which we believe is a key differentiator of our real estate business.”
“We are thrilled to form this new strategic partnership with Manulife IM. Together we seek to drive compelling investment performance for investors as early entrants into this growing and exciting alternative property type of IOS,” stated Pryse Elam, Foundry Commercial’s chief investment officer.
Maggie Coleman, chief investment officer, real estate equity, North America and co-head portfolio management, Manulife IM added: “Expanding our real estate equity platform and our core plus strategy with exposure to high conviction sectors such as industrial outdoor storage and access to this well positioned portfolio with Foundry is a natural extension of our broader, global investment strategy. Niche strategies increasingly align with long-term structural shifts, evolving demand-side drivers, and institutional capital’s appetite for diversification into rapidly institutionalising alternative investments.”
