TORONTO — Manulife Investment Management has formed a U.S. real estate joint venture with Harel Insurance Co. Ltd. (Harel), part of Israel's largest insurance and financial group.

The Canadian company says it expects the US$1.2-billion joint venture will invest in a portfolio focused on office, industrial and multi-family properties in select markets in the United States.

Manulife Investment Management is the global wealth and asset management business of Manulife Financial Corp.

The company says the joint venture is part of an effort to provide specialized asset management options for global investors.

The firm holds a portfolio of office, industrial, retail and multi-family properties in major metropolitan markets.

Harel Insurance is part of Harel Insurance Investments and Financial Services Ltd.

This report by The Canadian Press was first published Dec. 19, 2019.

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