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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Manulife Financial Corporation    MFC   CA56501R1064

MANULIFE FINANCIAL CORPORATION

(MFC)
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Manulife Financial : Investment Management Announces Acquisition of 10 Acres of Industrial Land in Ottawa

11/20/2020 | 08:01am EST

C$ unless otherwise stated
TSX/NYSE/PSE: MFC  SEHK: 945

TORONTO, Nov. 20, 2020 /CNW/ - Manulife Investment Management announces the acquisition of 10 acres of heavy industrial zoned land, which includes an existing 108,500 square foot building on behalf of its Manulife Canadian Pooled Real Estate Fund. Located in Ottawa's dominant industrial submarket, the land and building are well-suited for future repositioning or redevelopment.

"Acquiring strategic infill redevelopment sites in established industrial nodes is an important part of our build-to-core program to grow our industrial portfolio," said Gregory Sweeney, Manulife Investment Management's Head of Canadian Real Estate Investments.

The Belfast-Sheffield industrial submarket is sought after by tenants for its central location and excellent highway access, which provides connectivity to major shipping routes as well as Ottawa's downtown. On a mid- to long-term basis, robust market fundamentals and the prime location of the land create an attractive redevelopment opportunity. The acquisition of 2105 Bantree is in a strategic location, adjacent to Innes Business Park, which is also managed by Manulife Investment Management.

About Manulife Investment Management, Private Markets
Manulife Investment Management's comprehensive private markets capabilities include real estate, private equity and credit, infrastructure, timber and agriculture. Through its real estate group, Manulife Investment Management develops and manages commercial real estate for thousands of customers around the globe. As of September 30, 2020, the real estate portfolio totals over 63 million square feet of office, industrial, and retail space and over 6,000 multifamily units strategically located in markets across Canada, the U.S., and Asia. The group leverages its global platform and local expertise to provide market-leading solutions for its tenants and deliver results for its partners.

Additional information about our Real Estate group can be found at www.manulifeim.com/realestate.

About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 17 countries and territories. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage 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 retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. 

As of September 30, 2020, Manulife Investment Management had CAD$923 billion (US$692 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

SOURCE Manulife Investment Management

© Canada Newswire, source Canada Newswire English

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Financials
Sales 2020 73 485 M 57 664 M 57 664 M
Net income 2020 5 179 M 4 064 M 4 064 M
Net cash 2020 27 509 M 21 586 M 21 586 M
P/E ratio 2020 9,05x
Yield 2020 4,34%
Capitalization 46 857 M 36 821 M 36 769 M
EV / Sales 2020 0,26x
EV / Sales 2021 0,27x
Nbr of Employees 35 000
Free-Float 100,0%
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 26,20 CAD
Last Close Price 24,15 CAD
Spread / Highest target 32,5%
Spread / Average Target 8,49%
Spread / Lowest Target -4,76%
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Managers and Directors
NameTitle
Roy Gori President, Chief Executive Officer & Director
John M. Cassaday Chairman
Rahul M. Joshi Chief Operations Officer
Philip Witherington Chief Financial Officer
Shamus Edward Weiland Chief Information Officer
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