Manulife Investment Management ( Manulife IM ) has acquired a state-of-the-art logistics asset in New South Wales, Australia, marking a major addition to the firm’s real estate portfolio.

Financial terms of the deal, completed on behalf of Manulife Financial Corporation, were not disclosed.

The property – 243 Forrester Road, North St Marys – features two premium distribution centres with top-tier logistics facilities, encompassing approximately 15,000 square metres of gross lettable area.

Strategically located in the bustling St Marys submarket, the asset boasts prime frontage to Forrester Road and is conveniently located near the St Marys intermodal, Great Western Highway, Mamre Road, M4 and M7 Motorway, facilitating excellent connectivity to Sydney’s central business district and surrounding industrial areas. The asset is fully leased to reputable high-quality tenants, ensuring stable returns.

The acquisition is Manulife IM’s first direct real estate investment in Australia, managed by its dedicated in-house asset management team.

With this addition, the firm now manages over half of its Asia-Pacific real estate portfolio directly, expanding its presence and capabilities as a real estate investment manager in the region.

“The Australia industrial market is one of our high-conviction areas within the region, driven by its favourable fundamentals and significant growth potential,” says Kenny Lam, chief investment officer and head of transactions, real estate equity, Asia-Pacific, Manulife Investment Management.

“We are continuously seeking attractive investment opportunities to enhance our portfolio in this sector and other asset classes with promising fundamentals. Alongside this acquisition, we are establishing a new office in Sydney to bolster our regional and local investment and asset management expertise.”

Manulife IM is developing and managing commercial real estate worldwide as part of its extensive private markets capabilities. As of December 31 2024, its real estate portfolio spanned 90 million square feet of office, industrial, retail, and multifamily space strategically located across Canada, the United States, and Asia-Pacific.