Kevin Adolphe, Global Head of Private Asset Management, Manulife Financial and President and CEO of Manulife Real Estate, said: "We are delighted to have secured such a significant office property in Kowloon East, which has immense growth potential as a key business district in the territory. Wheelock is an established real estate developer with a long history of building quality properties and we are pleased to partner with them on this new office tower which will be an exceptional complement to our global real estate portfolio."
Manulife Tower is the newest addition to Manulife's global real estate investment portfolio which includes more than 36 million square feet in key markets across Canada, the United States and Asia. Currently, Manulife owns 16 other office properties in Asia, totaling approximately 900,000 square feet.
In addition to Manulife Tower, Manulife will continue to maintain substantial leased premises in several other locations in Hong Kong including Manulife Financial Centre in Kwun Tong which also prominently carries the Manulife brand.
The Hong Kong office of CBRE Group Inc., the world's largest commercial real estate services and investment firm acted as advisor on the transaction.About Wheelock Properties Limited Wheelock Properties is a wholly-owned subsidiary of Wheelock and Company Limited (HKSE:0020). Its core business includes the undertaking of property development, sales and marketing, and asset management functions of the Group's property development in Hong Kong. The company has a current landbank in Hong Kong in excess of 7 million square feet. Founded in 1857, Wheelock and Company Limited is a listed investment holding company headquartered in Hong Kong. Wharf Holdings (HKSE:0004), the Group's principal investment, is strategically focused on property and infrastructure in Hong Kong and China. For further details, please visit www.wheelockpropertieshk.com and www.wheelockcompany.com About Manulife (International) Limited Manulife (International) Limited is a member of the Manulife Financial group of companies. Manulife Financial 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 Financial and its subsidiaries were C$532 billion ( HK$4,144 billion) as at December 31, 2012. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at manulife.com. About Manulife Real Estate Manulife Real Estate™ is the global real estate arm of Manulife Financial Corporation 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 December 31, 2012, the Manulife Real Estate portfolio totaled more than 36 million square feet with a market value of C$9.1 billion. Additional information about Manulife Real Estate can be found at manuliferealestate.com. SOURCE Manulife Financial Corporation