Ontario Construction News staff writer
Manulife Investment Management says it has acquired 10 acres of heavy industrial zoned land, which includes an existing 108,500 sq. ft. building on behalf of its Manulife Canadian Pooled Real Estate Fund.
The company says the land and building “located in Ottawa’s dominant industrial submarket” 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,” Gregory Sweeney, Manulife Investment Management’s head of Canadian Real Estate Investments, said in a statement last Friday (Nov. 20).
Manulife says 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 statement said. “The acquisition of 2105 Bantree is in a strategic location, adjacent to Innes Business Park, which is also managed by Manulife Investment Management.”