Manulife Real Estate, the global real estate arm of the Canadian life insurance company, has acquired 8 Cross Street in Singapore in a deal valued at $526 million.
This is Manulife’s first real estate acquisition in Singapore. The 28-story, 355,000 square-feet office tower located in the Raffles Place central business district will house Manulife’s Singapore operations.
8 Cross Street, which was sold by DBS, reportedly has PricewaterhouseCoopers (PwC) as its anchor tenant who is vacating the property.
Kevin Adolphe, president and chief executive officer of Manulife Real Estate, said in a statement that the deal is a reflection of the firm’s expanding commitments in Singapore, where Manulife has maintained operations for 36 years.
“This acquisition enables us to relocate offices into a prominently located CBD tower, while accommodating future growth plans for our operations,” he added.
Manulife Real Estate has been acquiring properties that will serve as its regional headquarters across Asia Pacific. In September, 2015 it completed the purchase of a 21-story building in Hong Kong’s Kowloon East district from Wheelock Properties, which now serves as Manulife’s Hong Kong office.
Manulife’s global real estate investment portfolio includes more than 62 million square feet across Asia, Canada and the US. As of end December 2016, Manulife Real Estate’s portfolio comprised $15.6 billion in assets under management.