Scannell Properties secures real estate recapitalization, demonstrating value of its development portfolio
Industry-leader Manulife Investment Management shows confidence in Scannell Properties
with partnership on 35-property industrial real estate portfolio valued at $1.2 billion
Indianapolis, IN (Nov. 30, 2023) Scannell Properties, an international commercial real estate developer, today closed a portfolio recapitalization on a select number of assets, securing a large capital infusion from international investment leader Manulife Investment Management. The transaction includes 35 industrial properties in 17 markets, totaling 10.4 million square feet and valued at $1.2 billion.
The transaction provides additional liquidity for the 35-asset portfolio that Scannell Properties will use to create further value through completion of construction, leasing, management, and operation.
“We welcome this partnership with Manulife IM, a highly distinguished investment partner. This significant investment in our portfolio is a clear indication of our strength, stability and leadership in industrial development,” said Bob Scannell, President and Founder, Scannell Properties.
The transaction provides the partnership with the opportunity to realize further value creation on the portfolio as it stabilizes. Additionally, with higher interest rates and constrained capital markets, traditional funding methods in today’s capital markets put a premium on liquidity. The partnership with Manulife IM provides Scannell with additional resources to meet that need.
“User demand continues to increase for industrial assets due to long-term shifts in supply chain, delivery methods, and consumer preference. This 35-property portfolio is well-positioned to answer that demand,” said Scannell. “We remain focused on addressing this market need and maintaining Scannell Properties’ industry leading position as developer of choice for build-to-suit and speculative developments across the US and Europe.”
The portfolio includes industrial properties in various stages of development and construction. Scannell’s clients include some of the world’s largest life sciences, manufacturing, and e-commerce companies.
Manulife IM is a global wealth and asset management company with $19.5 billion in real estate assets currently under management.
“Fundamentals within the industrial sector remain strong; we see this investment as an important opportunity to capitalize on the current market environment and access a portfolio of assets well-positioned to capture the robust long-term demand for logistics, especially as companies revisit supply chain needs and advancement in automation,” said Jessica Harrison, Head of U.S. Acquisitions & Capital Markets, Real Estate, Manulife Investment Management.
Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, and multifamily facilities throughout the U.S., Canada and Europe. Since its inception in 1990, Scannell Properties has completed over 530 development projects totaling 150 million SF. The annual development volume is estimated at $5 billion. For more information, please visit scannellproperties.com.
Manulife Investment Management is the brand for the global wealth and asset management segment of Manulife Financial Corporation. Our mission is to make decisions easier and lives better by empowering investors for a better tomorrow. Serving more than 17 million individuals, institutions, and retirement plan members, we believe our global reach, complementary businesses, and the strength of our parent company position us to help investors capitalize on today’s emerging global trends. We provide our clients access to public and private investment solutions across equities, fixed income, multi-asset, alternative, and sustainability-linked strategies, such as natural capital, to help them make more informed financial decisions and achieve their investment objectives. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.