Manulife Investment Management鈥檚 property arm and StepStone Real Estate are recapitalising a $1.2bn (鈧�1.1bn) US industrial portfolio owned by Scannell Properties.

The portfolio includes 35 newly constructed industrial assets spanning 10.4m sqft across 17 markets in the US.

Marc Feliciano, global head of real estate at Manulife Investment Management, said:  鈥淭his venture represents a key differentiator of the real estate business at Manulife Investment Management 鈥� the ability to work with partners to find solutions and create value in challenging environments on behalf of our clients.鈥�

Feliciano said StepStone鈥檚 experience in general partner-led transactions played 鈥渁n important role in consummating this exciting venture鈥�.

Jessica Harrison, head of US real estate acquisitions and capital markets at Manulife Investment Management, said: 鈥淔undamentals within the industrial sector remain strong; we see this investment as an important opportunity to capitalise 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.

鈥淥ur team will work closely with Scannell to further create value and execute the business plan of the portfolio, which is to complete construction, lease-up of the remaining vacancy, and execute financing and disposition strategies upon stabilisation.鈥�

Jeff Giller, head of StepStone Real Estate, said: 鈥淭his investment highlights StepStone鈥檚 strength as a provider of strategic capital to institutional managers and operators.鈥�

Bob Scannell, president and founder of Scannell Properties, said: 鈥淲e welcome the partnership with Manulife Investment Management a highly distinguished investment partner. This significant investment in our portfolio is a clear indication of our strength, stability, and leadership in industrial development.鈥�

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