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Alternative Assets  + Real Estate  |  December 6, 2023
Manulife IM, Stepstone Fund $1.2B Scannell Industrial Portfolio
Joe Palmisano
By: Joe Palmisano

Manulife IM, Stepstone Fund $1.2B Scannell Industrial Portfolio

Manulife Financial Corporation’s asset management unit Manulife Investment Management has entered a $1.2 billion partnership with Indianapolis-based Scannell Properties and StepStone Real Estate.

The partnership is to facilitate the recapitalization of 35 newly constructed class A industrial assets spanning 10.4 million square feet across 17 markets within the U.S.

“Fundamentals within the industrial sector remain strong; we see this investment as an important opportunity to capitalize on the current market environment,” said Jessica Harrison, head of U.S. acquisitions & capital markets, real estate, Manulife Investment Management.

Scannell Properties has completed over 530 development projects totaling 150 million square feet for life sciences, manufacturing, and e-commerce companies since inception in 1990.

Manulife Investment Management’s real estate platform offers core, core-plus, value-add, and opportunistic strategies spanning over 74.7 million square feet of office, industrial, retail, and multifamily assets across Canada, the U.S., and Asia Pacific.

“This investment highlights StepStone’s strength as a provider of strategic capital to institutional managers and operators” added Jeff Giller, head of StepStone Real Estate.

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Inside The Story

Manulife Investment Management Scannell Properties

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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