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Alternative Assets  + Real Estate  |  June 28, 2024
Manulife IM, Foundry Commercial Partner on IOS Opportunities
Joe Palmisano
By: Joe Palmisano

Manulife IM, Foundry Commercial Partner on IOS Opportunities

Manulife Investment Management has formed a strategic partnership with Foundry Commercial to acquire, develop, and lease industrial outdoor storage (IOS) sites in key infill industrial areas in the Southeast.

The portfolio has 10 locations in Atlanta, Nashville, Dallas-Fort Worth, and Jacksonville. Manulife IM has directly acquired three sites that have finished construction, while the rest will be developed in conjunction with Foundry.

As of March 31, 2024, Manulife IM’s real estate platform managed $19.2 billion in assets, providing various investment strategies, including core, core-plus, value-add, and opportunistic, covering more than 84.6 million square feet of commercial real estate in the U.S., Canada, and Asia Pacific.

“Expanding our real estate equity platform and our core plus strategy with exposure to high conviction sectors such as industrial outdoor storage and access to this well positioned portfolio with Foundry is a natural extension of our broader, global investment strategy,” said Maggie Coleman, CIO, real estate equity, North America and co-head portfolio management at Manulife IM.

Orlando-based Foundry Commercial is a full-service commercial real estate company. Since 2014, the company has deployed over $4.4 billion across 30 million square feet of projects and currently has $2.7 billion in assets under management.

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Manulife Investment Management Foundry Commercial

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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