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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 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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