On December 5, 2023, Manulife Investment Management announced a C$1.63 billion (US$1.2 billion) partnership with Scannell Properties and StepStone Real Estate for the recapitalization of 35 Class A industrial assets, encompassing 10.4 million square feet across 17 U.S. markets. Marc Feliciano, Global Head of Real Estate at Manulife, highlighted the venture's alignment with their ability to create value in challenging environments. Manulife's real estate platform, part of its private markets capabilities, spans over 74.7 million square feet globally, offering various investment strategies.

Feliciano expressed enthusiasm for partnering with StepStone, noting their expertise in GP-led transactions. Jeff Giller, Head of StepStone Real Estate, emphasized their role as a strategic capital provider to institutional managers. Jessica Harrison, Head of U.S. Acquisitions & Capital Markets at Manulife, saw the investment as an opportunity to capitalize on strong industrial sector fundamentals and logistics demand.

Scannell Properties, known for its expertise in industrial asset development, has completed over 530 projects since 1990, totaling 150 million square feet globally. Bob Scannell, President and Founder, welcomed the partnership with Manulife, recognizing it as a testament to Scannell's leadership in industrial development. The plan for the portfolio includes completing construction, leasing up remaining vacancies, and implementing financing and disposition strategies upon stabilization.