On March 3, 2022, Manulife Investment Management and Kenedix announced the formation of a joint venture (JV) with a budget of JPY 19.8 billion, focusing on acquiring multifamily assets in Japan's major cities. This JV, Manulife's first standalone multifamily investment in Japan, underscores its aim to expand its real estate presence in the Asia Pacific region. The JV has already secured a seed portfolio of nine assets, with four acquisitions completed, totaling over 250,000 square feet of net rentable area. These properties, primarily located in Tokyo 23 Wards, the Greater Tokyo Area, Osaka, and Nagoya, are high-quality, stabilized institutional-grade assets, conveniently located near railway stations and neighborhood amenities.

The transaction elevates Manulife's real estate portfolio in the region to 580,000 square feet. Kenny Lam, Senior Managing Director at Manulife, expressed excitement about the partnership with Kenedix, highlighting the multifamily sector's resilience and growth potential in Japan. Soushi Ikeda, Managing Director at Kenedix,Inc., also noted the importance of this strategic initiative, pointing out the steady growth in their business within this sector and the balanced mix of unit types in the seed portfolio, which has offered stable cash flows even amid the COVID-19 pandemic.

Manulife Investment Management specializes in commercial real estate management, with a global portfolio totaling 64 million square feet across various sectors as of December 31, 2021. The company leverages its global platform and local expertise to provide market-leading solutions and achieve results for its partners.