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Manulife Investment Management Announces Acquisition of Luxury Multifamily Property in Quebec for $63 Million – Canada NewsWire

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C$ unless otherwise stated
TSX/NYSE/PSE: MFC     SEHK: 945

TORONTO, Nov. 18, 2020 /CNW/ – Manulife Investment Management announces the acquisition of Le Vibe, a recently constructed two-building purpose-built residential complex located at 78-88 Rue Dollard-des-Ormeaux, in downtown Gatineau, Quebec on behalf of its Manulife Canadian Property Portfolio fund. The addition of the asset presents an opportunity to further diversify Manulife Investment Management’s real estate portfolio.

“Multifamily investments have shown resiliency through recent market cycles providing stable cash flows and long-term growth potential,” said Gregory Sweeney, Manulife Investment Management’s Head of Canadian Real Estate Investments. “Manulife Investment Management continues to look to expand our multifamily portfolio. Le Vibe represents our first investment in the OttawaGatineau multifamily market and our fourth multifamily investment nationally year-to-date.”

The property comprises two, eight-storey towers, connected by two-levels of underground parking, totaling 180 units with a suite mix of one-bedroom, two-bedroom, and three-bedroom units ranging from 585 to 1,419 square feet. The complex also features on-site amenities including a gym, a rooftop terrace and stunning views of Ottawa’s parliament buildings.

Le Vibe offers urban living conveniences including direct access to transit, with quick connection to Ottawa’s downtown and Byward Market. The property’s location in the central business district not only provides a vast number of amenities within walking distance but is also near many green spaces and the Ottawa River.

About Manulife Investment Management, Private Markets
Manulife Investment Management’s comprehensive private markets capabilities include real estate, private equity and credit, infrastructure, timber and agriculture. Through its Real Estate group, Manulife Investment Management develops and manages commercial real estate for thousands of customers around the globe. As at June 30, 2020, the real estate portfolio totals 62 million square feet of office, industrial, and retail space and over 6,000 multifamily units strategically located in markets across Canada, the U.S., and Asia. The group leverages its global platform and local expertise to provide market-leading solutions for its tenants and deliver results for its partners.

Additional information can be found at www.manulifeim.com/realestate

About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 17 countries and territories. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. 

As of September 30, 2020, Manulife Investment Management had CAD$923 billion (US$692 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

This news release is not, and under no circumstances is to be construed as, a prospectus or an advertisement for a public offering of securities of Manulife Canadian Property Portfolio. No securities commission or similar authority in Canada has in any way passed upon the merits of the securities of Manulife Canadian Property Portfolio and any representation to the contrary is an offence.  The securities of Manulife Canadian Property Portfolio have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States or to U.S. persons or other non-residents of Canada. In the event of a conflict between this news release and Manulife Canadian Property Portfolio’s offering memorandum, the information contained in the offering memorandum shall govern.

SOURCE Manulife Investment Management

For further information: Media Contact: Olivia Jones, Manulife, 348-340-3416, [email protected]

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https://www.manulifeim.com/

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Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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