Manulife Real Estate acquires Class A office tower for US$526 million in Singapore
Manulife Real Estate announced that it has acquired 8 Cross Street, a 28-storey, 355,000 square foot, Class A office tower located in Singapore. The transaction, valued at US$526 million, is the second largest in Manulife Real Estate’s global portfolio to date.
Located in Raffles Place Central Business District (CBD), the most significant office district in Singapore, 8 Cross Street offers direct access to public transportation and close proximity to convenient eateries and retail amenities.
The property will house Manulife Singapore’s operations. Singapore represents Manulife’s third largest market in Asia.
“8 Cross Street is our first real estate acquisition in Singapore. It is a reflection of our expanding commitments in Singapore, where Manulife has maintained operations for 36 years,” said Kevin Adolphe, President and CEO of Manulife Real Estate. “This acquisition enables us to relocate offices into a prominently located CBD tower, while accommodating future growth plans for our operations.”
“This purchase is an exciting move that reflects our strong success in Singapore and shows Manulife’s commitment to business in the area, an important financial hub in Asia,” said Mr. Naveed Irshad, CEO of Manulife Singapore. “Having our own Manulife building in a prominent location in the Central Business District will help us further strengthen the Manulife brand and provide greater visibility to our consumers.”
Manulife’s global real estate investment portfolio includes more than 62 million square feet across Asia, Canada and the United States.