Manulife, Scannell Secure $463M for Industrial Portfolio Following $1.2B Recapitalization
Oxford Properties Group provided the financing, which JLL arranged.
JLL’s Capital Markets group arranged $463 million in financing for a 13-property portfolio of the broader Manulife Investment Management and Scannell Properties $1.2 billion recapitalization, which was announced last week.
The financing was provided by Oxford Properties Group.
The sub-portfolio that was financed included 13 properties located in eight major distribution markets across the country. Nearly all the buildings were built on a speculative basis and are currently 50% leased.
JLL’s Capital Markets team was led by Keith Largay, Ken Martin, Tara Hagerty and Tucker Dixon.
Earlier this month Manulife Investment Management announced it was recapitalizing 35 newly constructed industrial assets with Scannell Properties and StepStone Real Estate. The portfolio spans 10.4 million square feet across 17 markets within the U.S.