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Manulife JVs with Israel’s Harel on U.S. Real Estate Strategy
Manulife Investment Management’s private markets group closed a U.S. real estate joint venture with Harel Insurance Company Ltd., a unit of Harel Insurance Investments & Financial Services Ltd., Israel’s largest insurance and financial group.
With a focus on value-added, core plus and core investment strategies in select U.S. markets, the JV plans to assemble a real estate portfolio valued at $1.2 billion.
“The joint venture with Harel will allow us to leverage our diverse real estate acquisition capabilities across a full range of property types, where we can strategically add value to the portfolio,” said Manulife’s Bill McPadden.
At Harel, Itzik Tawil said, “The collaboration with Manulife, one of the world’s leading financial services firms, is another move in implementing Harel’s strategy of diversifying its real estate portfolio, with respect to types of assets and geographies.”
Cardo Holdings, Boston-based Manulife’s placement agent in Israel, acted as advisor to the partnership.
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