Manulife Investment Management Announces Industrial Outdoor Storage Venture with Foundry Commercial

Manulife Investment Management (Manulife IM) has recently announced a strategic partnership with Foundry Commercial to acquire, develop, and lease industrial outdoor storage (IOS) sites in key infill industrial markets throughout the Southeast. This partnership includes the acquisition of 10 sites located in Atlanta, Nashville, Dallas-Fort Worth, and Jacksonville, with three sites already completed and acquired by Manulife IM directly.

Jessica Harrison, Head of Transactions & Capital Markets, Real Estate Equity, U.S., Manulife IM, stated, “Our investment in IOS is part of a larger alternatives strategy to invest in industrial and residential adjacent sectors with significant tailwinds. Partnering with Foundry was a logical choice given their extensive expertise as a top-tier industrial developer and considerable knowledge in IOS.”

Pryse Elam, Foundry Commercial’s Chief Investment Officer, expressed excitement about the partnership, stating, “Together we seek to drive compelling investment performance for investors as early entrants into this growing and exciting alternative property type of IOS.”

With $19.2 billion in assets under management as of March 31, 2024, Manulife IM’s real estate platform provides investment solutions globally, offering core, core-plus, value-add, and opportunistic strategies across the U.S., Canada, and Asia Pacific. Maggie Coleman, Chief Investment Officer, Real Estate Equity, North America, and Co-Head Portfolio Management, Manulife IM, highlighted the importance of expanding their real estate equity platform with exposure to high conviction sectors like industrial outdoor storage.

Foundry Commercial, headquartered in Orlando, is a full-service commercial real estate company with an integrated development and investments platform. The company has deployed over $4.4 billion across 30 million square feet of projects since 2014 and currently manages $2.7 billion in assets.

The partnership between Manulife IM and Foundry Commercial aims to capitalize on the growing demand for industrial outdoor storage and provide investors with compelling investment opportunities in this sector. This collaboration represents a strategic move to align with long-term structural shifts and institutional capital’s appetite for diversification into alternative investments.

For more information about Manulife Investment Management’s real estate capabilities, visit manulifeim.com/institutional. Additional information about Foundry Commercial can be found at foundrycommercial.com.