TORONTO — Manulife Financial Corp.’s investment management business says it has purchased a luxury residential property in Quebec for $63 million.
Manulife Investment Management says the property is called Le Vibe and is a recently built residential complex in downtown Gatineau.
The property includes two eight-storey towers with a total of 180 units and views of the Parliament Buildings in Ottawa.
Manulife says the purchase will help the company further diversify its real estate portfolio, which it would like to expand with acquisitions of more residential properties.
The deal is Manulife’s first in the Ottawa-Gatineau multi-family residential market and its fourth in the national multi-family sector this year.
As of June, Manulife’s real estate portfolio totalled more than 5.7 million square metres of office, industrial and retail space and more than 6,000 multi-family properties in Canada, the U.S. and Asia.
This report by The Canadian Press was first published Nov. 18, 2020.
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The Canadian Press