Manulife and Ivanhoé Cambridge, the Caisse de dépôt et placement du Québec’s real estate subsidiary, have entered into a co-venture agreement to develop, own and operate the 900 de Maisonneuve West office building development project in downtown Montreal.
The transaction is conditional on the approval by Canadian regulatory authorities and by shareholders of Standard Life plc of the proposed acquisition by Manulife of Standard Life plc’s Canadian operations.
Both parties also agreed on a long-term agreement under which Manulife will lease more than 260,000 square feet of leasable space, over 11 floors, representing more than half of the space.
Following the closing of Manulife’s proposed acquisition of Standard Life plc’s Canadian-based operations, more than 2,000 employees, currently located in different Manulife and Standard Life properties in downtown Montreal will be expected to move to the new building, which will be called Maison Manuvie.
“We are very proud to be partnering with Ivanhoé Cambridge, one of the most respected global real estate firms, on the development of 900 de Maisonneuve West, ” says Kevin Adolphe, president and CEO of Manulife Real Estate.
Construction of the building will begin in the first quarter of 2015 and should be completed in 2017.
Related articles: