U.S. investor enters Australian real estate market

Manulife Real Estate has acquired 800 Collins St. in Melbourne, Australia.

The transaction is the first Australian commercial real estate acquisition in Manulife’s global real estate portfolio.

Savills Investment Management, on behalf of one of their global mandates, and Australian Prime Property Fund Commercial, managed by Lendlease Investment Management, collectively sold their 100 percent interest in the prominent asset.

“Australia’s economy is enjoying its 26th year of consecutive annual economic growth and Melbourne is one of its top two cities in economic size and depth and breadth of the commercial real estate market,” said Kevin Adolphe, president and CEO of Manulife Real Estate. “This acquisition enables us to gain key exposure in the city as we diversify our real estate portfolio and represents a significant milestone as we execute our global real estate strategy.”

The office is a 14-story, 317,335-square-foot, class A office tower.