Manulife (TSX:MFC) is joining with German insurance and asset management company Allianz in a venture that will see them co-invest up to $1 billion in U.S. real estate.
As part of the deal, Manulife's U.S. real estate arm, John Hancock Real Estate, has sold majority interests in two of its class A office assets to Allianz, one in Washington and another in Chicago.
The purchase price was not disclosed, but Manulife said it would maintain a partial interest and continue to manage both assets.
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