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Manulife Investment, Harel Insurance form $1.2B US property JV

Manulife Investment Management formed a joint venture with Harel Insurance Co. Ltd., with a view to investing $1.2 billion in U.S. real estate.

The partnership will target value-added, core-plus and core investment assets in select U.S. markets, with a focus on buying office, industrial and multifamily properties.

Harel Insurance Co. is a subsidiary of Harel Insurance Investments & Financial Services Ltd.

Cardo Holdings, Manulife's exclusive placement agent in Israel, was the partnership's adviser.