Manulife has acquired a 49% equity interest in a firm that focuses on residential rental property in Ontario
Manulife has announced its investment in a Toronto real estate investment and property management firm.
Manulife has acquired a 49% equity interest in QMLP, the multi-family asset and property management platform of real estate investment firm Conundrum Capital Corporation, according to a Manulife release. Conundrum Capital focuses on the residential rental property sector in Ontario.
“The QMLP multi-family portfolio provides a unique opportunity to further broaden our global private asset management platform by diversifying and expanding our equity real estate capabilities and product offering for our clients,” said Kevin Adolphe, president and CEO of Manulife Asset Management Private Markets. “We are excited to deepen our partnership with Conundrum and look forward to further growing the platform in coming years.”
Adolphe said that since its founding in 2000, Conundrum has had a solid track record of managing properties well and raising and investing institutional real estate private equity funds.
“As an investor with Conundrum for many years, we have seen them successfully execute their strategy of acquiring and aggregating underperforming and undermanaged mid-rise and high-rise residential properties,” said Vipon Ghai, senior managing director and head of Manulife Capital. “They then ehance income through professional management and selective capital improvements. We are pleased to be taking this next step with Conundrum.”
