JLL's Capital Markets group led refinancing efforts for the
five-million-square-foot facility
CHICAGO, Dec. 19,
2023 /PRNewswire/ -- JLL's Capital Markets group
announced today that it has arranged $463
million in financing for a 13-property portfolio of the
broader Manulife Investment Management and Scannell Properties
recapitalization, which was announced last week.
JLL represented the borrowers, Scannell Properties and Manulife
Investment Management, to secure financing through Oxford
Properties Group.
The sub-portfolio that was financed included 13 properties
located in eight major distribution markets across the country.
Nearly all the buildings were built on a speculative basis and are
currently 50% leased, with a strong pipeline of additional leasing,
highlighting the strong demand from tenants for modern, new
construction distribution facilities.
JLL's Capital Markets team was led by Senior Managing Directors
Keith Largay and Ken Martin, Associate Tara Hagerty and Analyst
Tucker Dixon.
"Even in today's interest rate environment, the lending
community remains highly liquid for best-in-class industrial
product within strong distribution markets," Largay said.
"The execution of the sub-portfolio refinance and broader
recapitalization demonstrates capital's confidence in the
fundamentals of the industrial market," added Martin.
"This investment reflects our strategy to focus on larger sized
credit opportunities in sectors with strong fundamentals," said Nu
Suwankosai, Head of Global Credit, Oxford Properties Group.
"Investing in these high-quality assets complements our strong
industrial credit portfolio, and speaks to our conviction in U.S.
logistics."
JLL's Capital Markets group is a full-service global provider of
capital solutions for real estate investors and occupiers. The
firm's in-depth local market and global investor knowledge delivers
the best-in-class solutions for clients — whether investment sales
and advisory, debt advisory, equity advisory or a recapitalization.
The firm has more than 3,000 Capital Markets specialists worldwide
with offices in nearly 50 countries.
For more news, videos and research resources, please visit
JLL's newsroom.
About Oxford Properties
Oxford Properties
Group ("Oxford") is a leading global real estate investor,
developer and manager. Established in 1960, Oxford and its
portfolio companies manage approximately C$85 billion of assets across four continents on
behalf of their investment partners. Oxford's owned portfolio
encompasses logistics, office, retail, multifamily residential,
life sciences, credit and hotels in global gateway cities and
high-growth hubs. A thematic investor with a committed source of
capital, Oxford invests in properties, portfolios, development
sites, debt, securities and real estate businesses across the
risk-reward spectrum. Together with its portfolio companies, Oxford
is one of the world's most active developers with over 70 projects
currently underway globally across all major asset classes. Oxford
is owned by OMERS, the Canadian defined benefit pension plan for
Ontario's municipal employees.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global
commercial real estate and investment management company, has
helped clients buy, build, occupy, manage and invest in a variety
of commercial, industrial, hotel, residential and retail
properties. A Fortune 500® company with annual revenue of
$20.9 billion and operations in over
80 countries around the world, our more than 105,000 employees
bring the power of a global platform combined with local expertise.
Driven by our purpose to shape the future of real estate for a
better world, we help our clients, people and communities SEE A
BRIGHTER WAYSM. JLL is the brand name, and a registered
trademark, of Jones Lang LaSalle Incorporated. For further
information, visit jll.com.
Contact: Alli Stent, JLL
Phone: +1 330 329 6750
Email: Alli.Stent@jll.com
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SOURCE JLL