Mr. Marc Feliciano reports

MANULIFE INVESTMENT MANAGEMENT ANNOUNCES $1.2 BILLION INDUSTRIAL RECAPITALIZATION WITH SCANNELL PROPERTIES AND STEPSTONE REAL ESTATE

Manulife Financial Corp.'s Manulife Investment Management has entered a $1.2-billion partnership with Scannell Properties and StepStone Real Estate, facilitating the recapitalization of 35 newly constructed Class A industrial assets spanning 10.4 million square feet across 17 markets within the United States.

"We're pleased to partner with Scannell Properties given their extensive expertise as an industrial developer and their reliability and delivery of high-quality industrial assets," said Marc Feliciano, global head of real estate for Manulife Investment Management. "This venture represents a key differentiator of the real estate business at Manulife Investment Management -- the ability to work with partners to find solutions and create value in challenging environments on behalf of our clients."

Manulife Investment Management's real estate platform provides investment solutions globally as part of its comprehensive private market capabilities. Its sustainably operated platform offers core, core-plus, value-add and opportunistic strategies spanning over 74.7 million square feet of office, industrial, retail and multifamily assets strategically across Canada, the United States and Asia Pacific. The real estate investment team leverages its global platform and regional market knowledge to identify opportunities and drive results for its investment clients.

"We are delighted to work with StepStone as a strategic partner, and their experience in GP-led transactions played an important role in consummating this exciting venture," said Mr. Feliciano.

"This investment highlights StepStone's strength as a provider of strategic capital to institutional managers and operators," said Jeff Giller, head of StepStone Real Estate. "We're delighted to partner with Manulife Investment Management on this significant Class A industrial portfolio recapitalization."

"Fundamentals within the industrial sector remain strong. We see this investment as an important opportunity to capitalize on the current market environment and access a portfolio of assets well positioned to capture the robust long-term demand for logistics, especially as companies revisit supply chain needs and advancement in automation," said Jessica Harrison, head of U.S. acquisitions and capital markets, real estate, Manulife Investment Management. "Our team will work closely with Scannell to further create value and execute the business plan of the portfolio, which is to complete construction, lease-up of the remaining vacancy, and execute financing and disposition strategies upon stabilization."

Scannell Properties has deep expertise in the development of build-to-suit and speculative industrial assets across the United States, Canada and Europe. In 2018, Scannell expanded into Europe, with offices in France, Germany, Italy, Spain and the United Kingdom, and has 10 offices globally. Since inception in 1990, Scannell Properties has completed over 530 development projects totalling 150 million square feet. Scannell's clients include some of the world's largest life science, manufacturing and e-commerce companies.

"We welcome the partnership with Manulife Investment Management, a highly distinguished investment partner. This significant investment in our portfolio is a clear indication of our strength, stability and leadership in industrial development," said Bob Scannell, president and founder, Scannell Properties.