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Manulife Financial Corp
Symbol MFC
Shares Issued 1,948,811,715
Close 2020-01-14 C$ 27.49
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Manulife plans $30M redevelopment of Manulife Place

2020-01-14 12:43 ET - News Release

Mr. Ted Willcocks reports

MANULIFE INVESTMENT MANAGEMENT ANNOUNCES $30 MILLION REDEVELOPMENT OF MANULIFE PLACE

Manulife Financial Corp.'s Manulife Investment Management is planning a $30-million redevelopment of Manulife Place, its landmark, 36-storey office and retail tower in the heart of Edmonton's downtown core.

With construction commencing in mid-2020, the project will include a major modernization of the exterior facade with multilevel transparent glazing and bright, new signage. A repositioning of the retail storefronts to the exterior of the centre will extend the shopping experience outward, creating a visually dynamic and engaging streetscape. In addition, the interior space will be refreshed with new porcelain flooring and LED lighting, as well as the creation of inviting communal spaces. A 45,000-square-foot rooftop terrace will also be constructed, providing an acre of fully landscaped parkland in the heart of downtown Edmonton -- an amenity that is exclusive to Manulife Place.

"The city of Edmonton is undergoing a renaissance that will breathe life into its downtown service and amenity offerings," commented Ted Willcocks, Manulife Investment Management's global head of asset management, real estate. "The repositioning of Manulife Place is integral to this evolution, and we are excited to be a part of redefining the community."

Manulife Place currently encompasses 745,000 square feet of office space and 103,000 square feet of retail space. Featuring two levels of first-class retail shops and services, it is occupied by long-standing retailers, such as Vandenberg's Jewellers, Blu's, Jamiesons Opticians and Henry Singer. Anchoring downtown Edmonton's vast pedway system, Manulife Place is prominently connected to the city's business community and will soon be accessible via the LRT's Southeast Valley Line.

In 2018, Manulife Place was the first in Edmonton to receive its Wired Gold Certification for its best-in-class building connectivity. It is also BOMA Best certified and, most recently, received its LEED EB Gold recertification, demonstrating a significant and continuing focus on excellence in real estate sustainability and design.

Manulife Place is jointly owned by Manulife and Alberta Investment Management Corp.

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