JLL's Capital Markets group led refinancing efforts for the five-million-square-foot facility
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.
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.