Manulife Financial Corp. (TSX:MFC) said Monday it will jointly develop a new 27-storey building in Montreal.
Last month Manulife announced that it would acquire the Canadian operations of Standard Life plc, subject to regulatory approvals and the approval of Standard Life plc’s shareholders.
The office building planned for 900 de Maisonneuve West would be expected to house the Montreal-based operations of Manulife and Standard Life following the closing of the acquisition.
Donald Guloien, president and CEO of Manulife made the announcement during a speech at The Canadian Club of Montreal. “After we complete the acquisition, all of our employees will not fit in the Standard Life building or Centre Manuvie,” said Guloien. “Assuming we receive approval of the deal as proposed, we will commence building a new home in partnership with Caisse de dépôt et placement du Québec. Maison Manuvie will house our staff and allow for future growth, and will be a new world-class addition to the Montreal skyline.”
Manulife entered into a co-venture agreement with Ivanhoe Cambridge, to develop, own and operate the 900 de Maisonneuve West office building development. Following the closing of the proposed acquisition, Manulife will occupy more than half the space in the new building. Construction will begin in the first quarter of 2015 and should be completed in 2017.
Manulife expects to complete the acquisition of Standard Life’s Canadian-based operations in the first quarter of 2015, and the integration of the businesses will take place over the next 18 to 24 months.