04:38 PM EDT, 06/27/2024 (MT Newswires) -- Manulife Financial ( MFC ) on Thursday said its wealth-management unit, Manulife Investment Management, agreed to a strategic partnership with Foundry Commercial to acquire, develop, and lease industrial outdoor storage (IOS) sites in key infill industrial markets throughout the U.S. Southeast.

According to a statement, the portfolio consists of 10 sites located in Atlanta, Nashville, Dallas-Fort Worth, and Jacksonville. Three of the sites have completed construction and were acquired by Manulife IM directly; the remaining will be developed in partnership with Foundry, it said.

"Our investment in IOS is part of a larger alternatives strategy to invest in industrial and residential adjacent sectors with significant tailwinds. Partnering with Foundry was a logical choice given their extensive expertise as a top tier industrial developer and considerable knowledge in IOS," Jessica Harrison , Head of Transactions & Capital Markets, Real Estate Equity, U.S, for Manulife Investment Management, said in a release.

Manulife shares closed up $0.82, or 2.3%, to $36.29 on the Toronto Stock Exchange, leaving it shy of a 52 week high $36.60