Manulife investing in Toronto Real Estate Investment & Property Management Firm

Manulife Asset Management Private Markets has announced that Manulife has acquired a 49% equity interest in QMLP, the multi-family asset and property management platform of Conundrum Capital Corporation, a privately owned real estate investment firm focused on the rental residential property sector in Ontario. "The QMLP multi-family portfolio provides a unique opportunity to further broaden our global private asset management platform by diversifying and expanding our equity real estate capabilities and product offering for our clients," said Kevin Adolphe, President and Chief Executive Officer of Manulife Asset Management Private Markets. "We are excited to deepen our partnership with Conundrum and look forward to further growing the platform in the coming years." He added that Conundrum has a solid 16-year track record not only of managing properties well, but also raising and investing institutional real estate private equity funds. Based in Toronto, Conundrum was founded in 2000 and manages $875 million in invested and committed equity, representing $1.3 billion of multi-unit rental residential assets. They manage 38 properties and more than 7,100 units. Its three founders, Chief Executive Officer Dan Argiros, Chief Financial Officer Rick Dainard and Executive Vice President Gord McMehen, will continue to be responsible for the day- to-day operations of the business. The company will retain its existing branding. Representatives of Manulife will join the QMLP Board immediately. "As an investor with Conundrum for many years, we have seen them successfully execute their strategy of acquiring and aggregating underperforming and undermanaged mid-rise and high-rise residential properties. They then enhance income through professional management and selective capital improvements," said Vipon Ghai, Senior Managing Director and Head of Manulife Capital. "We are pleased to be taking this next step with Conundrum." "With Manulife Asset Management Private Markets as a committed partner moving forward, we will have a tremendous opportunity to even more quickly grow our platform and expand our investor base," Argiros said. He said QMLP has focused on properties in the Greater Toronto Area and Ottawa – both strong, growing markets that provide good upside potential. He said QMLP's institutional investor base is comprised of a mixture of financial institutions, pension/endowment funds, and family offices/foundations. The firm has a staff of 35 at its Toronto head office as well as 160 on-site property management staff. All employees are expected to remain with the company.