Manulife Investment Management announces two agricultural acquisitions totaling more than 1,400 acres in Fresno County, California

Rhea-AI Summary

On October 14, 2022, Manulife Investment Management announced the acquisition of over 1,400 acres of agricultural land in Fresno County, California. The properties include a 500-acre orchard of almonds, pistachios, and citrus, and a 900-acre pistachio orchard. These acquisitions enhance their existing management of 22,500 acres of orchards in California, capitalizing on economies of scale. The company aims to provide economic returns while supporting rural communities and sustainable practices.

Positive

• Acquired over 1,400 acres of prime agricultural land in Fresno County.
• Enhances existing management of 22,500 acres of orchards, maximizing economies of scale.
• Supports sustainable agriculture and contributes positively to local communities.

Negative

• None.

TSX/NYSE/PSE: MFC     SEHK: 945

BOSTON, Oct. 14, 2022 /PRNewswire/ - Manulife Investment Management today announced two agricultural acquisitions in Fresno County, California, on behalf of investors. The properties include a 500-acre almond, pistachio, and citrus orchard and an approximately 900-acre pistachio orchard.

The orchards are favorably located in California's Central Valley, a key U.S. agricultural and tree nut production region, with high-quality water rights. In addition, the properties are located in close proximity to existing farmland properties managed by Manulife Investment Management's integrated farmland management operations. The acquired properties add to an existing 22,500 acres of directly operated pistachio and citrus orchards located throughout California, providing an opportunity to benefit from economies of scale in the region.

"We are proud to add these high-quality orchards to our permanent crop portfolio, managed by our experienced direct-operation team of agricultural professionals, for the benefit of our investors," said Oliver Williams, global head of agriculture investments, Manulife Investment Management. "We believe that orchards, as a nature-based solution, can provide both economic returns to our investor clients along with social and environmental benefits. Producing healthy, nutritious food while responsibly managing these natural resources can also contribute positively to vibrant rural communities, such as the ones surrounding these investments."   

Manulife Investment Management manages approximately 400,000 acres of prime farmland in major agricultural regions of the United States and in Canada, Chile, and Australia as part of its comprehensive private markets strategies. It also oversees approximately 6 million acres of timberland across the United States, Canada, New Zealand, Australia, Brazil, and Chile.

About Manulife Investment Management

Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

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SOURCE Manulife Investment Management

FAQ

What properties did Manulife acquire on October 14, 2022?

Manulife acquired over 1,400 acres of agricultural land, including a 500-acre almond, pistachio, and citrus orchard, and a 900-acre pistachio orchard in Fresno County, California.

How will the acquisitions impact Manulife's operations?

The acquisitions will enhance Manulife's current management of 22,500 acres of orchards, providing opportunities for increased operational efficiencies and economies of scale.

What is the strategic importance of these acquisitions for Manulife?

These acquisitions position Manulife to benefit from growing agricultural markets and support sustainable practices while generating economic returns for investors.