Manulife going ahead with two office tower developments in Western Canada

Manulife Financial Corp.’s massive real estate arm is expanding in Western Canada – and increasingly choosing to develop towers rather than buy them.

The insurance company, whose real estate portfolio amounted to more than $8.5-billion at the end of 2012, is set to announce next week that it will develop a 27-storey office tower in downtown Calgary, bringing its portfolio in the city to about 1.3 million square feet.

 

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