Manulife Investment Management and Cedar Podium Investment Management to Partner on Zero-Carbon Student Housing Project in Kingston, Ontario

Manulife Investment Management and Cedar Podium Investment Management to Partner on Zero-Carbon Student Housing Project in Kingston, Ontario

TORONTO, May 21, 2025 /CNW/ - Manulife Investment Management ("Manulife IM") and Cedar Podium Investment Management announced today a strategic partnership to develop a purpose-built student housing (PBSH) residence in Kingston, Ontario, strategically located downtown with direct access to Queen's University. Located at 283 Queen Street, the 15-storey development will provide 389 fully furnished bedrooms (178 units) and a suite of modern amenities, including a fitness centre, study areas, a social lounge, and centralized laundry facilities.

The project is designed to meet Canada Green Building Council's (CaGBC) Zero Carbon Design certification and is targeting a 2-star Fitwel^® rating—demonstrating a strong commitment to sustainability, health, and wellness.

This marks the inaugural collaboration between Cedar Podium and Manulife IM, laying the groundwork for a large-scale partnership focused on delivering high-quality, professionally managed student housing across Canada. The alliance combines deep sector expertise to help address the growing shortage of student accommodation nationwide.

"Kingston is a top-tier destination for students, and this development represents a major step forward in supporting its growth," said Bernard Luttmer, CEO of Cedar Podium Investment Management. "Our partnership with Manulife IM reflects a shared commitment to sustainable, long-term solutions in the student housing sector."

"As demand continues to grow, we see purpose-built student housing as a compelling opportunity to invest in resilient, community-enhancing assets, in an alternative asset class with significant tailwinds. We look forward to working alongside Cedar Podium on this forward-thinking strategic venture," said Marc Feliciano, Global Head of Real Estate at Manulife Investment Management. "Additionally, we believe additional student beds have an indirect positive impact on the broader housing market, as they can be a catalyst for conventional multifamily inventory to be released as students transition into these available assets."

Kingston consistently ranks among Canada's best cities for students, known for its affordability, quality of life, and academic excellence, anchored by institutions like Queen's University.

However, a critical housing shortage threatens to limit its potential. Research by global advisory firm Bonard highlights the lack of available student beds as a significant barrier to institutional growth and Canada's ability to attract international students.

Historically dominated by small-scale, private landlords, the student housing sector is undergoing a transformation. Rising enrollment and limited supply have created urgent demand for professionally developed scalable solutions. This Kingston development aims to meet that demand with sustainability, livability, and accessibility at its core.

Site preparation is currently underway, and full construction is expected to begin in Q2 2025. Completion and occupancy is targeted for Fall 2027.

About Manulife Wealth & Asset Management

As part of Manulife Financial Corporation, Manulife Wealth & Asset Management provides global investment, financial advice, and retirement plan services to 19 million individuals, institutions, and retirement plan members worldwide. Our mission is to make decisions easier and lives better by empowering people today to invest for a better tomorrow. As a committed partner to our clients and as a responsible steward of investor capital, we offer a heritage of risk management, deep expertise across public and private markets, and comprehensive retirement plan services. We seek to provide better investment and impact outcomes and to help people confidently save and invest for a more secure financial future. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

About Cedar Podium Investment Management

Cedar Podium Investment Management is a Canadian purpose-built student accommodation (PBSA) investment firm formed through a partnership between Pamoja Capital, Cedar Pacific Investment Management and Podium Group. The firm brings together global funds management expertise and Podium's local market knowledge to deliver high-quality student accommodation across Canada. The team has over $1.5 billion invested in the PBSA sector across 19,000 beds, including more than 39 buildings delivered and 7 under development. Cedar Podium is committed to better student outcomes and giving back directly to Canadian Post-Secondary Institutions and their students.

Media contact
Elizabeth Bartlett
elizabeth_bartlett@manulife.com

SOURCE Manulife Investment Management