Manulife Financial has entered into an agreement to purchase the new headquarters building of Export Development Canada in downtown Ottawa from a joint venture of Broccolini Construction and The Canderel Group of Companies.

The transaction is scheduled to close at the end of 2011, following completion of the 18-storey, 479,000 square foot building which is being developed by the Broccolini / Canderel partnership.

Manulife said it has been looking for opportunities to expand its real estate holdings and is extremely pleased to be able to secure this asset in Ottawa's downtown core.

Manulife owns four other properties in Ottawa.