Standard Life’s £2.2bn (€4.12bn) sale of its Canadian business to ManuLife could have ramifications for its real estate operations.

The sale of Standard Life’s Canadian long-term savings and retirement, individual and group insurance, and investment management businesses was announced last week.

Asked whether the move would have implications for Standard Life Investment’s real estate business in Canada, a spokesperson said “no decision on specific business areas” have yet been made.

Standard Life Investments recently raised capital for a Canadian real estate fund and manages a CAD1.3bn (€917m) open-ended on behalf of Canadian institutional investors.

The spokesperson said Standard Life would wait until the sale closes, in the first quarter of next year, before marking any further announcements.

“Although we are still at an early stage, we already know that some of our capabilities are well regarded and highly complementary to Manulife Asset Management,” she said, pointing to its liability-driven investment approach and real estate and investment risk oversight.

“We will continue to operate independently as separate organisations and it will be business as usual.”

Manulife will distribute Standard Life Investments’ funds in Canada, the US and Asia. The agreement will, within three years, the firm said, more than treble Standard Life Investments’ assets under management (£3.3bn at H1) distributed by Manulife.

Keith Skeoch, CEO Standard Life Investments, said it would reciprocate by distributing Manulife funds in the UK market.

Skeoch said the agreement is a “natural extension” of the firm’s existing strategy where the pair have a range of partnerships and relationships.

Standard Life Investments’ Boston office will become a hub for its North American business following the sale. A new office in Toronto is planned to continue serving Standard Life Investments’ local institutional clients.