Great-West Life Real Estate Fund

Established in 1981, the Great-West Life Real Estate Fund is one of Canada’s largest real estate segregated funds. The Great-West Life Real Estate Fund (also known as the Canadian Real Estate Investment Fund No. 1 (or CREIF)) invests in a portfolio of high-quality, income-producing properties diversified by type and location. The objective is to provide investors with strong income returns and the opportunity for long-term capital appreciation. 

 

Building Blocks
Episode 2

April 2, 2025

Building Blocks
Episode 1

October 8, 2024

In our first episode, we sit down with Steve Marino, Executive Vice-President of Portfolio Management, and Craig England, Vice-President of Portfolio Management, to explore a variety of topics including GWLRA’s asset valuation process, the impact of rate cuts, sector outlook, and the role research plays in shaping investment decisions.

Introducing GWL Realty Advisors’ Segregated Real Estate Funds

July 23, 2024

Three segregated real estate funds that enable investors to diversify their holdings with high-quality, income-producing properties.

Fund Performance

as of March 31, 2025
$5.8B

in real estate assets

$6.0B

in total assets

101

properties

Source of return

201620172018201920202021202220232024Q1 2025
Income 4.5%4.5%4.3%4.2%3.8%3.7%3.3%3.5%3.7%1.0%
Capital 0.9%1.8%2.7%4.9%(1.3)%7.8%3.9%(6.5)%(4.3)%(0.8)%
Total 5.4%6.3%7.1%9.2%2.5%11.6%7.2%(3.0)%(0.6)%0.1%

Compound rates of return

(gross of investment management fees)
Three Month 0.1%
Year-to-date 0.1%
One Year (0.8)%
Three Year (0.4)%
Five Year 3.0%
Ten Year 4.9%

Diversification by property type

By property type (millions)

Retail 9.6% $ 553
Office 27.2% $ 1,553
Industrial 27.6% $ 1,584
Residential 28.7% $ 1,648
Other 6.9% $ 396

Diversification by region

By region (millions)

British Columbia 11.4% $ 654
Alberta 10.8% $ 617
Prairies 0.4% $ 26
Ontario 66.1% $ 3,794
Quebec 10.1% $ 577
Atlantic 0.8% $ 45
U.S. 0.4% $ 21

Quarterly Highlights

Q1 2025 Great-West Life Real Estate Fund Bulletin

The Fund delivered a total return of 13bps in the first quarter of 2025, primarily driven by the strength of income (0.97bps), offset by a moderate capital loss (-28bps) and the mark-to-market of the Fund’s debt (-56bps).