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. 

 

Fund Performance

as of December 31, 2023

$6.3B

in real estate assets

$6.7B

in total assets

120

properties

Source of return

2014201520162017201820192020202120222023
Income 4.8%4.5%4.5%4.5%4.3%4.2%3.8%3.7%3.3%3.5%
Capital 2.6%0.1%0.9%1.8%2.7%4.9%(1.3)%7.8%3.9%(6.5)%
Total 7.4%4.7%5.4%6.3%7.1%9.2%2.5%11.6%7.2%(3.0)%

Compound rates of return

(gross of investment management fees)
Three Month (2.4)%
Year-to-date (3.0)%
One Year (3.0)%
Three Year 5.1%
Five Year 5.4%
Ten Year 5.8%

Diversification by property type

By property type (millions)

Retail 9.1% $ 569
Office 25.7% $ 1,855
Industrial 29.7% $ 1,855
Residential 28.4% $ 1,773
Other 7.1% $ 441

Diversification by region

By region (millions)

British Columbia 10.4% $ 652
Alberta 10.5% $ 652
Prairies 1.1% $ 71
Ontario 67.6% $ 4,215
Quebec 9.5% $ 593
Atlantic 0.7% $ 46
U.S. 0.2% $ 9

Quarterly Highlights

Q4 2023 Great-West Life Real Estate Fund Bulletin

The total gross return for 2023 was -2.98% as capital returns were significantly impacted by a decline in asset values attributable to elevated borrowing costs and a negative mark to market on the Funds debt. Income returns remained within target range as occupancy across the portfolio averaged better than 90% for the year.

Abbotside Way, Caledon, ON
300 McRae, Ottawa, ON
Vancouver Centre II, Vancouver, BC
185 Enfield Place, Mississauga, ON
50 Prince Arthur, Toronto, ON
33 Yonge Street, Toronto, ON

Downloads

Latest annual report

Latest bulletin

Past Performance Reports

Quarterly Bulletins

Q4 2023 Bulletin PDF (399 KB)
Q3 2023 Bulletin PDF (992 KB)
Q2 2023 Bulletin PDF (1 MB)
Q1 2023 Bulletin PDF (499 KB)

Annual Reports

Canadian Real Estate Investment Fund – Annual Report 2022 PDF (7 MB)
Canadian Real Estate Investment Fund – Annual Report 2021 PDF (5 MB)
Canadian Real Estate Investment Fund – Annual Report 2020 PDF (3 MB)
Canadian Real Estate Investment Fund – Annual Report 2019 PDF (6 MB)
Canadian Real Estate Investment Fund – Annual Report 2018 PDF (5 MB)

Want to Invest?

Contact a Great-West Life advisor to invest in the Great-West Life Real Estate Fund.