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
in real estate assets
in total assets
properties
Source of return
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD | |
| Income | 4.5% | 4.3% | 4.2% | 3.8% | 3.7% | 3.3% | 3.5% | 3.7% | 3.8% | 2.0% |
| Capital | 1.8% | 2.7% | 4.9% | (1.3)% | 7.8% | 3.9% | (6.5)% | (4.3)% | (3.4)% | 0.2% |
| Total | 6.3% | 7.1% | 9.2% | 2.5% | 11.6% | 7.2% | (3.0)% | (0.6)% | 0.4% | 2.2% |
Compound rates of return
| Three Month | 0.6% |
| Year-to-date | 2.2% |
| One Year | 2.4% |
| Three Year | (0.1)% |
| Five Year | 2.4% |
| Ten Year | 4.3% |
Diversification by property type
By property type (millions)
| Retail | 11.0% | $ | 574 |
| Office | 28.3% | $ | 1,529 |
| Industrial | 27.0% | $ | 1,456 |
| Residential | 28.5% | $ | 1,554 |
| Other | 5.2% | $ | 281 |
Diversification by region
By region (millions)
| British Columbia | 12.0% | $ | 647 |
| Alberta | 12.6% | $ | 677 |
| Prairies | 0.4% | $ | 23 |
| Ontario | 63.8% | $ | 3,444 |
| Quebec | 10.3% | $ | 554 |
| Atlantic | 0.9% | $ | 49 |
Quarterly Highlights
Q2 2026 Great-West Life Real Estate Fund Bulletin
The Great-West Life Real Estate Fund (“CREIF”) continued to generate stable results in the second quarter of 2026, resulting in a year-to-date total return of 2.17%. Performance was supported by improving operating fundamentals across the portfolio and continued execution of strategic asset management initiatives. Portfolio occupancy increased 47 basis points during the quarter to 89.1%, reflecting healthy tenant demand and positive leasing momentum which continue to support durable cash flow generation.
Downloads
Latest annual report
Latest bulletin
Past Performance Reports
Quarterly Bulletins
| Q2 2026 Bulletin |
|
| Q1 2026 Bulletin |
|
| Q4 2025 Bulletin |
|
| Q3 2025 Bulletin |
|