London Life Real Estate Fund

The London Life Real Estate Fund was launched in 1998 to create a vehicle for direct real estate investment. The Fund invests in 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
$3.3B

in real estate assets

$3.7B

in total assets

76

properties

Source of return

201620172018201920202021202220232024Q1 2025
Income 4.5%4.4%4.2%4.2%3.9%3.4%3.4%3.8%4.1%1.0%
Capital 0.8%0.9%2.1%5.5%(1.1)%13.1%3.5%(6.8)%(4.7)%0.1%
Total 5.3%5.3%6.3%9.7%2.7%16.5%6.9%(3.0)%(0.6)%1.1%

Compound rates of return

(gross of investment management fees)
Three Month 1.1%
Year-to-date 1.1%
One Year 0.2%
Three Year (0.4)%
Five Year 4.2%
Ten Year 5.3%

Diversification by property type

By property type (millions)

Retail 13.0% $ 421
Office 29.6% $ 960
Industrial 32.3% $ 1,047
Residential 23.7% $ 767
Other 1.4% $ 46

Diversification by region

By region (millions)

British Columbia 22.4% $ 725
Alberta 9.0% $ 189
Prairies 1.8% $ 58
Ontario 55.9% $ 1,811
Quebec 8.3% $ 268
Atlantic 2.3% $ 75
U.S. 0.3% $ 9

Quarterly Highlights

Q1 2025 London Life Real Estate Fund Bulletin

The Fund delivered a total return of 111bps in the first quarter of 2025, primarily driven by the strength of income (104bps) and bolstered by positive capital gains (51bps) and modestly offset by the mark-to-market of the Fund’s debt (-44bps).