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.
Fund Performance
in real estate assets
in total assets
properties
Source of return
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | YTD Q3 2025 | |
| Income | 4.5% | 4.4% | 4.2% | 4.2% | 3.9% | 3.4% | 3.4% | 3.8% | 4.1% | 3.1% |
| Capital | 0.8% | 0.9% | 2.1% | 5.5% | (1.1)% | 13.1% | 3.5% | (6.8)% | (4.7)% | (1.2)% |
| Total | 5.3% | 5.3% | 6.3% | 9.7% | 2.7% | 16.5% | 6.9% | (3.0)% | (0.6)% | 2.0% |
Compound rates of return
| Three Month | 0.4% |
| Year-to-date | 2.0% |
| One Year | 1.9% |
| Three Year | (0.8)% |
| Five Year | 4.0% |
| Ten Year | 4.9% |
Diversification by property type
By property type (millions)
| Retail | 13.3% | $ | 428 |
| Office | 29.1% | $ | 938 |
| Industrial | 32.4% | $ | 1,045 |
| Residential | 23.8% | $ | 766 |
| Other | 1.4% | $ | 44 |
Diversification by region
By region (millions)
| British Columbia | 22.3% | $ | 718 |
| Alberta | 9.2% | $ | 296 |
| Prairies | 1.8% | $ | 59 |
| Ontario | 56.0% | $ | 1,802 |
| Quebec | 8.4% | $ | 269 |
| Atlantic | 2.4% | $ | 78 |
Quarterly Highlights
Q3 2025 London Life Real Estate Fund Bulletin
Across the first three quarters of 2025, the Fund delivered a total return of +1.96%, supported by a robust income return of +3.12%, partially offset by capital depreciation (-0.68%) and a mark-to-market impact on the Fundʼs existing debt (-0.48%).
In the current environment, core real estate continues to serve as a stabilizing pillar, offering consistent income returns through durable, recurring cashflows. Positive leasing momentum in the office sector is contributing to a measured recovery in asset values, suggesting the market may have moved past its trough.
