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 | 2025 | |
| Income | 4.5% | 4.4% | 4.2% | 4.2% | 3.9% | 3.4% | 3.4% | 3.8% | 4.1% | 4.2% |
| Capital | 0.8% | 0.9% | 2.1% | 5.5% | (1.1)% | 13.1% | 3.5% | (6.8)% | (4.7)% | (2.2)% |
| 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 | 0.0% |
| Year-to-date | 2.0% |
| One Year | 2.0% |
| Three Year | (0.6)% |
| Five Year | 3.9% |
| Ten Year | 4.8% |
Diversification by property type
By property type (millions)
| Retail | 13.0% | $ | 428 |
| Office | 28.3% | $ | 933 |
| Industrial | 32.4% | $ | 1,126 |
| Residential | 23.2% | $ | 765 |
| Other | 1.3% | $ | 43 |
Diversification by region
By region (millions)
| British Columbia | 21.6% | $ | 711 |
| Alberta | 8.9% | $ | 294 |
| Prairies | 1.8% | $ | 59 |
| Ontario | 57.2% | $ | 1,884 |
| Quebec | 8.2% | $ | 269 |
| Atlantic | 2.4% | $ | 78 |
Quarterly Highlights
Q4 2025 London Life Real Estate Fund Bulletin
Performance for the Fund is improving, marked by a positive 2025 total return. Income returns outpaced capital depreciation (inclusive of a negative mark-to-market of the Fund’s debt) leading to a total gross return for the year of 199 basis points.
Notably, the Fund outperformed the MSCI/REALPAC Canada Property Index benchmark on a direct real estate total return basis in both the quarter and full year of 2025, delivering strong relative annual outperformance of 123 bps. LLREF also outperformed its smaller peer group, the MSCI/REALPAC Canada Property Fund Index, on an annual total direct real estate return basis by 18 bps, and at the fund-level by 34 bps. The results are beginning to reflect early signals that valuation pressures are easing and that capital performance is set to stabilize.
