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
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD | |
| Income | 4.4% | 4.2% | 4.2% | 3.9% | 3.4% | 3.4% | 3.8% | 4.1% | 4.2% | 2.1% |
| Capital | 0.9% | 2.1% | 5.5% | (1.1)% | 13.1% | 3.5% | (6.8)% | (4.7)% | (2.2)% | 0.6% |
| Total | 5.3% | 6.3% | 9.7% | 2.7% | 16.5% | 6.9% | (3.0)% | (0.6)% | 2.0% | 2.7% |
Compound rates of return
| Three Month | 0.5% |
| Year-to-date | 2.7% |
| One Year | 3.1% |
| Three Year | 0.5% |
| Five Year | 3.0% |
| Ten Year | 4.8% |
Diversification by property type
By property type (millions)
| Retail | 13% | $ | 434 |
| Office | 28.8% | $ | 962 |
| Industrial | 34% | $ | 1,131 |
| Residential | 23.1% | $ | 770 |
| Other | 1.3% | $ | 43 |
Diversification by region
By region (millions)
| British Columbia | 21.7% | $ | 723 |
| Alberta | 8.7% | $ | 289 |
| Prairies | 1.8% | $ | 59 |
| Ontario | 57.4% | $ | 1,920 |
| Quebec | 8.1% | $ | 269 |
| Atlantic | 2.4% | $ | 80 |
Quarterly Highlights
Q2 2026 London Life Real Estate Fund Bulletin
The London Life Real Estate Fund (“LLREF”) continued to generate stable results in the second quarter of 2026, resulting in a year-to-date total return of 2.70%. Performance was supported by improving operating fundamentals across the portfolio and continued execution of strategic asset management initiatives. Portfolio occupancy increased 90 basis points during the quarter to 92.0%, reflecting healthy tenant demand and positive leasing momentum which continue to support durable cash flow generation.
