GWL Realty Advisors today announced that The Great-West Life Real Estate Fund has expanded its retail portfolio with the acquisition of Westbank Hub Centre North in British Columbia and Creekside Crossing in Alberta.
The Fund’s retail strategy is focused on acquiring open format centres that are anchored by a grocery or pharmacy with a national tenant roster.
“The investments in Westbank Hub Centre North and Creekside Crossing strategically align with the Fund’s objective to increase its allocation to grocery anchored retail.” said Steven Marino, Senior Vice-President, Portfolio Management. “These new generation centres have strong occupancy and lease duration profiles, providing stable and predictable income, a characteristic which has been critical to the Fund’s 35 year performance record.”
Established in 1981, the Great-West Life Real Estate Fund is one of Canada’s largest, open-end segregated real estate funds. The Fund provides investors with a stable income return and the potential for capital appreciation by way of direct investments into a portfolio of core institutional commercial real estate.
These acquisitions expand the Fund’s retail portfolio to 14 holdings totaling 10 per cent of the total portfolio.
About GWL Realty Advisors
GWL Realty Advisors Inc. is a leading real estate investment advisor providing comprehensive asset management, property management, development and specialized real estate advisory services to pension funds and institutional clients. GWL Realty Advisors manages $17.2 billion in assets including $1.0 billion in development projects across Canada. To learn more about GWL Realty Advisors, visit gwlra.com or to view the Fund’s latest performance click here.