Great-West Life Real Estate Fund

Established in 1981, the Great-West Life Real Estate Fund is one of Canada’s largest real estate segregated funds. The Great-West Life Real Estate Fund (also known as the Canadian Real Estate Investment Fund No. 1 (or CREIF)) invests in a portfolio of 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 4

October 14, 2025

Building Blocks
Episode 3

June 27, 2025

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 December 31, 2025
$5.5B

in real estate assets

$5.6B

in total assets

95

properties

Source of return

2016201720182019202020212022202320242025
Income 4.5%4.5%4.3%4.2%3.8%3.7%3.3%3.5%3.7%3.8%
Capital 0.9%1.8%2.7%4.9%(1.3)%7.8%3.9%(6.5)%(4.3)%(3.4)%
Total 5.4%6.3%7.1%9.2%2.5%11.6%7.2%(3.0)%(0.6)%0.4%

Compound rates of return

(gross of investment management fees)
Three Month (0.1)%
Year-to-date 0.4%
One Year 0.4%
Three Year (1.1)%
Five Year 2.8%
Ten Year 4.4%

Diversification by property type

By property type (millions)

Retail 10.0% $ 564
Office 28.4% $ 1,526
Industrial 27.2% $ 1,470
Residential 26.9% $ 1,451
Other 7.5% $ 407

Diversification by region

By region (millions)

British Columbia 11.6% $ 629
Alberta 12.2% $ 661
Prairies 0.4% $ 24
Ontario 64.5% $ 3,491
Quebec 10.4% $ 566
Atlantic 0.9% $ 48

Quarterly Highlights

Q4 2025 Great-West 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 42 basis points. Notably, the Fund exceeded the MSCI/REALPAC Canada Property Index benchmark on a direct real estate total return basis in both the quarter and the full year of 2025, delivering relative outperformance 9 bps and 31 bps respectively. The results are beginning to reflect early signals that valuation pressures are easing and that capital performance is set to stabilize.