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 Q2 2025 | |
| Income | 4.5% | 4.4% | 4.2% | 4.2% | 3.9% | 3.4% | 3.4% | 3.8% | 4.1% | 2.1% |
| Capital | 0.8% | 0.9% | 2.1% | 5.5% | (1.1)% | 13.1% | 3.5% | (6.8)% | (4.7)% | (0.6)% |
| Total | 5.3% | 5.3% | 6.3% | 9.7% | 2.7% | 16.5% | 6.9% | (3.0)% | (0.6)% | 1.5% |
Compound rates of return
| Three Month | 0.4% |
| Year-to-date | 1.5% |
| One Year | 1.1% |
| Three Year | (1.2)% |
| Five Year | 4.4% |
| Ten Year | 4.9% |
Diversification by property type
By property type (millions)
| Retail | 13.2% | $ | 426 |
| Office | 29.3% | $ | 948 |
| Industrial | 32.5% | $ | 1,050 |
| Residential | 23.7% | $ | 765 |
| Other | 1.4% | $ | 45 |
Diversification by region
By region (millions)
| British Columbia | 22.4% | $ | 723 |
| Alberta | 9.2% | $ | 296 |
| Prairies | 1.8% | $ | 58 |
| Ontario | 55.7% | $ | 1,801 |
| Quebec | 8.4% | $ | 270 |
| Atlantic | 2.4% | $ | 76 |
| U.S. | 0.3% | $ | 9 |
Quarterly Highlights
Q2 2025 London Life Real Estate Fund Bulletin
In the first half of 2025, total Fund performance (+153bps) was led by the strength of the income component of return (+210bps) and offset by modest capital depreciation and mark-to-market impacts (-60bps). Asset values are stabilizing and while macroeconomic uncertainty continues to cloud the near-term outlook, the longer-term thesis for real estate
investment remains squarely intact. In the current environment, core real estate serves as a stabilizing anchor offering consistent performance through its durable, recurring cashflows and holds the potential for outsized capital performance as the sector recovers.
