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.
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% | 4.5% | 4.3% | 4.2% | 3.8% | 3.7% | 3.3% | 3.5% | 3.7% | 1.9% |
| Capital | 0.9% | 1.8% | 2.7% | 4.9% | (1.3)% | 7.8% | 3.9% | (6.5)% | (4.3)% | (1.7)% |
| Total | 5.4% | 6.3% | 7.1% | 9.2% | 2.5% | 11.6% | 7.2% | (3.0)% | (0.6)% | 0.2% |
Compound rates of return
| Three Month | 0.1% |
| Year-to-date | 0.2% |
| One Year | (0.3)% |
| Three Year | (1.3)% |
| Five Year | 3.3% |
| Ten Year | 4.5% |
Diversification by property type
By property type (millions)
| Retail | 10% | $ | 563 |
| Office | 27.3% | $ | 1,535 |
| Industrial | 28.0% | $ | 1,574 |
| Residential | 27.7% | $ | 1,559 |
| Other | 7.0% | $ | 396 |
Diversification by region
By region (millions)
| British Columbia | 11.7% | $ | 656 |
| Alberta | 11.1% | $ | 623 |
| Prairies | 0.4% | $ | 25 |
| Ontario | 65.4% | $ | 3,682 |
| Quebec | 10.2% | $ | 573 |
| Atlantic | 0.8% | $ | 46 |
| U.S. | 0.4% | $ | 21 |
Quarterly Highlights
Q2 2025 Great-West Life Real Estate Fund Bulletin
In the first half of 2025, total Fund performance (+22bps) was led by the strength of the income component of return (190bps) and offset by modest capital depreciation and mark-to-market impacts (-170bps). 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 has the potential for outsized capital performance as the sector recovers.
Downloads
Latest annual report
Latest bulletin
Past Performance Reports
Quarterly Bulletins
| Q2 2025 Bulletin |
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| Q1 2025 Bulletin |
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| Q4 2024 Bulletin |
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| Q3 2024 Bulletin |
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