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

as of September 30, 2023

$6.4B

in real estate assets

$6.8B

in total assets

123

properties

Source of return

201420152016201720182019202020212022YTD 2023
Income 4.8%4.5%4.5%4.5%4.3%4.2%3.8%3.8%3.3%2.6%
Capital 2.6%0.1%0.9%1.8%2.7%4.9%(1.3)%7.8%3.9%(3.2)%
Total 7.4%4.7%5.4%6.3%7.1%9.2%2.5%11.6%7.2%(0.6)%

Compound rates of return

(gross of investment management fees)
Three Month – Q3 0.1%
Year-to-date (0.6)%
One Year (0.7)%
Three Year 6.4%
Five Year 6.2%
Ten Year 6.3%

Diversification by property type

By property type (millions)

Retail 9% $ 566
Office 25.7% $ 1,621
Industrial 30.8% $ 1,945
Residential 27.9% $ 1,763
Other 6.6% $ 423

Diversification by region

By region (millions)

British Columbia 10.5% $ 662
Alberta 10.2% $ 644
Prairies 1.2% $ 74
Ontario 67.6% $ 4,279
Quebec 9.6% $ 604
Atlantic 0.7% $ 46
U.S. 0.2% $ 10

Quarterly Highlights

Q3 2023 Great-West Life Real Estate Fund Bulletin

Through three quarters of 2023, the total gross return for the Canadian Real Estate Fund No.1 was -0.56%. Positive contributions from income and mortgage valuation continue to be offset by the impact of the current interest rate environment on asset values.

Abbotside Way, Caledon, ON
300 McRae, Ottawa, ON
Vancouver Centre II, Vancouver, BC
185 Enfield Place, Mississauga, ON
50 Prince Arthur, Toronto, ON
33 Yonge Street, Toronto, ON

Downloads

Latest annual report

Latest bulletin

Past Performance Reports

Quarterly Bulletins

Q3 2023 Bulletin PDF (992 KB)
Q2 2023 Bulletin PDF (1 MB)
Q1 2023 Bulletin PDF (499 KB)
Q4 2022 Bulletin PDF (356 KB)

Annual Reports

Canadian Real Estate Investment Fund - Annual Report 2022 PDF (7 MB)
Canadian Real Estate Investment Fund - Annual Report 2021 PDF (5 MB)
Canadian Real Estate Investment Fund - Annual Report 2020 PDF (3 MB)
Canadian Real Estate Investment Fund - Annual Report 2019 PDF (6 MB)
Canadian Real Estate Investment Fund - Annual Report 2018 PDF (5 MB)

Want to Invest?

Contact a Great-West Life advisor to invest in the Great-West Life Real Estate Fund.