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 March 31, 2024
$6.3B
in real estate assets
$6.6B
in total assets
120
properties
Source of return
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| Income | 4.5% | 4.5% | 4.5% | 4.3% | 4.2% | 3.8% | 3.7% | 3.3% | 3.5% | 1.0% |
| Capital | 0.1% | 0.9% | 1.8% | 2.7% | 4.9% | (1.3)% | 7.8% | 3.9% | (6.5)% | (0.7)% |
| Total | 4.7% | 5.4% | 6.3% | 7.1% | 9.2% | 2.5% | 11.6% | 7.2% | (3.0)% | 0.3% |
Compound rates of return
(gross of investment management fees)
| Three Month | 0.3% |
| Year-to-date | 0.3% |
| One Year | (1.9)% |
| Three Year | 4.5% |
| Five Year | 5.0% |
| Ten Year | 5.6% |
Diversification by property type
By property type (millions)
| Retail | 9.1% | $ | 565 |
| Office | 25.2% | $ | 1,568 |
| Industrial | 29.6% | $ | 1,845 |
| Residential | 28.6% | $ | 1,783 |
| Other | 7.5% | $ | 464 |
Diversification by region
By region (millions)
| British Columbia | 10.4% | $ | 649 |
| Alberta | 10.4% | $ | 649 |
| Prairies | 1.1% | $ | 67 |
| Ontario | 67.9% | $ | 4,230 |
| Quebec | 9.3% | $ | 579 |
| Atlantic | 0.7% | $ | 43 |
| U.S. | 0.2% | $ | 10 |
Quarterly Highlights
Q1 2024 Great-West Life Real Estate Fund Bulletin
For the first quarter in 2024, the Canadian Real Estate Fund No.1 posted a 26-basis point total return. Overall portfolio occupancy remained strong and continues to be a good predictor of future income performance, which totalled 96 basis points in Q1. Additional updates from the period follow below.
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
| Q1 2024 Bulletin |
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| Q4 2023 Bulletin |
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| Q3 2023 Bulletin |
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| Q2 2023 Bulletin |
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Annual Reports
| Canadian Real Estate Investment Fund – Annual Report 2023 |
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| Canadian Real Estate Investment Fund – Annual Report 2022 |
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| Canadian Real Estate Investment Fund – Annual Report 2021 |
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| Canadian Real Estate Investment Fund – Annual Report 2020 |
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| Canadian Real Estate Investment Fund – Annual Report 2019 |
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Want to Invest?
Contact a Great-West Life advisor to invest in the Great-West Life Real Estate Fund.