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

as of December 31, 2023

$3.3B

in real estate assets

$3.7B

in total assets

81

properties

Source of return

2014201520162017201820192020202120222023
Income 4.3%4.0%4.5%4.4%4.2%4.2%3.9%3.4%3.4%3.8%
Capital 1.7%0.4%0.8%0.9%2.1%5.5%(1.1)%13.1%3.5%(6.8)%
Total 6.0%4.5%5.3%5.3%6.3%9.7%2.7%16.5%6.9%(3.0)%

Compound rates of return

(gross of investment management fees)
Three Month (2.9)%
Year-to-date (3.0)%
One Year (3.0)%
Three Year 6.5%
Five Year 6.4%
Ten Year 5.9%

Diversification by property type

By property type (millions)

Retail 10.9% $ 360
Office 29.6% $ 978
Industrial 31.8% $ 1,053
Residential 24.3% $ 802
Other 3.3% $ 114

Diversification by region

By region (millions)

British Columbia 22.3% $ 739
Alberta 9.9% $ 329
Prairies 0.6% $ 19
Ontario 56.6% $ 1,873
Quebec 8.2% $ 271
Atlantic 2.2% $ 74
U.S. 0.1% $ 4

Quarterly Highlights

Q4 2023 London Life Real Estate Fund Bulletin

The total gross return for 2023 was -3.04% as capital returns were significantly impacted by a decline in asset values attributable to elevated borrowing costs and a negative mark to market on the Funds debt. Income returns remained within target range as occupancy across the portfolio averaged better than 90% for the year.

Brewery Development Site, Edmonton, AB
1188 West Georgia, Vancouver, BC
Goreway Business Park, Brampton, ON
185 Enfield Place, Mississauga, ON

Downloads

Latest bulletin

Past Performance Reports

Quarterly Bulletins

Q4 2023 Bulletin PDF (424 KB)
Q3 2023 Bulletin PDF (1 MB)
Q2 2023 Bulletin PDF (2 MB)
Q1 2023 Bulletin PDF (525 KB)

Want to Invest?

Contact a London Life advisor to invest in the London Life Real Estate Fund.