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, 2024
$6.0B
in real estate assets
$6.4B
in total assets
110
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% | 2.8% |
| Capital | 0.1% | 0.9% | 1.8% | 2.7% | 4.9% | (1.3)% | 7.8% | 3.9% | (6.5)% | (3.4)% |
| Total | 4.7% | 5.4% | 6.3% | 7.1% | 9.2% | 2.5% | 11.6% | 7.2% | (3.0)% | (0.6)% |
Compound rates of return
(gross of investment management fees)
| Three Month | (0.5)% |
| Year-to-date | (0.6)% |
| One Year | (3.0)% |
| Three Year | 2.3% |
| Five Year | 3.9% |
| Ten Year | 5.2% |
Diversification by property type
By property type (millions)
| Retail | 9.6% | $ | 572 |
| Office | 26.2% | $ | 1,549 |
| Industrial | 28.9% | $ | 1,719 |
| Residential | 28.0% | $ | 1,661 |
| Other | 7.3% | $ | 437 |
Diversification by region
By region (millions)
| British Columbia | 10.8% | $ | 644 |
| Alberta | 10.8% | $ | 641 |
| Prairies | 1.1% | $ | 68 |
| Ontario | 66.5% | $ | 3,942 |
| Quebec | 9.7% | $ | 577 |
| Atlantic | 0.7% | $ | 42 |
| U.S. | 0.4% | $ | 25 |
Quarterly Highlights
Q3 2024 Great-West Life Real Estate Fund Bulletin
Through the first 3 quarters of 2024 overall Fund performance remained relatively flat. Income continues to be generated at the expected rate and capital returns have begun to moderate as asset values are stabilizing on the heels of multiple overnight rate cuts by the Bank of Canada.
Berczy Square, Toronto, ON
300 McRae, Ottawa, ON
Vancouver Centre II, Vancouver, BC
185 Enfield Place, Mississauga, ON
50 Prince Arthur, Toronto, ON
Marine Way Market, Burnaby, BC
Downloads
Latest annual report
Latest bulletin
Past Performance Reports
Quarterly Bulletins
| Q3 2024 Bulletin |
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| Q2 2024 Bulletin |
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| Q1 2024 Bulletin |
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| Q4 2023 Bulletin |
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