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 March 31, 2025
$3.3B
in real estate assets
$3.7B
in total assets
76
properties
Source of return
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Q1 2025 | |
| Income | 4.5% | 4.4% | 4.2% | 4.2% | 3.9% | 3.4% | 3.4% | 3.8% | 4.1% | 1.0% |
| Capital | 0.8% | 0.9% | 2.1% | 5.5% | (1.1)% | 13.1% | 3.5% | (6.8)% | (4.7)% | 0.1% |
| Total | 5.3% | 5.3% | 6.3% | 9.7% | 2.7% | 16.5% | 6.9% | (3.0)% | (0.6)% | 1.1% |
Compound rates of return
(gross of investment management fees)
| Three Month | 1.1% |
| Year-to-date | 1.1% |
| One Year | 0.2% |
| Three Year | (0.4)% |
| Five Year | 4.2% |
| Ten Year | 5.3% |
Diversification by property type
13.0% Retail
29.6% Office
32.3% Industrial
23.7% Residential
1.4% Other
By property type (millions)
| Retail | 13.0% | $ | 421 |
| Office | 29.6% | $ | 960 |
| Industrial | 32.3% | $ | 1,047 |
| Residential | 23.7% | $ | 767 |
| Other | 1.4% | $ | 46 |
Diversification by region
22.4% British Columbia
9.0% Alberta
1.8% Prairies
55.9% Ontario
8.3% Quebec
2.3% Atlantic
0.3% U.S.
By region (millions)
| British Columbia | 22.4% | $ | 725 |
| Alberta | 9.0% | $ | 189 |
| Prairies | 1.8% | $ | 58 |
| Ontario | 55.9% | $ | 1,811 |
| Quebec | 8.3% | $ | 268 |
| Atlantic | 2.3% | $ | 75 |
| U.S. | 0.3% | $ | 9 |
Quarterly Highlights
Q1 2025 London Life Real Estate Fund Bulletin
The Fund delivered a total return of 111bps in the first quarter of 2025, primarily driven by the strength of income (104bps) and bolstered by positive capital gains (51bps) and modestly offset by the mark-to-market of the Fund’s debt (-44bps).
