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.
![](/wp-content/uploads/2023/06/Abbotside.png)
Abbotside Way, Caledon, ON
![](/wp-content/uploads/2023/06/300-MacRae.png)
300 McRae, Ottawa, ON
![](/wp-content/uploads/2023/06/Vancouver-Centre-Ext.jpg)
Vancouver Centre II, Vancouver, BC
![](/wp-content/uploads/2023/06/Enfield.jpg)
185 Enfield Place, Mississauga, ON
![](/wp-content/uploads/2023/06/50-Prince-Arthur.jpg)
50 Prince Arthur, Toronto, ON
![](/wp-content/uploads/2023/06/33-Yonge.jpg)
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.