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
in real estate assets
in total assets
properties
Source of return
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| Income | 4.0% | 4.5% | 4.4% | 4.2% | 4.2% | 3.9% | 3.4% | 3.4% | 3.8% | 4.1% |
| Capital | 0.4% | 0.8% | 0.9% | 2.1% | 5.5% | (1.1)% | 13.1% | 3.5% | (6.8)% | (4.7)% |
| Total | 4.5% | 5.3% | 5.3% | 6.3% | 9.7% | 2.7% | 16.5% | 6.9% | (3.0)% | (0.6)% |
Compound rates of return
| Three Month | 0.0% |
| Year-to-date | (0.6)% |
| One Year | (0.7)% |
| Three Year | 1.0% |
| Five Year | 4.3% |
| Ten Year | 5.2% |
Diversification by property type
By property type (millions)
| Retail | 11.7% | $ | 374 |
| Office | 30.3% | $ | 968 |
| Industrial | 32.7% | $ | 1,044 |
| Residential | 24.0% | $ | 766 |
| Other | 1.4% | $ | 45 |
Diversification by region
By region (millions)
| British Columbia | 23.0% | $ | 736 |
| Alberta | 9.2% | $ | 293 |
| Prairies | 0.6% | $ | 18 |
| Ontario | 56.2% | $ | 1,798 |
| Quebec | 8.4% | $ | 269 |
| Atlantic | 2.3% | $ | 75 |
| U.S. | 0.3% | $ | 9 |
Quarterly Highlights
Q4 2024 London Life Real Estate Fund Bulletin
Total fourth quarter performance was muted at -0.01%, this represented a 42bps improvement relative to Q3 and 46bps improvement relative to Q2 performance. Total return for the calendar year was -0.60%, comprised of an annual income return of 4.12% that outpaced capital depreciation by 18bps. 0.78% of negative performance was attributed to the mark to market of the Fund’s mortgage financing as bond yields have been retracting since Q4 of 2023.
