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, 2025
$5.8B
in real estate assets
$6.0B
in total assets
101
properties
Source of return
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Q1 2025 | |
| Income | 4.5% | 4.5% | 4.3% | 4.2% | 3.8% | 3.7% | 3.3% | 3.5% | 3.7% | 1.0% |
| Capital | 0.9% | 1.8% | 2.7% | 4.9% | (1.3)% | 7.8% | 3.9% | (6.5)% | (4.3)% | (0.8)% |
| Total | 5.4% | 6.3% | 7.1% | 9.2% | 2.5% | 11.6% | 7.2% | (3.0)% | (0.6)% | 0.1% |
Compound rates of return
(gross of investment management fees)
| Three Month | 0.1% |
| Year-to-date | 0.1% |
| One Year | (0.8)% |
| Three Year | (0.4)% |
| Five Year | 3.0% |
| Ten Year | 4.9% |
Diversification by property type
By property type (millions)
| Retail | 9.6% | $ | 553 |
| Office | 27.2% | $ | 1,553 |
| Industrial | 27.6% | $ | 1,584 |
| Residential | 28.7% | $ | 1,648 |
| Other | 6.9% | $ | 396 |
Diversification by region
By region (millions)
| British Columbia | 11.4% | $ | 654 |
| Alberta | 10.8% | $ | 617 |
| Prairies | 0.4% | $ | 26 |
| Ontario | 66.1% | $ | 3,794 |
| Quebec | 10.1% | $ | 577 |
| Atlantic | 0.8% | $ | 45 |
| U.S. | 0.4% | $ | 21 |
Quarterly Highlights
Q1 2025 Great-West Life Real Estate Fund Bulletin
The Fund delivered a total return of 13bps in the first quarter of 2025, primarily driven by the strength of income (0.97bps), offset by a moderate capital loss (-28bps) and the mark-to-market of the Fund’s debt (-56bps).
Downloads
Latest annual report
Latest bulletin
Past Performance Reports
Quarterly Bulletins
| Q1 2025 Bulletin |
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| Q4 2024 Bulletin |
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| Q3 2024 Bulletin |
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| Q2 2024 Bulletin |
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