Great-West Life
Real Estate Fund

50%
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50.5%
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75%
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What

Established in 1981, the Great-West Life Real Estate Fund is one of Canada’s largest real estate segregated funds.

How

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.

Why

The objective is to provide investors with strong income returns and the opportunity for long-term capital appreciation.

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Introducing GWL Realty Advisors
Segregated Real Estate Funds
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Source of return (%)
as of March 31, 2026
Year Income Capital Total
2017 4.5 1.8 6.3
2018 4.3 2.7 7.1
2019 4.2 4.9 9.2
2020 3.8 -1.3 2.5
2021 3.7 7.8 11.6
2022 3.3 3.9 7.2
2023 3.5 -6.5 -3.0
2024 3.7 -4.3 -0.6
2025 3.8 -3.4 0.4
YTD 1.0 0.6 1.6
Income
Capital
Total
Compound rates of return
(gross of investment management fees)
Three Month
1.6%
One Year
1.9%
Three Year
(0.3)%
Five Year
2.8%
Ten Year
4.4%
Diversification by property type
(Millions)
Type Percentage
Retail 10.0
Office 28.6
Industrial 26.8
Residential 30.0
Other 4.6
Retail
10.0%
$569
Office
28.6%
$1,545
Industrial
26.8%
$1,453
Residential
30.0%
$1,624
Other
4.6%
$251
Diversification by region
(Millions)
Type Percentage
British Columbia 11.6
Alberta 12.4
Prairies 0.4
Ontario 64.5
Quebec 10.2
Atlantic 0.9
British Columbia
11.6%
$632
Alberta
12.4%
$677
Prairies
0.4%
$24
Ontario
64.5%
$3,509
Quebec
10.2%
$552
Atlantic
0.9%
$48

Quarterly Highlights

Q1 2026 Great-West Life
Real Estate Fund Bulletin

Performance for the Fund continued to build momentum in Q1 2026, delivering a total fund return of 1.57%, supported by a strong 1.00% income return alongside a positive trend in capital growth and debt mark to market impacts. Results reflect a performance inflection point, with the Fund delivering its strongest quarterly return in the past 15 quarters. This improvement is further underscored by the relative performance of the Fund, as it outpaced both the MSCI/REALPAC Canada Property Index benchmark and its peer group within the MSCI/REALPAC Canada Property Fund Index on total return measures.