Great-West Life
Real Estate Fund
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.

$5.5B in real estate assets

$5.6B in total assets

93 properties

As of June 30, 2026
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
type 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD
Income
 4.5% 4.3% 4.2% 3.8% 3.7% 3.3% 3.5% 3.7% 3.8% 1.0%
Capital
 1.8% 2.7% 4.9% (1.3)% 7.8% 3.9% (6.5)% (4.3)% (3.4)% 0.6%
Total
 6.3% 7.1% 9.2% 2.5% 11.6% 7.2% (3.0)% (0.6)% 0.4% 1.6%
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 $569
Office $1,545
Industrial $1,453
Residential $1,624
Other $251
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 $632
Alberta $677
Prairies $24
Ontario $3,509
Quebec $552
Atlantic $48
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

Q2 2026 Great-West Life
Real Estate Fund Bulletin

The Great-West Life Real Estate Fund (“CREIF”) continued to generate stable results in the second quarter of 2026, resulting in a year-to-date total return of 2.17%. Performance was supported by improving operating fundamentals across the portfolio and continued execution of strategic asset management initiatives. Portfolio occupancy increased 47 basis points during the quarter to 89.1%, reflecting healthy tenant demand and positive leasing momentum which continue to support durable cash flow generation.
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Connect With Our Team

Steven Marino
Executive Vice President, Chief Portfolio & Growth Officer

David Blyth
Vice President, Corporate Development & Investor Relations