RBC Canadian Core Real Estate Fund Completes $805 Million Closing
In November 2019, RBC GAM Inc. announced the first closing of the RBC Canadian Core Real Estate Fund. This unique real estate fund is the result of a $7.5 billion collaboration with BCI and QuadReal. This solution provides investors with a unique opportunity to invest in one of Canada’s highest quality, largest and most diversified commercial real estate portfolios. In order to create long-term alignment with investors, BCI maintains a 50% ownership position in each property held by the Fund, and QuadReal continues to manage the properties, ensuring a seamless continuity of service and management and a disciplined focus on asset-level performance.
RBC Global Asset Management Inc. (“RBC GAM Inc.”) announced the second closing of the RBC Canadian Core Real Estate Fund (“The Fund”) on October 30, 2020, which attracted $805 million in equity commitments from Canadian institutional and individual investors, exceeding subscription targets. This follows the initial closing of $1.25 billion completed on October 31, 2019, bringing the total assets under management for the Fund to over $2 billion.
The Fund, created in partnership with British Columbia Investment Management Corporation (“BCI”) and QuadReal Property Group (“QuadReal”), provides investors with access to one of Canada’s largest, highest quality and most diversified commercial real estate portfolios with assets located in key cities across the country.
“We experienced exceptional interest from investors who recognize the long-term benefit of adding private market assets such as commercial real estate to their investment portfolio,” said Michael Kitt, Head, Private Markets and Real Estate Equity Investments at RBC Global Asset Management Inc. “We view the Fund as a potential stabilizing component for portfolios that can provide investors with consistent yield. Exceeding our subscription target against a backdrop of pandemic related uncertainty demonstrates the confidence investors have in both the Fund and its alignment with the deep and experienced team at BCI and QuadReal.”
This information is not intended to be an offer or solicitation to buy or sell securities. The Fund is offered by RBC GAM Inc. RBC GAM Inc. is a member of the RBC Global Asset Management group of companies and an indirect wholly owned subsidiary of Royal Bank of Canada.
Investments in alternative funds are speculative and involve significant risk of loss of all or a substantial amount of your investment. Investors should consult their professional advisors and consultants regarding any tax, accounting, legal or financial considerations before making a decision as to whether the Fund is a suitable investment for them.
About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage approximately $520 billion in assets and have approximately 1,400 employees located across Canada, the United States, Europe and Asia.
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RBC GAM Corporate Communications