Through RBC’s Canadian Core Real Estate Fund, would-be investors now have access to one of the country’s largest, highest quality, and most diversified commercial asset portfolios.
The fund is the result of a $7.5-billion collaboration with BCI and QuadReal, RBC announced recently.
“The RBC Canadian Core Real Estate Fund has attracted exceptional client interest, demonstrating strong demand for a differentiated real estate solution backed by three Canadian industry leaders,” RBC GAM chief executive officer Damon Williams said.
QuadReal CEO Dennis Lopez hailed the launch as a much-needed collaboration to deliver on the promises of active asset management.
“Working with RBC GAM aligns with our strategy to establish key partnerships and invest in exceptional Canadian assets while diversifying the global real estate program that we manage on behalf of BCI and its clients,” Lopez noted.
The fund significantly exceeded subscription targets, magnetizing more than $1.25 billion in equity commitments from institutional and individual investors alike.
“The vend-in of the Fund’s interest in the initial portfolio will take place over three additional subscription tranches, with the next scheduled to close in the second half of 2020,” RBC outlined.
“This series of tranches will form the base of the RBC Canadian Core Real Estate Fund and provide a defined, multi-year growth trajectory. Once these tranches are complete, the Fund will have an equal ownership position with BCI in a core real estate portfolio valued at over $7.5 billion.”