Canada Life Assurance Co. suspends activity on real estate investment funds

Canada Life Assurance Company has temporarily paused contributions, transfers and redemptions for its Canadian real estate investment funds, citing the impact of COVID-19 on the global property market.

The impacted funds include the Great-West Life Canadian Real Estate Investment Fund No. 1, the London Life Real Estate Fund 2.17G, the London Life Real Estate Fund 5.191G and the Canada Life Real Estate Fund (GWLRA) SF353.

The first two funds have holdings in office, retail, industrial and multifamily residential properties across Canada.

“The COVID-19 virus has impacted the global property market and made it difficult to value the properties with the same degree of certainty as usual,” stated the company. “That in turn affects the company’s ability to ensure that unitholders may buy and sell units at a price that reflects th