RBC Canadian Core Real Estate Fund raises $450m

RBC Canadian Core Real Estate Fund, a fund created by RBC Global Asset Management, British Columbia Investment Management Corp. (BCI) and QuadReal Property Group, has completed a third closing, exceeding its target with more than $450 million in equity subscriptions.

The fund 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.

RBC said, with the latest fundraise, it has wrapped up the third phase of its multi-year investment program with BCI and QuadReal, which includes the acquisition of more than $700 million in real estate assets.

Following the Oct. 29 closing, the fund has $2.7 billion in assets under management, and an ownership share in 62 assets valued at more than $3.4 billion. BCI owns the remaining interest in the more than $9 billion portfolio. QuadReal will continue to operate and manage the properties.

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