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Transactions - SEPTEMBER 13, 2021

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RBC GAM Inc. and BCI sign one of Canada’s largest real estate deals this year

by Kali Persall

The RBC Canadian Core Real Estate Fund, managed by RBC Global Asset Management (RBC GAM Inc.) has agreed to acquire a 50 percent interest in a $1 billion portfolio of real estate assets from its partner, British Columbia Investment Management Corp. (BCI), and its real estate arm, QuadReal Property Group.

The off-market transaction represents one of the largest Canadian real estate deals this year and increases the size of RBC GAM Inc. and BCI's partnership to more than $9 billion.

The new assets comprise a portfolio of 12 core properties located in Toronto, Vancouver and Edmonton. Seventy percent are industrial and 25 percent are multifamily residential by market value, adding 5.5 million square feet of industrial space and 843 residential rental units to the portfolio.

Following the deal, BCI will own the remaining interest in each individual asset, and QuadReal will continue to operate and manage the properties providing important long-term performance alignme

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