TORONTO, Nov. 3, 2020 /CNW/ – 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.