RBC Global Asset Management Inc., British Columbia Investment Management Corp. and QuadReal Property Group LP agreed to form a commercial real estate portfolio for institutional investors.
The partnership will create a portfolio of over 40 of British Columbia Investment Management's real estate assets, valued at over C$7 billion. Institutional investors may invest through the RBC Canadian Core Real Estate Fund, which is expected to be available in the third quarter. QuadReal Property Group will continue to manage the real estate assets on behalf of British Columbia Investment Management and RBC Canadian Core Real Estate Fund.
The fund will be an equal owner with British Columbia Investment Management in all of the portfolio's real estate assets through a multi-stage vend-in process.
RBC Global Asset Management is exploring opportunities to make the fund available to other customers, such as individual investors and advisers.
RBC Global Asset Management is a unit of Royal Bank of Canada.