MONTREAL, Sept. 18, 2013 /CNW Telbec/ - Standard Life Investments, one of the largest global asset managers and one of the world's largest real estate investors, has announced the first closing of a new Canadian Real Estate Fund (CREF), raising CDN $77m in initial equity.
The CREF is structured as a semi open-ended Canadian Limited Partnership with an English Limited Partnership feeder fund for non-Canadian investors. The Fund was intentionally designed for both domestic and international institutional investors to access the Canadian real estate market. Canada has historically been difficult for overseas investors to access, and Standard Life Investments is one of the few global real estate managers who can demonstrate a long established and successful capability in this market.
Standard Life Investments real estate team in Toronto has been providing domestic investors with access to the Canadian real estate market for over 30 years. The existing core, fully open-ended, fund has delivered strong long term performance of 9.4% per annum since launch on 31st December 1982, and has grown to over $1.3bn.
The new fund will focus on a core-plus strategy with managed liquidity and leverage, and will allow access for non-Canadian investors to a market which Standard Life Investments believes offers strong long term investment potential. The fund will also expand the existing Canadian real estate product suite with a complementary strategy.
David Paine, Head of Real Estate Investments at Standard Life Investments commented;
"Raising $77m in the current climate is testimony to our team in Canada, their positive longstanding track record and the shared belief from our clients in the long term potential that the Canadian real estate market offers.
"The launch of the new fund is consistent with our desire to offer our global client base access to real estate markets where we can demonstrably add value. The Canadian market is one we know well with our existing fund having grown over the last three years by 142% to its current $1.3 billion.
"I am delighted with the announcement of the first close diversifying our real estate product suite."
Blair McCreadie Head of Canadian Real Estate commented:
"The successful launch of the CREF is consistent with Standard Life Investments strategy of building a best in class international product suite. Canada, as a G8 economy offers attractive long term investment fundamentals including its wealth in natural resources, historically stable banking and financial sector and an attractive demographic profile. The market is increasingly perceived as an attractive diversifier for institutional Investors."
Standard Life Investments (Real Estate) Inc in Canada manages an existing pooled real estate fund for domestic institutional clients, The Standard Life Real Estate Fund, has produced, for the 30-year period since inception, an annualized return 9.4%. This fund, which has remained open throughout its history and has had a positive return in 29 of the past 30 years, is currently over CDN$1.3 billion in size.
Notes to Editors
- With assets under management of £178.8 bn (30/06/13), Standard Life Investments is one of Europe's leading investment houses.
- As at 30.06.13 Standard Life Investments manages £10.1bn of real estate assets.
- Standard Life Investments Limited was launched as an investment management company in 1998. It is a wholly owned subsidiary of Standard Life Investments (Holdings) Limited, which in turn is a wholly owned subsidiary of Standard Life plc.
- Headquartered in Edinburgh, Standard Life Investments' maintains offices in a number of locations around the globe including Boston, Hong Kong, London, Beijing, Montreal, Sydney, Dublin, Paris and Seoul. In addition, we have close relationships with leading domestic players in Asia, including HFDC Asset Management in India and Sumitomo Mitsui Trust Bank in Japan.
- Standard Life Investments Inc., with offices in Calgary, Montréal and Toronto, is a wholly owned subsidiary of Standard Life Investments Limited and has provided investment management services in Canada since 1973. Standard Life Investments Inc. manages investment funds for pension plans, retail mutual funds and individual segregated funds associated with various savings and retirement products offered by Standard Life Canada.
- Past performance does not indicate future returns and are not guaranteed.
Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL.
Standard Life Investments Limited is authorised and regulated by the Financial Conduct Authority.
Standard Life Investments (Hong Kong) Limited is licensed with and regulated by the Securities and Futures Commission in Hong Kong and is a wholly-owned subsidiary of Standard Life Investments Limited.
Standard Life Investments Limited (ABN 36 142 665 227) is incorporated in Scotland (No. SC123321) and is exempt from the requirement to hold an Australian financial services licence under paragraph 911A(2)(l) of the Corporations Act 2001 (Cth) (the 'Act') in respect of the provision of financial services as defined in Schedule A of the relief instrument no.10/0264 dated 9 April 2010 issued to Standard Life Investments Limited by the Australian Securities and Investments Commission. These financial services are provided only to wholesale clients as defined in subsection 761G(7) of the Act. Standard Life Investments Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority under the laws of the United Kingdom, which differ from Australian laws.
Standard Life Investments Limited, a company registered in Ireland (904256) 90 St Stephen's Green Dublin 2 and is authorised and regulated in the UK by the Financial Conduct Authority.
Standard Life Investments (USA) Limited, registered as an Investment Adviser with the US Securities and Exchange Commission.
Standard Life Investments Inc., with offices in Calgary, Montréal and Toronto, is a wholly owned subsidiary of Standard Life Investments Limited.
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SOURCE: STANDARD LIFE INVESTMENTS INC.
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