TORONTO, Nov. 2, 2021 /CNW/ - RBC Global Asset Management
Inc. ("RBC GAM Inc.") announced that RBC Canadian Core Real Estate
Fund (the "Fund") successfully completed the third phase of its
multi-year investment program on October 29,
2021, comprising an acquisition of over $700 million in real estate assets. Additionally,
the Fund earned a ranking of first in Canada in the "Diversified" category for
non-listed, standing investments, and was named as an "Overall
Regional Sector Leader" in the Americas in its inaugural Global
Real Estate Sustainability Benchmark ("GRESB") assessment.
Third closing of the Fund
The third closing of the
Fund exceeded its target by raising over $450 million in equity subscriptions, continuing
its phased investment strategy with British Columbia Investment
Management Corporation ("BCI") and QuadReal Property Group
("QuadReal"). The Fund, created based on an aligned partnership
with BCI and 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. After the closing on
October 29, 2021, the Fund has
$2.7 billion in assets under
management, and an ownership share in 62 assets valued at over
$3.4 billion (at share), with BCI
owning the remaining interest in the $9+ billion portfolio.
QuadReal will continue to operate and manage the properties.
2021 GRESB Real Estate Assessment
In its inaugural
assessment by GRESB, the Fund was recognized as an "Overall
Regional Sector Leader" in the Americas due to its strong
performance relative its peer group1. The GRESB Sector
Leader Awards recognize real estate funds and assets that have
demonstrated outstanding leadership in sustainability each year. In
addition, the Fund was ranked first in Canada and fourth globally in the
"Diversified" category for non-listed, standing investments, and
was awarded a five-star rating2 overall, demonstrating
its commitment to sustainability excellence.
GRESB is an organization that provides standardized and
validated Environmental, Social and Governance (ESG) data to
financial markets. The GRESB assessments are guided by what
investors and the industry consider to be material issues in the
sustainability performance of asset investments, and are aligned
with international reporting frameworks, goals and emerging
regulations. The GRESB ESG Benchmark grew this year to cover more
than $6.4 trillion of assets under
management globally. For more information on the GRESB Assessment
and Benchmark, visit
https://gresb.com/nl-en/gresb-assessments/.
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1 GRESB Sector Leaders are the best
performers by sector, region, and nature of ownership from across
the GRESB Assessments. The entity with the top GRESB score, as well
as the entities with a score within 1 point of the top score, in a
category are recognized as Sector Leaders. The RBC Canadian Core
Real Estate Fund's region is 'Americas', sector is "diversified',
and nature of ownership (legal status) is 'non-listed.' The Fund
was 1st in Canada (out of 13), 2nd in the
Americas (out of 86) and 4th globally (out of 246).
https://gresb.com/nl-en/2021-real-estate-assessment-results/.
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2 The
GRESB Rating is based on the GRESB Score and the quintile position
an entity occupies relative to all entities participating in the
GRESB Assessment globally. If an entity is placed in the top
quintile, it is rated GRESB 5 Star. Each year, only 20% of entities
receive this rating. GRESB 5 Stars is the highest rating and
recognition for being an industry leader.
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"Since launching RBC Canadian Core Real Estate Fund in 2019, we
have experienced exceptional interest from clients, speaking to the
quality of the portfolio as well as the alignment embedded in our
partnership with BCI and QuadReal," said Michael Kitt, Head, Private Markets and Real
Estate Equity Investments at RBC Global Asset Management Inc.
"Across RBC Global Asset Management's investment platform, we
believe that integrating environmental, social and governance
considerations can enhance the long-term, risk-adjusted returns of
the portfolios we manage for clients. The Fund's strong GRESB
ratings demonstrates our commitment to clients, and extends our
focus on sustainability into private market assets."
Remco Daal, President, Canadian
Real Estate at QuadReal adds, "Incorporating progressive ESG
management into all planning and decision making is a fundamental
commitment we make to our clients, including BCI and RBC GAM Inc.,
and to the communities in which we are a part. We share the
collective goal of achieving sustainable results. Validating our
progress is a way in which we demonstrate this to ourselves and our
stakeholders."
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.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 88,000+ employees who
leverage their imaginations and insights to bring our vision,
values and strategy to life so we can help our clients thrive and
communities prosper. As Canada's
biggest bank, and one of the largest in the world based on market
capitalization, we have a diversified business model with a focus
on innovation and providing exceptional experiences to our 17
million clients in Canada, the
U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
About RBC Global Asset Management
RBC Global Asset
Management (RBC GAM) is the asset management division of Royal
Bank of Canada (RBC) and includes
money managers BlueBay Asset Management and Phillips, Hager &
North Investment Management. RBC GAM is a provider of global
investment management services and solutions to institutional,
high-net-worth and individual investors through separate accounts,
pooled funds, mutual funds, hedge funds, exchange-traded funds and
specialty investment strategies. The RBC GAM group of companies
manage approximately $580 billion in
assets and have approximately 1,500 employees located across
Canada, the United States, Europe and Asia.
About QuadReal Property Group
QuadReal Property Group
is a global real estate investment, operating and development
company headquartered in Vancouver,
British Columbia. Its assets under management total
$61.2 billion. From its foundation in
Canada as a full-service real
estate operating company, QuadReal has expanded its capabilities to
invest in equity and debt in both the public and private markets.
QuadReal invests directly, via programmatic partnerships and
through operating companies in which it holds an ownership
interest.
QuadReal seeks to deliver strong investment returns while
creating sustainable environments that bring value to the people
and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
www.quadreal.com
SOURCE RBC Global Asset Management Inc.