US Real Estate Looks Positive to Canadian Investors
The real estate arm of Canadian insurer Great-West Lifeco Inc. is making its first move into the U.S., acquiring EverWest Real Estate Partners LLC to gain access to the larger market and help clients diversify their property portfolios.
EverWest’s C$2 billion ($1.6 billion) holdings include office, industrial and multi-residential buildings, GWL Realty Advisors Inc. said. Based in Denver, EverWest also operates in U.S. markets including Chicago and Boston. GWL, of Toronto, has more than C$12 billion in assets under management in Canada, investing in everything from offices to storage facilities. Terms of the transaction weren’t disclosed.