Standard Life Investments has acquired four shopping centres in British Columbia on behalf of its Standard Life Real Estate Fund (SLREF). The fund allows Canadian pension funds and other non-taxable entities to invest in a Canadian commercial real estate portfolio.
The shopping centres consist of 366,000 square feet of leasable area and were bought “off market” for $89.2 million.
With this purchase, Standard Life has acquired more than $310 million of real estate during 2011, bringing the SLREF net asset value to $930 million.
“Our Canadian real estate business has seen exceptional growth in 2011, with very strong domestic demand,” says Mike Hannigan, head of international real estate at Standard Life Investments. “Western Canada continues to show strong economic progress, focused from a real estate perspective in Calgary and Edmonton. I believe this latest acquisition will ensure our real estate fund maintains its solid track record.”