(RTTNews) - RBC Canadian Core Real Estate Fund or the "Fund" has reached an agreement to buy a 50% interest in a portfolio of real estate assets valued in excess of $1 billion from its partner, British Columbia Investment Management Corporation or "BCI" and BCI's real estate arm, QuadReal Property Group, RBC Global Asset Management Inc. or RBC GAM said in a statement.
The new assets comprise a portfolio of 12 core properties located in Toronto, Vancouver and Edmonton; 70% are industrial and 25% are multi-family residential by market value, adding approximately 5.5 million square feet of industrial space and 843 residential rental units to the portfolio.
The transaction is expected to close on October 29, 2021.
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