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RBC Global Asset Management Inc. has announced that the RBC Canadian Core Real Estate Fund (the Fund) reached a new milestone with its fifth major transaction since its inception in…
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RBC Real Estate Fund Hits $5B Mark, Boosted by $250M Green Bond
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RBC Real Estate Fund Hits $5B Mark, Boosted by $250M Green Bond
by ESG News
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November 8, 2024
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Royal Bank of Canada headquarters in Toronto.Photographer: Stephanie Foden/Bloomberg
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RBC Canadian Core Real Estate Fund completed a significant $860 million portfolio transaction, elevating its gross asset value beyond $5 billion.
The Fund secured $250 million through a second green bond offering, rated A (low) by DBRS, showcasing its commitment to sustainable growth.
The Fund achieved its fourth consecutive five-star GRESB rating and ranked third in Canada for Non-Listed Core Diversified funds.
RBC Global Asset Management Inc. has announced that the RBC Canadian Core Real Estate Fund (the Fund) reached a new milestone with its fifth major transaction since its inception in 2019. This latest portfolio move included acquiring a partial interest in 40 assets valued at approximately $860 million and selling interests in five assets for $175 million. This transaction propels the Fund’s gross asset value to over $5 billion.
To support this expansion, the Fund issued its second green bond—a $250 million offering rated A (low) by DBRS—and raised more than $500 million in subscription proceeds, pushing its net asset value past $4 billion.
“The rise in interest rates and economic uncertainty over the last two years has presented challenges to the Canadian real estate market, but has also created numerous opportunities for investors who are well capitalized,” said Jennifer Schillaci, managing director and head of Real Estate Equity and Mortgage Investments at RBC GAM Inc. “Against the challenging backdrop created by high interest rates, the Fund was able to exceed its subscription targets, complete its second green bond offering, and close one of the largest real estate transactions in the country in 2024.”
Jennifer Schillaci, managing director and head of Real Estate Equity and Mortgage Investments at RBC GAM Inc
Since its launch, the Fund has integrated environmental, social, and governance (ESG) considerations into its investment strategy, although it does not pursue specific ESG objectives. The proceeds from the green bond are intended for acquiring additional eligible green projects.
Michael Kitt, managing director and head of Private Markets at RBC GAM Inc., emphasized the Fund’s disciplined growth approach: “Launched as the foundational building block of our private markets investment capabilities, we have experienced tremendous growth within RBC Canadian Core Real Estate Fund over the past five years.”
Michael Kitt, managing director and head of Private Markets at RBC GAM Inc
RELATED ARTICLE: RBC Wealth Management Survey Shows Increasing Investor Interest in Responsible and Impact Investing
Supporting this growth, the Fund has earned high accolades, including a five-star rating for the fourth year in a row from GRESB and a ranking of third in Canada’s Non-Listed Core Diversified category.
Remco Daal, president of Canadian Real Estate at QuadReal, affirmed the partnership’s ongoing success: “This is a highly complementary venture that continues to deliver value to clients.”
This achievement underscores RBC’s commitment to sustainable growth and its strategic use of green finance to strengthen its real estate investments.
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