- What: RBC Canadian Core Real Estate Fund has bought a partial interest in 40 properties and sold a stake in five assets
- Why: The fund financed the deal through its second unsecured debenture and over $500m in subscription proceeds
- What Next: The fund will purchase more qualified green projects with proceeds from the green bond offering
RBC Global Asset Management’s RBC Canadian Core Real Estate Fund, in partnership with British Columbia Investment Management and its subsidiary QuadReal Property Group, has completed its fifth portfolio transaction.
The transaction involves purchasing a partial interest in 40 properties for about $860m and selling the fund’s stake in five assets for roughly $175m. The fund’s gross asset value will exceed $5bn when the deal is completed.
The deal was capitalized via the issuance of the fund’s second unsecured debenture, a $250m green bond offering that was rated A by Morningstar DBRS. It also raised than $500m of subscription proceeds.
Proceeds from the green bond offering will go toward purchasing more qualified green projects for the portfolio.
