Irish Life owner looking to buy properties in the Republic
Great-West Lifeco seeking to increase the size of its property portfolio to about CAN$50bn
Great-West Lifeco wants to increase the size of its portfolio to about CAN$50 billion
Great-West, which acquired Irish Life in 2013 for €1.3 billion, currently manages about CAN$17 billion in property assets in North America, CAN$4 billion in the UK and CAN$4 billion in Ireland and mainland Europe.
“We’re kind of following capital flows,” Finkbeiner told Bloomberg. “We look at our success in Canada and feel it can be replicated in the US, UK, Ireland and Europe.”
Mr Finkbeiner said the company wants to increase the size of its portfolio to about CAD$50 billion (€33.4 billion) over the next 10 years.
Irish Life Investment Managers (ILIM) acquired 262 apartments in south Dublin earlier this year in a deal valued at more than €100 million.
ILIM acquired the Fernback scheme from Irish builder Park Developments with plans to rent out the apartments.
The asset manager is expected to invest about €1 billion for investors over the next couple of years acquiring similar properties that will be rented to tenants.