GWL Enters The U.S. Commercial Real Estate Market With EverWest Acquisition
GWL Realty Advisors, the real estate subsidiary of Canadian insurer Great-West Life, will enter the U.S. market with its acquisition of Denver-based EverWest Real Estate Partners LLC for an undisclosed amount.
The deal will help GWL grow its global platform with a larger and more diverse pool of real estate in which to invest.
“The acquisition of EverWest provides us with a real estate platform in the U.S. and opens up investment opportunities for our clients. This acquisition is an important step for us in achieving our long-term growth strategy that will enhance our customers’ portfolio returns,” GWL Realty Advisors President Paul Finkbeiner said in a statement.
GWL has grown its assets from an estimated $646M to $10B over the last two decades, and plans to continue this growth with EverWest’s U.S. portfolio. The goal is to increase its assets under management to $24B. GWL will now have access to EverWest’s $1.6B in holdings, which include office, industrial and multi-residential assets in Denver, Chicago and Boston, Bloomberg reports.
"We welcome the acquisition by GWL Realty Advisors as this transaction supports our vision of evolving our business to support the growing needs of domestic and international customers. Together, we are well positioned to meet the future needs of our mutual customers," EverWest Real Estate Partners President Rick Stone said.