iStock

Winnipeg-based Canada Life Assurance Company temporarily suspended contributions, transfers and redemptions for its Canadian real estate investment funds on Friday. 

In a release, Canada Life said Covid-19 has impacted the global property market, which has affected Canada Life’s ability to ensure unitholders are buying and selling units at a price that reflects their value. 

The impacted funds include the Great-West Life Canadian Real Estate Investment Fund No. 1, the London Life Real Estate Fund 2.17G, the London Life Real Estate Fund 5.191G and the Canada Life Real Estate Fund (GWLRA) SF353.

The latter two funds hold interests in the first two, which include holdings in office, retail, industrial and multi-family residential properties across Canada.

“The suspension of redemptions and transfers from the funds will preserve the current liquidity position and protect our ability to satisfy redemptions when the suspensions end,” the release said. 

The suspension will remain in place until market conditions have stabilized. 

Canada Life also announced it intends to establish a process to facilitate hardship withdrawals and other withdrawals, including minimum RRIF payments.