TORONTO _ Great-West Lifeco’s real estate arm has acquired the business of Colorado-based EverWest Real Estate Partners, marking its first move into the U.S.
The terms of the deal announced today were not disclosed.
The president of GWL Realty Advisors says the acquisition of EverWest provides the Canadian insurer’s wholly-owned subsidiary with a real estate platform south of the border and opens up investment opportunities for its clients.
Paul Finkbeiner adds that the purchase is an important step in the long-term growth strategy of GWL Realty Advisors, a Toronto-based real estate investment advisor which services pension funds and institutional clients.
Great-West Life is one of Canada’s largest insurance and wealth management companies and is part of the Power Corporation group of companies, one of Canada’s largest non-bank financial conglomerates.
EverWest, based in Denver, is a privately-held real estate investment and operating company which operates in several U.S. cities, including Boston and Chicago.