TABLE OF CONTENTS. Front Cover: One City Centre Drive, Mississauga, ON.

Size: px

Start display at page:

Download "TABLE OF CONTENTS. Front Cover: One City Centre Drive, Mississauga, ON."

Abraham Lindsey
5 years ago
Views:

1 2013 YEAR IN REVIEW

2 TABLE OF CONTENTS 1 President s Message 2 GWL Realty Advisors 2013 At A Glance 4 Investment Services 6 Development Services 10 Commercial Services 13 Corporate Social Responsibility Front Cover: One City Centre Drive, Mississauga, ON.

PRESIDENT S MESSAGE THE CANADIAN REAL ESTATE MARKET REMAINED STRONG IN 2013 AND THIS WAS REFLECTED BY OUR CLIENTS CONTINUED DEMAND FOR QUALITY PRODUCT.

3 PRESIDENT S MESSAGE THE CANADIAN REAL ESTATE MARKET REMAINED STRONG IN 2013 AND THIS WAS REFLECTED BY OUR CLIENTS CONTINUED DEMAND FOR QUALITY PRODUCT. OUR TOTAL ASSETS UNDER MANAGEMENT INCREASED FROM $14.9 BILLION IN 2012 TO $16.6 BILLION IN We purchased over $650 million in new assets for our clients including a $350 million industrial portfolio consisting of 2.9 million square feet within 58 buildings in Mississauga, ON. Our disciplined approach to managing the Canadian Real Estate Investment Fund No. 1 and London Life Real Estate Fund resulted in another year of strong performance for our clients. This year, the Funds delivered gross returns of 10.8% and 8.5% respectively. New development remains an important driver of our clients growth. In 2013, 6 projects concluded and our pipeline of new development projects is strong, with over $1 billion in the approval stage for new development in Vancouver, Edmonton, Calgary, Toronto and Halifax. Leasing activity was strong in part as a result of proactive strategies. 503 transactions totalling 8.7 million square feet of new and renewal commercial leases were concluded during the year. The multi-residential asset class continued to be an important part of our clients asset mix. During the year, multi-residential assets maintained a stable occupancy rate of 98%. We also had an active year on the asset and property management front. At the close of the year, 74% of our eligible portfolio was BOMA BESt certified. Three buildings received LEED Gold certification and another 14 buildings are pursuing certification. These sustainability designations are a marquee of operational excellence and we are proud of these accomplishments. BY ALL ACCOUNTS, 2013 WAS ANOTHER GOOD YEAR. WE THANK OUR CLIENTS FOR THEIR TRUST AND CONTINUED CONFIDENCE IN OUR ABILITY TO SERVE THEIR REAL ESTATE INVESTMENT NEEDS. Paul Finkbeiner President 2013 YEAR IN REVIEW 1

4 GWL REALTY ADVISORS 2013 AT A GLANCE In 2013, our portfolio management strategies including acquiring quality assets, selectively selling non-core properties to make room for new product contributed to stable income returns and capital appreciation for all clients. TOTAL REAL ESTATE ASSETS UNDER MANAGEMENT Pension Fund Advisory Services 7,751 8,649 Canadian Real Estate Investment Fund No. 1 3,613 3,922 London Life Real Estate Fund 1,864 1,977 Great-West Life / London Life / Canada Life General Accounts 1,685 2,071 Other Total assets ($ millions) 14,939 16,648 Total square feet (millions) Total number of assets BY REGION OCCUPANCY % British Columbia 92 Alberta 95 Saskatchewan/Manitoba 98 Ontario 94 Quebec 93 Atlantic Canada 94 ASSET ALLOCATION British Columbia 15% or $2.5 billion Alberta 31% or $5.2 billion Saskatchewan/Manitoba 2% or $0.3 billion Ontario 47% or $7.7 billion Quebec 3% or $0.5 billion Atlantic Canada 2% or $0.4 billion BY TYPE OCCUPANCY % Retail 98 Office 94 Industrial 93 Multi-Residential 97 ASSET ALLOCATION Office 56% or $9.3 billion Multi-Residential 20% or $3.5 billion Industrial 12% or $1.8 billion Miscellaneous 8% or $1.3 billion Retail 5% or $0.7 billion NOTE: Numbers reported on this page are as of December 31, GWL REALTY ADVISORS

Leveraged) Income Return Capital Return 1

TOWER CALGARY, AB CANADA LIFE PLACE REGINA,

14 BC AB SK/MB ON QC ATLANTIC CANADA NOTE:

5 GWL REALTY ADVISORS 2013 AT A GLANCE PORTFOLIO RATES OF RETURN (IPD Basis - Non Leveraged) Income Return Capital Return 1 Year 5.0% 3.2% 8.2% Total Return 5 Year 5.9% 3.6% 9.5% 10 Year 6.4% 4.7% 11.1% LAURIER HOUSE VANCOUVER, BC WATERMARK TOWER CALGARY, AB CANADA LIFE PLACE REGINA, SK CENTENNIAL TOWERS OTTAWA, ON LE DEMETRIUS MONTREAL, QC PURDY S WHARF HALIFAX, NS NUMBER OF ASSETS BY LOCATION BC AB SK/MB ON QC ATLANTIC CANADA NOTE: Numbers reported on this page are as of December 31, YEAR IN REVIEW 3

for clients to realize returns in tight markets.

6 INVESTMENT SERVICES ACQUISITIONS In 2013, GWL Realty Advisors acquired $650 million of real estate in assets on behalf of its clients. These transactions were diverse in size, product and complexity, ranging from retail shopping centres in Quebec to an industrial portfolio in Ontario to land transactions representing opportunities for clients to realize returns in tight markets. HOME DEPOT DISTRIBUTION CENTRE DELTA, BC Home Depot Distribution Centre, a recently constructed modern 412,000 square foot distribution centre located in Tilbury Industry Park in Delta RIDGEWAY DR MISSISSAUGA, ON An industrial portfolio consisting of 2.9 million square feet within 58 buildings in Mississauga. The portfolio includes purpose built single-tenant and multi-tenant buildings, distributed across four clusters. 4 GWL REALTY ADVISORS

INVESTMENT SERVICES FIRST & JASPER PIERREFONDS CENTRE AND PLAZA PIERREFONDS EDMONTON, AB PIERREFONDS, QC Pierrefonds Centre and Plaza Pierrefonds, two new format shopping centres serving the

Located in the heart of Edmonton s financial district, First & Jasper is a Class A 20-storey building that offers 198,000 square feet of office space and 22,000 square feet of retail space.

7 INVESTMENT SERVICES FIRST & JASPER PIERREFONDS CENTRE AND PLAZA PIERREFONDS EDMONTON, AB PIERREFONDS, QC Pierrefonds Centre and Plaza Pierrefonds, two new format shopping centres serving the Pierrefonds community. Both shopping centres are situated in a retail node in the heart of Pierrefonds. Located in the heart of Edmonton s financial district, First & Jasper is a Class A 20-storey building that offers 198,000 square feet of office space and 22,000 square feet of retail space. DISPOSITIONS GWL Realty Advisors continued to execute a disciplined approach of disposing of non-core assets to add value and ensure portfolio diversification was maintained by type and region. In 2013, on behalf of its clients, the Company closed four transactions disposing of a cluster of three industrial buildings in Calgary, AB, a multi-residential building in Edmonton, AB, a portfolio of eight industrial buildings in Brampton, ON, and an office building in Magog, QC YEAR IN REVIEW 5

DEVELOPMENT SERVICES During 2013, GWL Realty Advisors continued to help its clients achieve their return and diversification objectives by developing new properties to add to their portfolios and

Since 1996, the Company, on behalf of its clients has completed over 80 developments across Canada including major urban mixed-use projects of over one million square feet in scale.

8 DEVELOPMENT SERVICES During 2013, GWL Realty Advisors continued to help its clients achieve their return and diversification objectives by developing new properties to add to their portfolios and purchasing land for future development. Since 1996, the Company, on behalf of its clients has completed over 80 developments across Canada including major urban mixed-use projects of over one million square feet in scale. NORTHWOODS BUSINESS PARK PHASE 4 WESTMOUNT CORPORATE CAMPUS NORTH VANCOUVER, BC CALGARY, AB The fourth phase of this park, two flex-space industrial buildings totalling 93,000 square feet, was completed in Construction will commence in early 2014 on the park s retail and multi-residential village centre. WestMount Court, a 33,000 square foot retail and professional building, was completed in The final signature office tower for the campus, a 275,000 square foot 8-storey building is in the pre-leasing phase with an anticipated 2014 commencement date. 6 GWL REALTY ADVISORS

When complete, the park will offer a series of three mid-bay industrial buildings.

9 DEVELOPMENT SERVICES PROSPECT BUSINESS PARK EDMONTON, AB Construction of a 78,000 square foot industrial building on 51st Avenue will start early in This 100-acre business park will be built in three phases. When complete, the park will offer a series of three mid-bay industrial buildings. CROSSROADS CORPORATE CENTRE BUILDING C MISSISSAUGA, ON Construction of the third and final building of this office 476,000 square foot park began in This 3-story 64,000 square foot building is scheduled for completion by the end of YEAR IN REVIEW 7

DEVELOPMENT SERVICES SOUTHCORE FINANCIAL CENTRE 19TWENTY TORONTO, ON HALIFAX, NS Construction of Bremner Tower and the Delta Toronto continued in 2013.

Completion of Bremner Tower and the Delta Toronto is scheduled for fall 2014. Construction of 19Twenty continued in 2013.

10 DEVELOPMENT SERVICES SOUTHCORE FINANCIAL CENTRE 19TWENTY TORONTO, ON HALIFAX, NS Construction of Bremner Tower and the Delta Toronto continued in When complete, this mixed-use complex will offer 1.4 million square feet of office space in two towers, and a 566-guest room hotel. Completion of Bremner Tower and the Delta Toronto is scheduled for fall Construction of 19Twenty continued in When complete, this project will deliver a 146-unit, 17-storey apartment tower with ancillary street level retail amenities. This development is scheduled for completion in mid GWL REALTY ADVISORS

DEVELOPMENT SERVICES ELATA AT GLENMORE GARDENS 90 ELGIN STREET CALGARY, AB OTTAWA, ON Construction of the third tower continued in 2013.

buildings. This development is scheduled for completion in late 2014. Construction of 90 Elgin Street continued in 2013.

11 DEVELOPMENT SERVICES ELATA AT GLENMORE GARDENS 90 ELGIN STREET CALGARY, AB OTTAWA, ON Construction of the third tower continued in This 17-storey, 132-suite apartment tower will complement the Glenmore Gardens complex which includes high-rise and garden style low-rise apartment buildings. This development is scheduled for completion in late Construction of 90 Elgin Street continued in When complete, this 567,131 square foot, 17-storey office tower will be 97% leased to Public Works Government Services Canada. This development is scheduled for completion in the fall of YEAR IN REVIEW 9

Industrial assets were top performers in particular, driven by growing distribution and logistics sector activity. During 2013, leasing teams completed 8.

12 COMMERCIAL SERVICES LEASING ACTIVITY 2013 continued to be a year of stability as office, industrial and retail markets performed well. Strategic leasing remained a top priority to reduce portfolio exposure to new supply risk. Industrial assets were top performers in particular, driven by growing distribution and logistics sector activity. During 2013, leasing teams completed 8.7 million square feet of renewals and new lease transactions. NEW LEASES 2.9 MILLION SQUARE FEET 218 DEALS RENEWALS 5.8 MILLION SQUARE FEET 285 DEALS YEAR-OVER-YEAR COMPARISON 305 Lease deals Million square feet Lease deals 8.7 Million square feet GULF CANADA SQUARE CALGARY, AB CONOCOPHILLIPS CANADA CONSOLIDATES STAFF INTO GULF CANADA SQUARE A significant lease extension and expansion with ConocoPhillips was completed at Gulf Canada Square which consolidated 715,000 square feet. This space will be used to relocate its staff under one roof. This transaction included the absorption of space vacated by Canadian Pacific DERRY ROAD MISSISSAUGA, ON SAMSUNG ELECTRONICS CANADA LEASES 125,000 SQUARE FEET AT 2050 DERRY ROAD A significant 10-year lease was concluded with Samsung Electronics to lease the entire building at 2050 Derry Road, located within Crossroads Corporate Centre. This complex transaction involved the relocation of four tenants to a new office development on the same site. 10 GWL REALTY ADVISORS

COMMERCIAL SERVICES PROPERTY MANAGEMENT As part of GWL Realty Advisors strategic approach to real estate management, the Company continued to maintain or increase the competitiveness of properties

Major projects included modernizing suites and lobbies in multi-residential buildings, roof replacements and repaving in industrial buildings and upgrading HVAC systems and elevators in office

13 COMMERCIAL SERVICES PROPERTY MANAGEMENT As part of GWL Realty Advisors strategic approach to real estate management, the Company continued to maintain or increase the competitiveness of properties within its clients portfolios through the development and execution of capital projects. Major projects included modernizing suites and lobbies in multi-residential buildings, roof replacements and repaving in industrial buildings and upgrading HVAC systems and elevators in office buildings. 155 UNIVERSITY AVENUE TORONTO, ON REDEVELOPMENT OF 155 UNIVERSITY AVENUE An extensive redevelopment was started in 2013 to reposition the building and to maintain its competitive position within Toronto s expanding financial core. Project highlights include a redesign of the exterior podium and entrance, updated and renovated lobby and the installation of new elevators. PARK PLACE VANCOUVER, BC ELECTRICAL CHARGING STATIONS As ownership of electric vehicles expands, so does the need for publicly-accessible charging stations. Several buildings under management across the country offer electric vehicle (EV) charging stations including Park Place, which installed two EV charging stations in By providing EV charging stations, Park Place is delivering a smart service for tenants YEAR IN REVIEW 11

9500 GLENLYON PARKWAY BURNABY, BC 9500 Glenlyon Parkway, headquarters of Ritchie Brothers Auctioneers, received The Outstanding Building of the Year award in the corporate facilities category from

14 COMMERCIAL SERVICES INDUSTRY RECOGNITION During the year, through the Company s signature customer service brand OneServe, property teams focus on superior service was recognized with highly respected industry awards. GWL Realty Advisors was proud to have accepted industry awards that recognize excellence in operations GLENLYON PARKWAY BURNABY, BC 9500 Glenlyon Parkway, headquarters of Ritchie Brothers Auctioneers, received The Outstanding Building of the Year award in the corporate facilities category from BOMA British Columbia. This award recognizes excellence in property management, operations, resource conservation, environmental awareness, leasing, building design, customer service and innovation. 12 Bart Golanski, Lead Building Operator at the Great-West Life s Data Centre in Winnipeg, MB, received the Building Operator of the Year Award from BOMA Manitoba. This award recognizes excellence in commercial property management and building operations. GWL REALTY ADVISORS Through its signature customer service brand, GWL Realty Advisors provides a proactive, personalized management service to its tenants, and an exceptional experience that is founded on open communications and responsive, professional, friendly service.

CORPORATE SOCIAL RESPONSIBILITY ENVIRONMENTAL PERFORMANCE The growth of GWL Realty Advisors sustainability practice and its commitment to environmental stewardship is fundamental in how the Company

15 CORPORATE SOCIAL RESPONSIBILITY ENVIRONMENTAL PERFORMANCE The growth of GWL Realty Advisors sustainability practice and its commitment to environmental stewardship is fundamental in how the Company manages its business. During the year, GWL Realty Advisors continued to work with its clients, tenants and residents to reduce the environmental footprint of the buildings under its management. WATER CONSERVATION In 2013, GWL Realty Advisors planned for the launch of a national water benchmarking and conservation program for its office properties. The five-year program, set to launch in early 2014, will further demonstrate the Company s sustained commitment to the responsible stewardship of this natural resource, while reducing operating costs and managing growing risks in this area. The program is intended to continue to advance the Company s understanding of the water usage of each property, set usage targets, identify reduction opportunities and implement effective conservation strategies. Like energy management, water benchmarking and conservation strategies are quickly becoming the focus of those companies committed to corporate social responsibility and responsible property investing. Paul Finkbeiner, President, GWL Realty Advisors GREEN BUILDING CERTIFICATIONS During 2013, the Company continued to pursue its objective of securing environmental certifications such as BOMA BESt and LEED for properties under its management. Since 2010, there has been a steady increase in the number of BOMA BESt certifications across all regions and asset classes. By working closely with owners, tenants and residents, the Company closed 2013 with 74% of the eligible buildings in its managed portfolio having secured BOMA BESt certification. Another 49 buildings were in active pursuit of BOMA BESt certification. The Company also focused efforts on pursuing LEED certifications. By the end of the year, three buildings under management had received LEED gold certification while another 14 buildings were in pursuit of the certification. ENHANCING PERFORMANCE DATA As our clients have become ever more sophisticated in their own sustainability practices, so too has their reliance on our ability to deliver more advanced data, analytics and advice. In 2013, the sustainability team focused on developing and implementing management practices that resulted in the growing delivery of greater quantities of high-quality, timely and relevant data. This data has expanded the Company s already robust database of sustainability information that among other things is used to inform capital expenditure decisions YEAR IN REVIEW 13

16 SUSTAINABILITY RESULTS AT A GLANCE GHG Emissions Reduction OVERALL PORTFOLIO DECREASE % or 97,703 tco2e Equivalent of growing 2,505,205 tree seedlings for 10 years OFFICE PORTFOLIO or taking 20,355 passenger cars off the road for 1 year MULTI-RESIDENTIAL PORTFOLIO % 21.0% BOMA BESt CERTIFICATIONS Open air retail Office Multi-Residential Light Industrial LEED STATISTICS TOTAL LEED BUILDINGS CERTIFIED TO DATE NUMBER OF LEED CERTIFICATIONS NUMBER OF LEED CERTIFICATIONS FINALIZED IN 2013 IN THE PIPELINE 3 GWL REALTY ADVISORS 14

17 SUSTAINABILITY RESULTS AT A GLANCE GHG EMISSIONS tco 2 e/1000 ft ENERGY ekwh/ft WATER 4,776 4,753 Million x L 4,491 4,445 4,361 4,329 4, LANDFILL WASTE Tonnes 33,293 33,184 33,033 27,654 27,131 29,310 26, RECYCLABLES Tonnes 7,849 7,698 12,010 11,896 11,019 10,661 10, NOTES: All emissions were calculated by Energy Advantage using the WRI/WBSCD GHG protocol. Calculations for GHG emissions, energy, water and landfill waste are based only on the managed office and multi-residential portfolios. The calculation for recyclable waste is based only on the managed office portfolio. The managed industrial portfolio is excluded from all calculations. All intensity calculations are based on net rentable area YEAR IN REVIEW 15

CORPORATE SOCIAL RESPONSIBILITY 330 UNIVERSITY AVENUE PROJECT: Lighting Retrofit of Canada Life Weather Beacon COMPLETION DATE: August 2013 TORONTO, ON More than 60 years after first lighting up the

ANNUAL SAVINGS $ $16,000 Total avoidance (electricity costs) 12 tonnes of CO 2 e Total GHG reduction Equivalent of planting 276 trees seedlings and growing them for 10 years In December 2013, the

18 CORPORATE SOCIAL RESPONSIBILITY 330 UNIVERSITY AVENUE PROJECT: Lighting Retrofit of Canada Life Weather Beacon COMPLETION DATE: August 2013 TORONTO, ON More than 60 years after first lighting up the Toronto skyline, a modern lighting upgrade project converted more than 1,000 incandescent bulbs that lit up the beacon with more energy efficient light emitting diode (LED) lights. ANNUAL SAVINGS $ $16,000 Total avoidance (electricity costs) 12 tonnes of CO 2 e Total GHG reduction Equivalent of planting 276 trees seedlings and growing them for 10 years In December 2013, the environmental performance of PwC Tower at Southcore Financial Centre in Toronto, ON, was recognized with a Toronto Civic Action s Race to Reduce Building Performance Award for lowest energy use in the 500,000 to 1,000,000 square foot category. 16 GWL REALTY ADVISORS

CORPORATE SOCIAL RESPONSIBILITY WESTMOUNT CORPORATE CAMPUS CALGARY, AB PROJECT: Irrigation System Retrofit COMPLETION DATE: 2011 and onward Most Canadian buildings use conventional timer-based

19 CORPORATE SOCIAL RESPONSIBILITY WESTMOUNT CORPORATE CAMPUS CALGARY, AB PROJECT: Irrigation System Retrofit COMPLETION DATE: 2011 and onward Most Canadian buildings use conventional timer-based systems to control landscape irrigation. 15 buildings in various locations in in Alberta (including Westmount Corporate Campus, owned by the British Columbia Investment Management Corporation), replaced their conventional irrigation system with a climate-based control system that relies on weather data to determine when best to irrigate in order to minimize water wasted to evaporation or runoff. ANNUAL SAVINGS $ $22,783 Total avoidance (utility costs) 11,362,000 litres Total water savings Equivalent of 4.5 Olympic size swimming pools 2013 YEAR IN REVIEW 17

CORPORATE SOCIAL RESPONSIBILITY PURDY S WHARF $ HALIFAX, NS PROJECT: COMPLETION DATE: Fall 2013 Heating Plant Conversion A capital renovation project converted the heating plant source for Tower One

20 CORPORATE SOCIAL RESPONSIBILITY PURDY S WHARF $ HALIFAX, NS PROJECT: COMPLETION DATE: Fall 2013 Heating Plant Conversion A capital renovation project converted the heating plant source for Tower One from oil to natural gas which is a more effective and cleaner burning fuel. The conversion of the heating plant for Tower Two is underway. SAVINGS (based on Dec results) $22, tonnes CO $ 2 e Total avoidance Total GHG reduction (fuel oil costs) Equivalent of taking 37 cars off the road 18 GWL REALTY ADVISORS

CORPORATE SOCIAL RESPONSIBILITY COLLEGE PARK SUITES TORONTO, ON PROJECT: Exhaust System Retrofit COMPLETION DATE: December 18, 2013 A retrofit of the building s exhaust system achieved a reduction in

21 CORPORATE SOCIAL RESPONSIBILITY COLLEGE PARK SUITES TORONTO, ON PROJECT: Exhaust System Retrofit COMPLETION DATE: December 18, 2013 A retrofit of the building s exhaust system achieved a reduction in energy consumption by rebalancing the supply and exhaust air streams, upgrading the heat recovery units, installing modern controls such as variable-frequency drive technology and integrating these controls into the building s existing automation control system. ANNUAL SAVINGS $9, tonnes CO $ 2 e Total avoidance Total GHG reduction Equivalent of 14,536 litres of gasoline 2013 YEAR IN REVIEW 19

CORPORATE SOCIAL RESPONSIBILITY COMMUNITY As an organization, GWL Realty Advisors continued to make a lasting social impact by inspiring positive change in the communities where employees live and

With the support received from the Company s network of real estate suppliers, contractors and brokers, during 2013, regional offices in Toronto, Ottawa and Halifax volunteered 540 hours over nine

22 CORPORATE SOCIAL RESPONSIBILITY COMMUNITY As an organization, GWL Realty Advisors continued to make a lasting social impact by inspiring positive change in the communities where employees live and work. In partnership with the Great-West Life Assurance Company, GWL Realty Advisors continued its support of charitable causes which included its support of Habitat for Humanity. With the support received from the Company s network of real estate suppliers, contractors and brokers, during 2013, regional offices in Toronto, Ottawa and Halifax volunteered 540 hours over nine build days. In Toronto, 2013 marked the completion of the Company s tenth house. In Toronto, Staff took part in several build days at the Acme Crescent build site. In August, 2013, Vertica Resident Services hosted a fun-filled picnic in Withrow Park for residents of Interval House in Toronto, ON. Vertica Resident Services is a wholly-owned subsidiary of GWL Realty Advisors. SUPPORTING COMMUNITIES Throughout the year and across the Company, employees were involved in a wide range of charitable activities. These varied and inspiring charities include Covenant House, Interval House, Juvenile Diabetes Research Foundation, Prostate Cancer Foundation, Ronald McDonald House, The Credit Valley Hospital Foundation and The Hospital for Sick Children Foundation. 20 GWL REALTY ADVISORS

23 This document may contain third-party trademarks, graphics, or logos. All such trade-marks, graphics or logos mentioned in this document are the property of their respective owners. The inclusion of any third-party trademarks, graphics, or logos is intended to be representative only and does not imply any endorsement by the owners of such trademarks. The names of tenants of specific properties are provided solely for informational purposes and for no other reason. Inside Pages: All buildings are managed by GWL Realty Advisors on behalf of various clients.

24 GWL Realty Advisors is a leading Canadian real estate investment advisor providing comprehensive asset management, property management, development and specialized real estate services to pension funds and institutional clients. With on-the-ground, in-depth expertise in core Canadian markets, GWL Realty Advisors is the trusted source for real estate advice and services. A strong fiduciary, the Company s mission is to deliver stable, long-term returns for its clients. GWL Realty Advisors is a wholly-owned subsidiary of The Great-West Life Assurance Company. For further information, visit our website at

QUADREAL S PURPOSE To create living and working environments that enhance the lives of the people and communities we serve.

QUADREAL S PURPOSE To create living and working environments that enhance the lives of the people and communities we serve. 49 17 6.165 N 123 7 9.182 W VANCOUVER We are a Vancouver-based company with a