GWL buys U.S. real estate

Article Excerpt

GREAT-WEST LIFECO $33.86 (Toronto symbol GWO; shares outstanding: 998.7 million; Market cap: $33.8 billion; TSINetwork Rating: Above Average; Dividend yield: 4.6%; www. greatwestlifeco.com) is making its first move into the U.S. It will buy EverWest Real Estate Partnership LLC. EverWest’s $2 billion portfolio includes office, industrial and multi-residential buildings. Great-West will buy EverWest through GWL Realty. GWL manages more than $12 billion in real estate assets, which pension funds and other institutional clients can invest in. GWL believes that those clients are now looking to diversify their real estate holdings in the U.S. Meanwhile, Great-West will increase its quarterly dividend by 6.0% with the March 2018 payment. The shares yield a high 4.6%. Great-West Lifeco is a hold. hold…

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