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Royal Bank of Canada will form a real estate investment partnership with property assets worth over $7 billion (US$5.24 billion), the country’s largest lender said in a statement on Tuesday.

The agreement was between RBC Global Asset Management Inc, pension fund manager British Columbia Investment Management Corp (BCI) and real estate developer QuadReal Property Group.

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The bank also said it would set up a real estate fund, which will be open for investment in the third quarter.

“Institutional clients are increasingly looking to alternative investment opportunities, and especially private market assets, to help them meet their long-term goals,” said Damon Williams, who heads RBC Global Asset Management.

© Thomson Reuters 2019