“INSURANCE giant Standard Life has raised £65 million by selling two commercial properties in Canada, where critics have suggested the market is in the grip of a bubble.
The Edinburgh pension giant’s subsidiary, the Standard Life Assurance Company of Canada, sold the two office buildings, located in eastern and central Canada, following the sale of two further properties in western Canada, which it said would contribute to a one-off £140m operating profit.
Jackie Hunt, chief financial officer at Standard Life, said: “We have taken advantage of significant demand in the market for premier quality investment properties across Canada, while at the same time reducing exposure to property as an asset class.”
