On June 1, 2016, it announced it will create QuadReal, a subsidiary that will manage CA$18 billion in real estate assets.

This was done to align with its peers who also had their own real estate investment arms: Caisse de dépôt et placement du Québec had Ivanhoé Cambridge, OMERS had Oxford Properties and Ontario Teachers' Pension Plan had Cadillac Fairview.

[4][6] In March 2018, QuadReal announced it would be opening an office in London and would be expanding its operations to Europe.

[7] In 2021, it was reported that QuadReal in less than five years since its launch, had become the third-largest real estate owner in Canada, surpassing CPP Investment Board and Cadillac Fairview.

It took advantage during the COVID-19 pandemic where it bought it listed hotel platforms at steep discounts, stepped in as an equity partner for groups during a difficult fundraising environment and invested in alternative properties such as data centers and life science facilities.