Standard Life Assurance Co. has completed a deal to purchase Sprucewoods Business Park, a three-building 75,000 square-foot commercial office space in Edmonton, for more than $4 million. The property will managed by the Standard Life Pool Real Estate Fund.

The fund, an open-ended fund offered to pension plan managers as a means to diversify their investment in real estate, has 27 properties under management with more than one million square feet. It contains mostly industrial and suburban office properties in major Canadian cities.

The fund posted growth of 30% in 2002, Standard Life said.

“We are pleased to invest in the established Edmonton real estate market, especially during this growth period,” said Caroline Goulian, manager of the fund said in a statement. “Sprucewoods is a quality space and is in line with our philosophy of offering high standard buildings to our pooled fund investors.

“Purchasing well-located properties with good occupancy rates is part of our investment strategy for the fund,” Goulian said.” We are looking to increase our property holdings.”