The insurer said the transactions would contribute to operating profit before tax for the financial year to December 31, with an aggregate one-off contribution of around £75m on completion.
Jackie Hunt, Standard's chief financial officer, said: "At Standard Life, our focus is on maximising the value of shareholder assets and driving more effective management of liabilities.
"We have taken advantage of significant demand in the market for premier quality investment properties across Canada, while at the same time reducing shareholder exposure to property as an asset class.
"Separately, the renegotiation of an existing reinsurance arrangement has also helped to improve the risk profile of our business, while having a positive impact on both capital and operating profit."
Ms Hunt added: "We will continue to explore further management actions. Excluding these two transactions, our Canadian business continues to trade in line with expectations."
Standard reported at the end of last month its fee business net inflows in Canada grew 56% to £612m, driven by the fastest-growing retail segregated fund franchise in the country.
Broker Panmure Gordon kept its buy recommendation on Standard.