Cohen & Steers and IDR Investment Management Partner to Launch Tactical Listed and Private Real Estate Strategy
Cohen & Steers (NYSE: CNS) has partnered with IDR Investment Management to launch a new real estate strategy that combines listed real estate securities and core private real estate in a single portfolio. The innovative approach aims to capitalize on valuation mismatches between listed and private real estate markets through tactical allocation.
The strategy leverages Cohen & Steers' expertise in listed real estate management and IDR's patented process to replicate the NFI-ODCE Index. Key benefits include potential for higher returns, reduced risk, lower drawdowns, and improved liquidity compared to traditional core private real estate investing. The strategy also offers broader exposure to both next-generation REIT sectors (data centers, cell towers, healthcare) and traditional ODCE sectors (industrial, residential).
Cohen & Steers (NYSE: CNS) ha collaborato con IDR Investment Management per lanciare una nuova strategia immobiliare che integra titoli immobiliari quotati e immobili core privati in un unico portafoglio. Questo approccio innovativo mira a sfruttare le discrepanze di valutazione tra i mercati immobiliari quotati e privati attraverso un'allocazione tattica.
La strategia si avvale dell'esperienza di Cohen & Steers nella gestione di immobili quotati e del processo brevettato di IDR per replicare l'indice NFI-ODCE. I principali vantaggi includono un potenziale di rendimento più elevato, rischio ridotto, minori perdite e una migliore liquidità rispetto agli investimenti immobiliari core privati tradizionali. La strategia offre inoltre un'esposizione più ampia sia ai settori REIT di nuova generazione (data center, torri per cellulari, sanità) sia ai settori tradizionali ODCE (industriale, residenziale).
Cohen & Steers (NYSE: CNS) se ha asociado con IDR Investment Management para lanzar una nueva estrategia inmobiliaria que combina valores inmobiliarios cotizados y bienes raíces privados core en una sola cartera. Este enfoque innovador busca aprovechar las discrepancias de valoración entre los mercados inmobiliarios cotizados y privados mediante una asignación táctica.
La estrategia aprovecha la experiencia de Cohen & Steers en la gestión de bienes raíces cotizados y el proceso patentado de IDR para replicar el índice NFI-ODCE. Los beneficios clave incluyen un potencial de mayores rendimientos, menor riesgo, menores caídas y mejor liquidez en comparación con la inversión inmobiliaria privada core tradicional. Además, la estrategia ofrece una exposición más amplia tanto a sectores REIT de nueva generación (centros de datos, torres de telefonía, salud) como a sectores tradicionales ODCE (industrial, residencial).
Cohen & Steers (NYSE: CNS)는 IDR Investment Management와 협력하여 상장 부동산 증권과 핵심 사모 부동산을 단일 포트폴리오로 결합한 새로운 부동산 전략을 출시했습니다. 이 혁신적인 접근법은 전술적 자산 배분을 통해 상장 부동산 시장과 사모 부동산 시장 간의 가치 불일치를 활용하는 것을 목표로 합니다.
이 전략은 상장 부동산 관리에 대한 Cohen & Steers의 전문성과 NFI-ODCE 지수를 복제하는 IDR의 특허받은 프로세스를 활용합니다. 주요 이점으로는 전통적인 핵심 사모 부동산 투자에 비해 더 높은 수익 잠재력, 위험 감소, 손실 축소 및 유동성 개선이 있습니다. 또한 이 전략은 차세대 REIT 섹터(데이터 센터, 통신탑, 헬스케어)와 전통적인 ODCE 섹터(산업, 주거)에 대한 폭넓은 노출을 제공합니다.
Cohen & Steers (NYSE: CNS) s'est associé à IDR Investment Management pour lancer une nouvelle stratégie immobilière combinant des titres immobiliers cotés et de l'immobilier privé core dans un seul portefeuille. Cette approche innovante vise à tirer parti des écarts de valorisation entre les marchés immobiliers cotés et privés grâce à une allocation tactique.
La stratégie s'appuie sur l'expertise de Cohen & Steers en gestion d'immobilier coté et sur le processus breveté d'IDR pour répliquer l'indice NFI-ODCE. Les principaux avantages incluent un potentiel de rendement plus élevé, un risque réduit, des baisses limitées et une meilleure liquidité par rapport à l'investissement immobilier privé core traditionnel. La stratégie offre également une exposition plus large aux secteurs REIT de nouvelle génération (centres de données, pylônes, santé) ainsi qu'aux secteurs traditionnels ODCE (industriel, résidentiel).
Cohen & Steers (NYSE: CNS) hat sich mit IDR Investment Management zusammengetan, um eine neue Immobilienstrategie zu lancieren, die börsennotierte Immobilienwerte und Core-Private-Real-Estate in einem einzigen Portfolio kombiniert. Der innovative Ansatz zielt darauf ab, Bewertungsunterschiede zwischen börsennotierten und privaten Immobilienmärkten durch taktische Allokation zu nutzen.
Die Strategie nutzt die Expertise von Cohen & Steers im Management börsennotierter Immobilien und den patentierten Prozess von IDR zur Replikation des NFI-ODCE Index. Wichtige Vorteile sind das Potenzial für höhere Renditen, geringeres Risiko, niedrigere Drawdowns und verbesserte Liquidität im Vergleich zu traditionellen Core-Private-Real-Estate-Investments. Die Strategie bietet außerdem eine breitere Exponierung sowohl gegenüber Next-Generation-REIT-Sektoren (Datenzentren, Sendemasten, Gesundheitswesen) als auch traditionellen ODCE-Sektoren (Industrie, Wohnen).
- Strategic partnership combines Cohen & Steers' 40-year expertise in listed real estate with IDR's private real estate indexing capabilities
- Strategy offers potential for higher returns and reduced risk through tactical allocation
- Enhanced liquidity compared to traditional private real estate investing
- Broader sector diversification across both modern and traditional real estate segments
- None.
Insights
Cohen & Steers' new hybrid real estate strategy with IDR creates potential for enhanced returns by exploiting valuation differentials between public and private markets.
Cohen & Steers has partnered with IDR Investment Management to launch a groundbreaking investment vehicle that tactically allocates between listed real estate securities and core private real estate within a single portfolio. This innovative approach capitalizes on the documented lead-lag relationship between public and private real estate markets, where listed performance typically precedes private market movements in both downturns and recoveries.
The strategy leverages Cohen & Steers' nearly 40-year expertise in listed real estate alongside IDR's patented process for replicating the NFI-ODCE Index (a benchmark for core private real estate). What makes this particularly valuable is the ability to exploit valuation mismatches that regularly occur between these two market segments.
From an investment perspective, this hybrid approach offers three compelling advantages: First, the potential for enhanced risk-adjusted returns compared to traditional core real estate allocations. Second, improved liquidity over direct private real estate investments, providing greater tactical flexibility. Third, broader diversification across both traditional property types and emerging sectors like data centers, cell towers, and healthcare facilities.
This launch represents an important product innovation for Cohen & Steers, potentially expanding their addressable market to institutional investors seeking the benefits of both real estate segments without maintaining separate allocations. For investors, this creates a comprehensive real estate solution that can dynamically adjust to market conditions rather than remaining static in either the public or private domain.
The strategy will actively seek to capitalize on valuation mispricing that can occur between the listed and private real estate markets with tactical shifts directed by experienced real estate and asset allocator professionals from both Cohen & Steers and IDR. The strategy seeks to leverage Cohen & Steers' nearly four decades of pioneering and leadership in listed real estate management and IDR's patented process to replicate the NCREIF Fund Index — Open End Diversified Core Equity (the "NFI-ODCE Index"), with the unique ability to tactically overweight or underweight the listed and private real estate markets.
Jon Cheigh, President and Chief Investment Officer of Cohen & Steers, said:
"There is a lead-lag dynamic in real estate investing in which listed performance leads private in both downturns and recoveries, creating pricing differential opportunities for investors. By blending listed and private real estate in a single strategy, we can help investors capitalize on valuation mismatches between listed and private, delivering the potential for higher total returns and better liquidity."
Garrett Zdolshek, Chief Investment Officer of IDR, said:
"We are passionate about the benefits that indexing core private real estate provides investors as a tool to help them achieve their investment objectives. We believe this strategy presents investors with an innovative and holistic solution for managing their listed and private core real estate allocations. Cohen & Steers' long-term track record of generating alpha and the firm's steadfast commitment to excellence makes them the ideal partner for this strategy."
The strategy seeks to optimize a portfolio's real estate allocation to help investors achieve a range of investment objectives, including:
- Enhanced risk-adjusted returns: potential to enhance risk-adjusted returns through a combination of better total return and comparable volatility relative to a core real estate allocation.
- Improved liquidity compared to direct private investing: combining actively managed listed real estate and core private real estate through index replication offers greater flexibility to manage tactically within the strategy and provides investors with improved portfolio level liquidity.
- Greater sector and property type exposure: access to both next-generation REIT sectors, such as data centers, cell towers and health care facilities, as well as traditional ODCE sectors, such as industrial and residential, for better diversification, portfolio construction and positioning for future growth.
About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in
About IDR Investment Management, LLC. IDR has provided private equity real estate investment management services for over 15 years to institutional investors. IDR professionals developed and manage the first and only index fund for the private equity real estate asset class. IDR is headquartered in
Important Risk Considerations: Investing involves risk, including entire loss of capital invested. There can be no assurance that the investment strategy will meet its investment objectives. Private real estate investments may have little to no liquidity. An investor should only invest in a strategy as part of an overall investment strategy, and only if the investor is able to withstand a total loss of their investment.
Website: https://www.cohenandsteers.com
Symbols: NYSE: CNS
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SOURCE Cohen & Steers, Inc.
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