WHY COHEN & STEERS

Building

Vast experience with more than 35 years of alpha generation in listed U.S. real estate and 18 years in global real estate

Team

A dedicated private real estate group with senior team members who have worked together for 12 years

Analysis

Access to differentiated information such as proprietary private and pre-IPO deal flow

WHY PRIVATE REAL ESTATE

House

Significant secular shifts in real estate usage patterns

Changing housing needs, technological innovation and cost-of-living differences are driving the greatest shift in real estate utilization since the 1950s

Superior return vintages tend to follow cyclical bottoms

The best returns in real estate have historically been in vintages that follow economic recessions and corrections

Return of inflation

Real estate has historically delivered strong returns during inflationary periods, with cash flow growth typically keeping pace with or exceeding inflation

The Cohen & Steers Private Real Estate Group (PRE Group) was established as a strategic extension of the firm’s expertise in listed real estate, allowing us to enhance its range of real estate strategies as well as its ability to provide clients with bespoke investment solutions by accessing the $15 trillion private real estate market in the United States.

The PRE Group capitalizes on the deal sourcing and execution capabilities of the firm’s established private and listed real estate investment teams to seek attractive risk-adjusted returns.

WHY INVEST WITH US

Delivering value to our clients

Cohen & Steers has been at the forefront of real estate investing for more than 35 years. As one of the first investment advisors to focus on real estate securities, with a long-standing commitment to the asset class, our top priority is to deliver strong investment performance through our industry-leading real estate securities platform. Our dedication and drive for excellence have allowed us to build a foundation designed to provide sustainable outperformance relative to our peers.

PORTFOLIO MANAGEMENT

An experienced team

James Corl

Head of Private Real Estate

32 years of experience

Anthony Corriggio

Portfolio Manager, Private Real Estate

25 years of experience

Hamid Tabib

Head of Real Estate Acquisitions, North America

17 years of experience

Joshua Silverman
Joshua Silverman

Principal, Acquisitions

11 years of experience

Jon Rhoden
Jon Rhoden

Vice President, Private Real Estate

7 years of experience

+1 analysts and associates

Cohen & Steers’s philosophy is to seek superior risk-adjusted returns by farming both efficient markets, which rely heavily on niche strategies, and inefficient markets, which others view as too complex or burdensome. The investment strategy is based on three related tenets:

Exploitation of inefficiencies

Capitalizing on informational advantages to identify micromarket imbalances and secure investments on favorable terms.

Value-added executions

Creating capital appreciation opportunities through repositioning, restructuring, development and intensive management.

Cautious contrarianism

During economic downturns or secular changes, investing in out-of-favor sectors or markets to exploit capital or product misalignments.

The PRE Group has deep experience in sourcing, underwriting and executing investment opportunities, leveraging a robust network of best-in-class regional and sector-specific operating partners. The group seeks to invest in thematic opportunities that may appear mispriced and thus may provide a desirable risk–reward ratio.

We expect to gain access to proprietary deal flow resulting from our industry-leading global real estate platform and deep relationships. This includes access to entity-level pre-IPO and PIPE deals in addition to direct private equity real estate transactions. Entity-level deal flow is viewed as a differentiator versus other private equity managers.

APPROACH

Our investment process

The PRE Group invests using a value-oriented approach that seeks to identify opportunities with high-quality fundamentals and potential for attractive long-term growth.

Uncover themes
We identify relevant demographic and economic trends and determine key real estate sectors and geographies that may be poised to benefit.

Determine value
We combine top-down and bottom-up research of sectors and idiosyncratic opportunities to establish expected valuation metrics for various sectors and geographies. We also determine investment sectors that appear mispriced or have the most desirable risk/reward paradigm.

Select and structure opportunity
We structure acquisitions to effectively access target real estate including asset-level and programmatic joint ventures, recapitalizations and portfolio or entity transactions. We capitalize acquisitions with appropriate and attractive debt financing.

A portfolio managers perspective Opportunities in listed infrastructure

ESG: opportunities and challenges within real estate

November 2022 | 6 mins

Environmental, social and governance issues present demonstrable risks and opportunities for real estate. Khalid Husain, Head of ESG, and Jan Willem van Kranenburg, Senior Analyst, discuss how our integrated ESG approach at Cohen & Steers assesses and values these topics as part of our investment approach among different real estate sectors and companies.

Closed-end fund commentary 3Q 2022

October 2022 | 3 mins

Closed-end funds finished the quarter down following persistent inflation and continued talk of monetary policy tightening.

Institutional Investor: The Best Real Estate Returns Come After Recessions

October 2022 | 1 min

Head of Private Real Estate James Corl spoke with Institutional Investor for a feature story on our recent whitepaper and why an optimized real estate portfolio may require access to both listed and private markets.

With Intelligence: Cohen & Steers’ new private RE group eyes discounted retail, office

October 2022 | 1 min

Head of Private Real Estate James Corl spoke to With Intelligence about the Private Real Estate Group’s current market outlook and the opportunities that the team is looking at, including retail, surban office and housing.

Recession and the roadmap for listed and private real estate

September 2022 | 17 mins

We see an economic backdrop that will create an opportunity for strong vintage returns for both listed and private real estate. Both cyclical and secular shifts are likely to create investment opportunities, and we think allocating across both private and listed real estate will be critical.

3 reasons to consider preferreds when rates are rising

September 2022 | 10 mins

Preferred securities have characteristics that can potentially help mitigate the effects of rising interest rates.

Need to contact us?

We’d be happy to answer questions about our investment solutions or any corporate-related inquiries.