International Real Estate Securities Strategy
International Real Estate Securities Strategy

International Real Estate Securities Strategy


The International Real Estate Securities Strategy seeks attractive long-term, risk-adjusted returns by investing in publicly traded real estate securities worldwide, excluding the U.S. or North America. To help achieve its objective, the strategy utilizes a long-term, value-oriented approach that combines bottom-up and top-down analyses. 

Investment Approach

The investment philosophy of the Global Listed Real Assets team is based on the premise that the performance of real estate securities will be most highly correlated with the underlying value of their assets. In aiming to achieve core real estate exposure in a cost-effective manner, the team invests in the equity securities of publicly listed real estate companies that it views as offering the best value relative to their underlying assets and growth prospects.

Global Presence with Local Resources

The team harnesses local knowledge and expertise of its regional investment professionals based in the U.S., Europe, and Asia, who manage each of the regional portfolios using the same long-term, value-oriented, bottom-up driven investment strategy.

Long-Standing Tenure of Investment Team

Comprised of long-tenured and highly experienced investment professionals, the team has worked together for many years implementing and refining its disciplined investment process.

A Well-Defined Value-Oriented Investment Process

Since inception, our team has consistently implemented a well-defined investment process that is geared toward providing our clients with diversified exposure to the real estate asset class in a cost-efficient manner, and at the most favorable relative valuations. 

Proprietary Research Models

With extensive experience and expertise in both the public and private real estate markets, the team maintains proprietary NAV models for every company in the investable universe; results (implied cap rates, implied price per square foot, NAV premium/discount) are triangulated versus private market real estate valuations.

Investment Process
Information gathering

Through a review of public information and meetings with company management, the team evaluates each company’s historical operating results, accounting practices, business goals and strategies. In addition, to better understand the properties in a company’s portfolio, the team visits selected company-owned assets and comparable properties.

Security evaluation and selection

Using proprietary valuation models that are maintained on every company in the investable universe, each of the regional investment teams in the U.S., Europe, and Asia seeks to assemble a portfolio comprised of individual securities within the region that it believes provide the best value relative to the companies’ underlying assets and growth prospects. Companies are screened using a variety of measurements such as the share price-to-net-asset-value (P/NAV) premium/discount, implied value per unit and implied property capitalization rate to identify attractive relative valuation opportunities within each region. While relative value is the principal consideration in the selection of securities, the investment team also considers a company’s debt level and balance sheet, as well as the ability of a company’s management to generate NAV growth by considering quantitative and qualitative factors, such as a company’s structure, management tenure and depth, and access to capital.

Evaluation of cyclical factors

The team examines cyclical factors affecting global real estate markets in order to determine which regions, countries and sectors are most attractive on a relative basis. The supply and demand drivers of each property type within each country (including population growth, income and employment levels, existing vacancies, zoning constraints, rents and financing availability for new construction) are analyzed to determine the potential risk/return characteristics of the companies’ underlying assets.

Global allocation

The output of this top-down research is an asset-allocation framework that provides a suggested optimal exposure to each region, country, and property type, with an overweighting to property markets that the team believes offer the best relative value. Additional key considerations in constructing and managing the portfolio include geographic and sector diversification and liquidity.

Team communication

Each of the regional investment teams in the U.S., Europe, and Asia shares the same research and investment process. The lead global portfolio manager directs the Intermational Real Estate Securities Strategy, oversees the global allocation and works with the senior regional portfolio managers in directing the implementation of the regional investment strategies, including country and sector allocation, and trading strategy.

The three regional investment teams communicate and share information with each other on a daily basis, and convene formally on a weekly basis with the lead global portfolio manager to discuss and review significant events within each region, regional portfolio holdings and changes, investment opportunities and the portfolio’s top-down global allocation.

Portfolio Managers  
Ted Bigman
Head of Global Listed Real Assets Investing
33 years industry experience
Michiel te Paske
Managing Director
23 years industry experience
Sven Van Kemenade
Managing Director
23 years industry experience
Angeline Ho
Managing Director
28 years industry experience
Des Foong
Managing Director
16 years industry experience