Investment strategy 09

REITs and Listed Real Estate

Public-market access to income-producing real assets.

REITs and listed property companies can provide diversified access to operating real estate while retaining public-market liquidity and disclosure.

REITs
Listed property companies
Specialist real assets

Investment perspective

How we assess the opportunity.

We assess property exposure at both asset and security level. Portfolio quality, tenant economics, lease duration, development commitments, financing and management capital allocation all matter alongside the sector theme.

Relevant segments can include logistics, data centres, healthcare, residential, office, retail, hospitality, self-storage and diversified property, with significant differences in cyclicality and capital requirements.

Listed real estate may trade above or below reported net asset value and can behave like equities during periods of market stress, even when underlying property values move more slowly.

Capabilities

A detailed investment toolkit.

Sector allocation

Comparison of structural demand, supply pipelines and operating models across property segments.

Asset and tenant quality

Location, specification, occupancy, lease maturity, tenant concentration and affordability analysis.

Balance-sheet review

Leverage, maturity profile, hedging, secured debt, development exposure and refinancing capacity.

NAV and cash-flow valuation

Assessment of property values, recurring earnings, maintenance capital and distribution coverage.

Management and governance

Capital allocation, development discipline, related-party exposure and shareholder alignment.

Direct and listed comparison

Evaluation of liquidity, pricing, control, costs and diversification across ownership formats.

Underwriting priorities

Questions before capital is committed.

Asset quality and location

Tenant strength and lease profile

Supply, demand and occupancy

Leverage and refinancing schedule

Distribution sustainability

NAV discount, governance and capital allocation

Portfolio considerations

Potential portfolio role

Potential income, inflation sensitivity and diversified exposure to operating property sectors through listed securities.

Liquidity

Exchange-traded, although market liquidity varies and may not reflect the slower liquidity of underlying properties.

Principal risks

Property values, vacancies, tenant default, development, leverage, interest rates, refinancing, regulation and equity-market volatility.

Related strategies

Alternative Investments

Selective private-market and real-asset exposure across differentiated sources of risk and return.

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Private Equity

Growth, minority and control investments in companies from proven scale-up through mature market leadership.

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Private Credit and Structured Investments

Flexible senior, junior, asset-backed and hybrid capital designed around cash flows and collateral.

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Discuss how this strategy may fit a broader investment mandate.

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For informational purposes only. This material does not constitute an offer, solicitation, recommendation or commitment to provide investment services or capital. Availability, vehicle structure and investor eligibility vary by mandate and jurisdiction. Investments involve risk, including possible loss of capital. Private investments may be illiquid and valuation may be uncertain. Past performance is not a reliable indicator of future results.