"It's our first international real estate fund," John J. McCombe, Cohen & Steers executive vice president, tells GlobeSt.com, adding that the closed-end fund will have half of its assets invested internationally. He says one of the main reasons Cohen & Steers is venturing in the international arena now is due to the adoption of REIT-like structures in other countries.

The fund's primary investment objective is high current income with capital appreciation being a secondary objective. The fund will invest primarily in a portfolio of global real estate equity securities.

The actual amount raised could be increased to approximately $325 million assuming full exercise of the underwriters' over-allotment, which may not occur. The fund anticipates issuing auction rate preferred shares that, if completed at anticipated levels, would bring the managed assets of the fund to approximately $475 million.