Cohen & Steers Raises $300M in Fund IPO

NEW YORK CITY-Cohen & Steers Capital Management will enter the international market with its newest fund initial public offering, Cohen & Steers Worldwide Realty Income Fund Inc. The company has completed the pricing of the IPT and will issue 15 million shares at $20 per share raising a total of approximately $300 million in assets.

“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.