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GlobeSt.com UPDATE: Cohen & Steers Launches International Fund

NEW YORK CITY-This is the firm's second international venture. A month ago, the firm raised $300 million in an IPO for Cohen & Steers Worldwide Realty Income Fund Inc.

By Barbara Jarvie | Updated on April 14, 2005

NEW YORK CITY-Locally based Cohen & Steer Inc. has launched Cohen & Steers International Realty Fund, a new open-end fund investing primarily in non-US real estate equity securities. In fact, Cohen & Steers executives anticipate that the fund will invest at least 80% of its total assets in a portfolio of non-US real estate equity securities.

Last month, the company entered the international market with its newest fund initial public offering, Cohen & Steers Worldwide Realty Income Fund Inc. Officials expected to raise a total of approximately $300 million in assets. According to John McCombe, executive vice president and director of sales and marketing for the company this is the firm’s first international real estate securities offering.

Martin Cohen, co-chairman and co-chief executive officer of the company, says the firm believes the international market for real estate securities has significant growth potential. “In our view, the international market today is similar to the US market in the early 1990′s, when US REITs were beginning their strong growth phase.”

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