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NEW YORK CITY-Locally based Cohen & Steers is looking to the Australian market. The firm has launched two new global Listed Property funds that will be available for Australian investors starting Feb. 28.
The first--Cohen & Steers Global (ex-Australia) LP Fund--will exclude Australian real estate equity securities from its portfolio and will invest in a portfolio of property securities listed on world stock exchanges. The second fund, called Cohen & Steers Global LP Fund--will invest in the same, but will include an allocation to Australia.
Both will be registered with the ASIC and will also be hedged back to the Australian dollar. David Oakes, senior vice president, will serve as Cohen & Steers' global coordinator as well as an analyst for the Australian LP market.
According to Cohen & Steers, the Funds have been designed and established due to demand from Australian wholesale investors. "We believe the international market for property securities has significant growth potential and that many markets offer attractive valuations," says Martin Cohen, co-chairman and co-chief executive officer.
Robert Steers, co-chairman and co-chief executive officer, adds "Countries in Europe and Asia are moving quickly to adopt LPT and REIT-like structures, creating new investment opportunities around the world."
While many Australian domiciled property funds use the UBS Global Real Estate Index as their benchmark, Cohen & Steers will use the S&P/Citigroup Global Listed Property Broad Market Index that includes property developers and contains approximately 100 additional stocks. Cohen & Steers reported record assets under management of $21.6 billion as of the end of January 2006.
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