Real Estate

Global Real Estate

The Global Real Estate strategy seeks to deliver strong long-term total returns by investing in a diversified portfolio of direct and indirect global real estate investments that protects, grows and builds income. The strategy actively invests in urban, growing cities across the U.S., Europe and Asia. The income stream is diversified and enhanced by investing across all property types including office, retail, industrial, multi-family and the private real estate segment (i.e. life sciences, hotel, self-storage, student housing etc.)

Key Highlights

  1. Real estate experience: Over 35 years of experience in managing real estate and building private asset portfolios for institutional clients

  2. Global diversified focus: The strategy typically invests in over 1000 underlying individual properties in 150+ cities providing broad diversification

  3. Relationship-driven investing: Leveraging established and long-standing relationships to execute in international markets and access unique opportunities through off-market transactions 

  1. Flexible investment approach: The strategy’s investment approach is flexible, with the ability to invest in unique and attractive investment opportunities through indirect and direct ownership of real estate. These range from evergreen funds, closed-end funds, secondaries joint ventures, co-investments, club deals and majority ownership

  2. Real assets risk analytics tool: A proprietary tool built in-house, the Real Assets Risk Analytics Tool gives us the ability to track all individual investments and portfolio-level characteristics while integrating economic fundamentals, market demographics and real estate fundamentals into the analysis

Investment Approach

Philosophy: 

With over 35 years of experience managing private market investments, our competitive advantage is a firmly established Canadian and global alternative assets platform. Our philosophy is to protect, grow and build the income stream of our clients’ portfolios.

We follow an active income and income growth approach and believe both Canadian and global real estate can play strong roles as foundational real asset exposures for many clients. 

Top-down analysis:

From a top-down perspective, diversification and disciplined debt management are key risk controls. Our goal is to achieve broad diversification by location, property type and risk strategy, and through conservative debt targets so that no single asset, country or tenant can adversely impact the portfolio.

Bottom-up analysis: 

Bottom-up analysis determines what locations, tenants and buildings to consider. Portfolio construction involves quantitative research on major metro markets globally, including economic and population growth, education and income levels, new real estate supply projections, rental growth and valuations. Qualitative research is also performed and includes manager site visits, building inspections, property management and tenant interviews. The result of our quantitative and qualitative research is fed into our Global House View process where we provide formal ratings on our cities of focus and major property types.

Model:

All investment decisions are placed into a proprietary portfolio modelling system to provide clarity on availability of capital and visibility to any potential compliance issues. The model provides forecasted diversification and sensitivity analysis, allowing for a dynamic focus on investment decisions that aims to optimize risk-adjusted returns and meet portfolio requirements.

Execution:

Our ability to source and evaluate real estate investments has primarily been the result of our large-scale private markets platform, key relationships developed and a demonstrated ability to execute with clarity, consistency and integrity.

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