October 30, 2020
Company News

Third Avenue Expands Real Estate Platform

NEW YORK – Third Avenue Management LLC (“Third Avenue” or “the Firm”), a U.S.-based investment advisor, announced today that it has entered into an agreement with Real Estate Management Services Group, LLC (“REMS”) to add the REMS International Real Estate Value-Opportunity Fund (NASDAQ:REIFX) (“REIFX”) to the Third Avenue Fund lineup.  Upon completion, REIFX will be renamed the Third Avenue International Real Estate Value Fund and accompany the Firm’s current Real Estate strategies, including the Third Avenue Real Estate Value Fund (NASDAQ:TAREX) and the GemCap Third Avenue Real Estate Value Fund UCITS.

As part of the transition, Quentin Velleley, currently Chief Investment Officer and Senior Portfolio Manager at REMS will join Third Avenue as Portfolio Manager, International Real Estate. To be based in the Firm’s Austin, TX office, Mr. Velleley will manage REIFX, while also collaborating with Jason Wolf and Ryan Dobratz, Co-Lead Portfolio Managers of the Third Avenue Real Estate Value Fund, in seeking out long-term, value-oriented opportunities in the securities of global real estate enterprises.

Mr. Dobratz and Mr. Wolf, members of Third Avenue’s Management Committee, said, “We have known Quentin for more than a decade, and it is clear that he is a very talented investor who shares our risk-averse and long-term value-mindset. At Third Avenue, we expect him to further build upon his achievements.  We also expect to realize key benefits for REIFX shareholders, as well as Third Avenue Real Estate Value Fund investors, with an expanded set of resources dedicated to the substantial opportunities in the securities of real estate and real asset businesses internationally.”

Quentin Velleley said, “I am pleased, and truly excited, to join the Third Avenue team.  The firm is a pioneer in modern-value investing and I have long admired its approach, developed by the legendary Marty Whitman.  The real estate team, under Jason and Ryan’s leadership, has cemented the Firm’s reputation as a thought leader in the industry and one of the premier value-investors in real estate securities. I look forward to working alongside them to deliver results for our clients over the long-term. I would also like to thank REMS for backing the launch of REIFX, as well as providing the support in turning this strategy into one of the leading international real estate funds since its inception nearly seven years ago.”


About Quentin Velleley, CFA

Mr. Velleley has been Executive Vice President and Chief Investment Officer at Real Estate Management Group with broad experience in both US and International real estate securities. Prior to REMS, he was a director in Citi Global Markets New York office where his responsibilities included covering US retail and healthcare REITs, and coordinating product for Citi’s global real estate research.  Previously at Citi he was the Head of Australian Property Research and prior to that was a Manager in Real Estate Corporate Finance for a top four accounting firm. Mr. Velleley is a CFA Charterholder and graduated from the University of Melbourne with a Bachelor of Arts, and from RMIT University, with a Bachelor of Business Property.

About Third Avenue Management

Third Avenue Management LLC is a New York-based investment advisory firm founded in 1986 by legendary investor Martin J. Whitman. For more than 25 years, the Firm has consistently pursued a bottom-up, fundamental-value approach to investing by focusing on the company’s balance sheet, the value of its underlying assets, the discounted price of its securities, and the ability of the enterprise to increase its corporate net worth over time. Today, the Firm is partnered with Affiliated Managers Group, Inc. (NYSE:AMG) and has more than $1.30 billion in assets under management across its three core strategies — Real Estate (NYSE: TAREX, TVRVX, TARZX), Global Value (NYSE: TAVFX, TVFVX, TAVZX), and Small-Cap (NYSE: TASCX, TVSVX, TASZX) – which are available to investors through ’40 Act mutual funds, UCITS, and customized accounts.

Third Avenue Funds are offered only by prospectus. The prospectus contains important information, including investment objectives, risks, advisory fees and expenses. Please read the Prospectus carefully before investing or sending money. For a current Prospectus please visit our Fund Literature page on our website at www.thirdave.com/fund-literature/, or call 800-443-1021.

REMS International Real Estate Value-Opportunity Fund.  Investors should consider the Fund’s investment objectives, potential risks, management fees and charges and expenses carefully before investing.  This and other information is contained in the Fund’s prospectus and summary prospectus, which may be obtained online at remsgroupfunds.com or by calling 1-800-673-0550.  Please read the prospectus carefully before investing.  Distributed by First Dominion Capital Corp.  Member FINRA/SIPC.

FUND RISKS: In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets. Factors that could affect the value of the Fund’s holdings include the following: overbuilding and increased competition, increases in property taxes and operating expenses, declines in the value of real estate, lack of availability of equity and debt financing to refinance maturing debt, vacancies due to economic conditions and tenant bankruptcies, losses due to costs resulting from environmental contamination and its related clean-up, changes in interest rates, changes in zoning laws, casualty or condemnation losses, variations in rental income, changes in neighborhood values, and functional obsolescence and appeal of properties to tenants. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.

Distributor of Third Avenue Funds: Foreside Fund Services, LLC.
Distributor of REMS International Real Estate Value-Opportunity Fund: First Dominion Capital Corp.

Media Contacts
Gagnier Communications
Dan Gagnier

Other Inquiries
Third Avenue Management
Client Services Department

Read the PDF
read full article
watch video here