October 13, 2023
International Real Estate Value

Third Avenue International Real Estate Value Whitepaper: October 2023

Key Takeaways include:

  • International listed real estate offers exposure to unique supply-and-demand drivers, in addition to inflation and diversification benefits
  • Real estate companies listed outside of the U.S. currently offer attractive valuation and growth characteristics, as well as opportunities for active managers to benefit from inefficient pricing with a lack of competition
  • The Third Avenue International Real Estate Value Fund (“the Fund”) has delivered investors excess returns of approximately 7.0% per year for the last 5 years compared to the benchmark
  • The Fund is a distinct portfolio that represents “value with catalysts”, such as supply chain nearshoring, a spike in immigration in western markets, high growth in immature asset classes, and valuations that are cheaper than previous “crisis” levels in certain cases
  • These drivers could be enhanced further by “macro” catalysts including lower interest rates and a weaker U.S. dollar

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