Cohen & Steers, Inc. a leading global investment manager specializing in real assets and alternative income, is pleased to announce the formation of the Cohen & Steers Private Real Estate Group, a team purpose-built for private real estate investing.
The Private Real Estate Group broadens the firm’s opportunity set to include the $15 trillion U.S. commercial real estate market that is private, representing more than 90% of the U.S. market not owned by listed REITs. The new capability will enhance the firm’s range of real estate strategies and its ability to provide clients with bespoke solutions.
The private team is led by James S. Corl, Executive Vice President. Mr. Corl rejoins Cohen & Steers after spending the last eleven years as Head of Real Estate at Siguler Guff & Company, LP, where he built a private real estate investment team that raised four dedicated opportunistic real estate private equity funds and invested $3 billion of capital. Prior to Siguler Guff, he was a key member of the real estate team at Cohen & Steers for eleven years, including four years as CIO of listed real estate. He is joined by:
Joseph Harvey, President and Acting Chief Executive Officer, said:
Investing in private real estate is a strategic extension of our expertise in listed real estate. Investors who allocate across both listed and private markets may take advantage of complementary opportunities at various stages of a cycle. We asked Jim to rejoin
Cohen & Steers and lead the effort because he is a strategic, talented investor who has excelled at both the listed and private real estate markets.
The Private Real Estate Group has a value-oriented approach to investing in all areas of commercial real estate and is agnostic to deal structure or vehicle. The team is prepared to make direct investments in properties, as well as specialized fund managers, and private investments in public equity (“PIPEs”) and pre-IPO securities, leveraging the market scale provided by the firm’s industry-leading listed real estate team.
James S. Corl, Executive Vice President and Head of Private Real Estate, said:
We are seeing attractive opportunities to capitalize on secular trends and cyclical recovery themes. These secular tailwinds are reversing key real estate trends, such as a shift from high-density urban apartments to medium density communities, and demand for office from gateway cities to sunbelt regions. These trend reversals are creating compelling opportunities and a uniquely attractive period of investing in real estate.
Mr. Corl will work with Jon Cheigh, Chief Investment Officer and Head of Listed Real Estate, to develop strategic and tactical asset allocation views across listed and private real estate markets. These views will be employed in the firm’s integrated listed and private strategies as well as providing insights, education and custom solutions for clients.
Jon Cheigh, Chief Investment Officer and Head of Listed Real Estate, said:
Establishing private capabilities alongside our leading listed real estate platform will provide clients with unique opportunities to capitalize on market mis-pricings and attractive entry points throughout the real estate cycle. I also expect that both our listed and private strategies will benefit from the collaboration and insight from a broader real estate effort. I am excited to work with Jim again and partner with him in developing new integrated strategies.
About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.