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| Fund Overview | The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged. |
| Manager Comments | June was a relatively active month for the Fund. The Fund's student accommodation investee, Education Realty Trust (EDR), received an all cash take-over offer from entities associated with Greystar Real Estate Partners which Quay noted they are in no rush to accept. Separately, Quay's decision to hold Hispania Activos despite an April bid from entities associated with Blackstone has reaped additional rewards; in June the initial cash offer of 17.45 euros/share was revised to 18.25 euros/share with approval from the Board. Throughout the month the management team toured the US, Canada and UK, meeting with existing and prospective investees and their competitors, and looking for new investment ideas. Quay mentioned that they added a new investee during the month in the UK student accommodation space. Overall, Quay noted the outlook was positive, albeit with growth at more modest levels consistent with later cycle positioning. The exception was the industrial sector, where Quay believe the consensus outlook has become almost euphoric. They noted that this makes them cautious and is reflected by the under representation of the sector in the current portfolio. |
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