| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 5.58% | 2.23% | - |
The Third Avenue International Real Estate Value Fund returned 2.23% in Q2 2026, slightly underperforming its benchmark but maintaining strong 10-year outperformance of 5.59% annually. The Fund established two new positions during the quarter: Neinor Homes, Spain's largest homebuilder operating in chronically undersupplied residential markets, and Dexus Industria REIT, an Australian industrial platform benefiting from e-commerce and nearshoring trends. These investments deepen the Fund's exposure to its two highest conviction structural themes at attractive discounts to intrinsic value. The manager highlights an unprecedented valuation opportunity, with international real estate trading at approximately 10 times earnings versus 20 times for U.S. REITs despite similar or better earnings growth. The Fund's underlying holdings continue to grow earnings at high-single-digit to low-double-digit rates, driven by structural tailwinds in undersupplied residential markets across Spain, Ireland, and Poland, and industrial real estate demand from e-commerce, nearshoring, and defense spending. The manager views the current valuation gap as unsustainable and expects resolution through public market M&A, market recognition, or capital rotation from concentrated technology holdings toward real assets.
International real estate represents an unprecedented value opportunity, trading at approximately 10 times earnings versus 20 times for U.S. REITs despite similar or better earnings growth, with the Fund positioned to benefit from structural themes in chronically undersupplied residential markets and high-demand industrial real estate.
Fund Management views the current pricing of international listed real estate as one of the most attractive entry points in the Fund's history. The valuation gap between international real estate and U.S. REITs is unprecedented and unsustainable, with the Fund trading at approximately 10 times earnings versus 20 times for U.S. peers, despite similar or better earnings growth. The resolution of this valuation anomaly is viewed as a question of when rather than if, likely driven by public market M&A, market recognition of the disconnect, or capital rotation toward real assets. The Fund's underlying earnings yield of approximately 10% combined with high-single-digit earnings growth provides a compelling stand-alone return case that does not depend on valuation re-rating.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 16 2026 | 2026 Q2 | 0019.HK, 8439.T, AMATA.BK, BYG.L, CTPNV.AS, DXI.AX, DXS.AX, GLV.L, INA.AX, LLC.AX, LOGG3.SA, PLD, PSA, SGRO.L, SHUR.AS, SVI.TO, TAG.DE, VEST.MX, WDP.BR | Europe, Industrial, international, Logistics, real estate, REITs, Residential, value |
TAG.DE DXI.AX |
Third Avenue International Real Estate Value Fund trades at 10 times earnings, half the valuation of U.S. REITs, despite similar earnings growth. The manager added positions in Spanish homebuilder Neinor and Australian industrial REIT Dexus Industria, deepening exposure to chronically undersupplied residential markets and logistics real estate. With 10% earnings yield and high-single-digit growth, the manager views this as one of the most attractive entry points in Fund history. |
| Apr 22 2026 | 2026 Q1 | 0012.HK, SVS.L | Asia, Europe, inflation, international, real estate, value | SVS.L | International real estate fund outperformed despite Iran conflict volatility, adding Hang Lung Group and Savills at deep discounts. Trading at historical valuation lows with 12x P/E and 37% NAV discount, the portfolio emphasizes inflation-protected rental income and conservative financing. Management sees compelling opportunities amid market dislocation while maintaining disciplined, opportunistic approach. |
| Jan 22 2026 | 2025 Q4 | 8923.T, BYG.L, CTP.AS, GLV.L, HKL.L, LLC.AX, MPNGF, NSR.AX, SVI.TO, TEG.DE, VEST.MX | Asia, discount, international, NAV, Privatization, real estate, Self Storage, value | - | Third Avenue's international real estate fund returned 25.56% in 2025 as privatization thesis materialized with multiple takeover offers at significant premiums. Fund trades at 13x P/E with 30% NAV discount despite strong fundamentals across self-storage and residential platforms. Management expects continued privatization activity and attractive returns from earnings growth in undersupplied markets globally. |
| Oct 21 2025 | 2025 Q3 | 0016.HK, 8923.T, AMATA.BK, BYG.L, CTP.AS, INA.AX, LLC.AX, NSR.AX, SHUR.L, SVI.TO, TEG.DE, VEST.MX | Asia, Europe, Industrial, international, Nearshoring, real estate, value | - | Third Avenue's international real estate fund capitalizes on nearshoring trends benefiting Southeast Asia while identifying undervalued properties trading at significant discounts to net asset value. The fund's industrial real estate exposure aligns with China plus one manufacturing strategies, while self-storage holdings offer platform value and lease-up potential. Management expects continued privatizations of undervalued assets. |
| Jul 25 2025 | 2025 Q2 | 12.HK, 16.HK, 19.HK, 1928.HK, 8293.HK, ABG.AX, BYG.L, CTP.AS, G13.SI, GLV.L, HLCL.L, INA.AX, LLC.AX, MRL.MC, NSR.AX, SHUR.L, STV.TO, TAG.DE | Asia, Australia, deep value, Hong Kong, real estate, REITs, value |
LLC AU LLC.AX |
Third Avenue's international real estate fund delivered strong Q2 returns through deep value investments trading at steep NAV discounts. Hong Kong exposure benefits from mainland capital flows and IPO pipeline expansion. Australian developer Lendlease offers compelling value at current prices below estimated intrinsic value. Share buybacks at undervalued holdings create additional value catalysts. |
| Mar 31 2025 | 2025 Q1 | 0016.HK, 3231.T, 8923.T, BYG.L, CTP.AS, G13.SI, GLV.L, INA.AX, MRL.MC, NSR.AX, SHUR.L, SUV.HK, SVI.TO, TAG.DE, UTG.L, WDP.BR | Currency, Dollar, international, Logistics, real estate, Regionalization, tariffs, value |
CTP.AS WDP.BR UTG.L |
Third Avenue International Real Estate Value Fund delivered +5.99% in Q1 2025, driven by Hong Kong data centers, Australian manufactured housing, and European industrial assets. The fund targets deeply discounted international real estate with resilient cash flows, positioned to benefit from deglobalization trends and U.S. Dollar weakness while providing defensive portfolio diversification. |
| Dec 31 2024 | 2024 Q4 | 0012.HK, 0194.HK, 1821.HK, 19.HK, 3182.KL, 8923.T, AEDAS.MC, BYG.L, CTP.AS, GLENP.L, GRI.L, INA.AX, MRL.MC, NSR.AX, SHUR.AS, SVI.TO, TAG.DE, VEST.MX | Asia, Discounts, Europe, international, real estate, REITs, Residential, value |
GHV.L TAG.DE HKL.L VEST.MX 1821.HK |
Third Avenue International Real Estate outperformed its benchmark despite currency headwinds, with the Fund trading at its most attractive valuations in over 10 years at 13x earnings and 0.66x NAV. Strong earnings growth from underlying investments and significant discounts to private market values position the Fund for potential 40% upside as valuations normalize. |
| Sep 30 2024 | 2024 Q3 | 1821.HK, 8923.T, AED.MC, BYG.L, CTP.AS, G13.SI, GLENP.L, INA.AX, LVS, MRL.MC, NSR.AX, SHUR.L, SUN.HK, SVI.TO, VEST.MX | Asia, Data centers, Development, international, real estate, REITs, Self Storage, value | MRL.MC | Fund delivered solid 11.75% Q3 returns despite currency and political headwinds. Portfolio emphasizes undervalued international real estate companies trading at significant NAV discounts, with compelling opportunities in data centers, self-storage, and Singapore casinos. Strong development pipelines and improving fundamentals position holdings for outperformance as interest rates decline and M&A activity increases. |
| Jul 19 2024 | 2024 Q2 | 1821.HK, 8923.T, BYG.L, CTP.AS, GLEN.L, GRI.L, HLI.L, INA.AX, MAND.HK, SHNG.HK, SVI.TO, VEST.MX | Asia, Data centers, international, Logistics, real estate, REITs, value |
1821.HK MDORF |
Third Avenue's international real estate fund outperformed benchmarks despite negative returns, driven by special situation investments in deeply discounted Asian property companies. With the sector trading at 30% discounts to book value and privatization activity increasing, the concentrated value approach targets significant upside as inflation pressures ease and investors rotate into alternative strategies. |
| May 7 2024 | 2024 Q1 | 3231.T, 8923.T, AED.MC, BWR.UN.TO, BYG.L, CTPNV.AS, GLV.L, GRNG.L, INA.AX, NSR.AX, SHUR.L, SVI.TO, VEST.MX | Industrial, international, Japan, Nearshoring, real estate, REITs, Self Storage, value |
8923.T 3231.T |
Third Avenue's international real estate fund outperformed in Q1 despite negative returns, benefiting from nearshoring industrial demand, undersupplied Western residential markets, and emerging self-storage platforms. The concentrated portfolio emphasizes small-cap companies with structural advantages. Japanese REOCs offer compelling value creation opportunities as governance reforms and activist pressure unlock discounted valuations in Tokyo-focused operators. |
| Jan 28 2024 | 2023 Q4 | 0016.HK, 0019.HK, 8923.T, BEI.TO, BYG.L, CTPNV.AS, GEST.L, GLV.L, HLI.L, INA.AX, NSR.AX, SHUR.L, SVI.TO, VESTA.MX | Asia, international, Nearshoring, real estate, REITs, value |
HLCL.L 0019.HK 0101.HK 0016.HK |
Third Avenue's international real estate fund delivered strong outperformance by targeting deeply discounted property companies. The fund capitalizes on nearshoring trends through Mexican industrial investments, residential markets with immigration-driven demand, and Asian developers trading at crisis-level valuations. With international real estate at 0.79x book value versus 1.05x historical average, the manager sees compelling mean reversion opportunity ahead. |
| Oct 25 2023 | 2023 Q3 | 0019.HK, 1821.HK, 3231.T, 8923.T, BYG.L, CTP.AS, GLV.L, NSR.AX, SVI.TO, VEST.MX | Immigration, Industrial, international, Nearshoring, real estate, Self Storage, value |
BYG.L NSR.AX CTPNV.AS |
Third Avenue's international real estate fund delivered flat year-to-date performance despite Q3 weakness, outperforming benchmarks through strategic positioning in immigration-driven residential markets and nearshoring-exposed industrial assets. The fund increased self-storage positions during price weakness and expanded nearshoring exposure. Asian holdings trade at crisis-level discounts while management sees compelling value opportunities ahead. |
| Dec 31 2022 | 2022 Q4 | VI6 GR | - | - | |
| Oct 25 2022 | 2022 Q3 | BKG LN, MDO LN, SGRO LN | - | - | |
| Jun 30 2022 | 2022 Q2 | INA AU, VWS AV | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
Residential Real EstateThe Fund deepened exposure to chronically undersupplied residential markets in Spain, Ireland, and Poland through investments in Neinor Homes, Glenveagh Properties, and TAG Immobilien. These markets face structural housing deficits driven by economies growing faster than the European average, years of underbuilding, favorable affordability ratios, and supportive government policies. The manager views this as a high conviction structural theme with strong fundamentals. |
Homebuilders Spain Ireland Poland Housing |
LogisticsThe Fund initiated a position in Dexus Industria REIT and maintains exposure across multiple geographies including Central and Eastern Europe, Southeast Asia, Mexico, and Brazil. Industrial real estate is driven by e-commerce growth requiring urban proximity for faster delivery, nearshoring and China plus one manufacturing strategies, and increased defense spending and domestic energy independence following the Iran conflict. The manager views this as one of the most compelling structural growth stories in global listed real estate. |
Industrial REITs E-commerce Nearshoring Warehouses Supply Chain | |
Self Storage REITsThe Fund holds self-storage owners Big Yellow in the UK and Shurgard in Europe, which the manager believes are well-positioned as potential acquisition targets. These companies have high-quality portfolios, conservative balance sheets, and trade at significant discounts to what institutional and strategic buyers have been willing to pay for comparable platforms in the private market. |
Self Storage United Kingdom Europe M&A REITs | |
ValueThe Fund trades at approximately 10 times earnings, roughly half the valuation multiple of US REITs, despite similar or better earnings growth. The manager characterizes this valuation gap as unprecedented and unsustainable, with international real estate earnings growing at high-single-digit to low-double-digit rates while trading at approximately half the valuation multiple of US peers. The manager views this as one of the most attractive entry points in the Fund's history. |
Valuation Discount P/E Ratio Mispricing | |
Defense SpendingThe Iran conflict has reinforced structural demand trends for industrial real estate, specifically increased defense spending and focus on domestic energy independence. These are expected to be long-lasting trends supported by political commitments that are expected to benefit Fund investments, particularly those located in Europe. |
Defense Europe Industrial Geopolitics | |
| 2026 Q1 |
Commercial Real EstateFund focuses on real estate investments across multiple property types including retail, industrial, residential, and self-storage. Portfolio emphasizes hard assets that generate high-margin, recurring cash flows with inflation-linked revenues. Current positioning includes premium retail properties, logistics platforms, and undersupplied residential markets. |
Real Estate REITs Property Rental Assets |
InflationManager views elevated inflation as likely due to Iran conflict driving higher energy prices. Fund positioned to benefit from inflation through rental revenues tied directly or indirectly to inflation, with most European rents including inflation-indexation clauses and Asian rents allowing mark-to-market adjustments. |
Inflation Energy Pricing Indexation Protection | |
ValueFund trading at most attractive valuations in its history with 12x P/E ratio and 37% discount to net asset value. New positions initiated in Hang Lung Group at 22% of book value and 8x earnings, and Savills at 5x EBITDA versus US peers at 10x+. |
Valuation Discount Book Value Earnings Multiple | |
| 2025 Q4 |
DividendsThe fund follows a Dogs of the Dow strategy, investing approximately 50% of assets in the 10 highest dividend-yielding Dow Jones Industrial Average stocks. This systematic approach focuses on dividend yield as the primary selection criterion for equity investments. |
Dividend Yield DJIA Income Dogs of Dow |
| 2025 Q3 |
OnshoringThe nearshoring trend where manufacturing and supply chains move closer to end consumers remains strong, particularly benefiting Southeast Asian countries like Malaysia, Thailand, and Vietnam due to their proximity to China, low costs, and large workforce. This China plus one strategy aims to reduce risk from reliance on a single market and has accelerated due to geopolitical tensions. |
Manufacturing Supply Chain Diversification Geopolitical Asia |
Commercial Real EstateThe Fund focuses on international real estate companies with emphasis on industrial real estate exposure aligned with nearshoring trends. Fund has 20% exposure to industrial real estate with more than half invested in primary beneficiaries of nearshoring including Central and Eastern Europe, Mexico, and Southeast Asia. |
Industrial REITs Property Development International | |
ValueFund identifies unusual price-to-value discrepancies in international real estate, with Big Yellow's share price offering 45% upside to assessed net asset value before acquisition announcement. Many holdings trade at attractive, discounted valuations relative to private market valuations despite strong fundamentals. |
Discount NAV Mispricing Upside Privatization | |
| 2025 Q2 |
Commercial Real EstateFund focuses on deep value real estate investments trading at significant discounts to net asset value, particularly in Hong Kong, Australia, and Europe. Manager sees substantial upside potential as companies progress through resource conversion processes and cyclical earnings improve. |
Deep Value NAV Discount Resource Conversion REITs Property Development |
Data CentersFund has exposure to data center companies including SUNeVision in Hong Kong and Merlin Properties in Spain, both completing large data center projects as part of resource conversion strategies. |
SUNeVision Merlin Properties Infrastructure Technology Real Estate | |
Hong KongManager sees Hong Kong benefiting from increased mainland Chinese capital flows and over 200 planned IPOs. Hong Kong's role as major Asian financial hub is expanding, supported by favorable regulatory environment and improving real estate fundamentals. |
Capital Markets IPO Pipeline Mainland Investment Financial Hub | |
BuybacksFund benefits from share buyback programs at undervalued prices, particularly Lendlease's proposed US$300 million buyback and Hongkong Land's aggressive buyback program following asset sales. |
Share Repurchases Capital Allocation Value Creation Asset Sales | |
| 2025 Q1 |
Commercial Real EstateFund focuses on international real estate markets with deeply discounted valuations trading at 35% discount to real estate value. Portfolio emphasizes residential, industrial/logistics, and self-storage assets with pricing power and resilient cash flows. Limited new supply due to higher construction costs provides positive backdrop for long-term growth. |
Real Estate Valuations Supply Cash Flows Pricing Power |
LogisticsFund has 10% exposure to European industrial and logistics real estate totaling 300 million square feet. Asian manufacturers increasing space usage from 10% to 20% in CTP properties. Regionalization trends benefit logistics assets near major ports like Antwerp and Rotterdam with high e-commerce penetration rates. |
Industrial Supply Chain E-commerce Ports Manufacturing | |
OnshoringLong-term trend from globalization to localization and regionalization driven by potential higher tariffs and manufacturing reshoring. Industrial and logistics real estate positioned as key beneficiaries as supply chains move closer to consumers. European markets particularly attractive with planned fiscal stimulus. |
Reshoring Supply Chain Manufacturing Tariffs Localization | |
Student HousingUK student accommodation REIT Unite Group benefits from potential shift in international student demand away from US due to unfriendly policies. 30% of Unite portfolio rented to international students with 9% increase in Chinese applications. Limited new supply supports 4-5% rent growth guidance. |
Education International Students Supply Constraints Rent Growth Demographics | |
Data CentersLeading Hong Kong data center company SuneVision generated +60% return in the quarter, representing a significant contributor to fund outperformance. Investment thesis previously outlined in 3Q 2024 shareholder letter. |
Technology Infrastructure Hong Kong Performance Growth | |
DollarStrong US Dollar has been headwind but now becoming tailwind. PPP methodology suggests Dollar overvalued by 35% relative to fund's currency exposures. Recent tariff announcements suggest damage to US growth outlook and foreign investor willingness to fund external deficit. |
Currency Purchasing Power Parity Overvaluation Trade Policy Foreign Exchange | |
| 2024 Q4 |
Commercial Real EstateInternational listed real estate trades at historically attractive valuations with 13x earnings multiple being the cheapest in the Fund's 10-year history. The sector trades at 0.66 times NAV, also the most attractive ratio over the past 10 years. Fund Management contends that a reversion to the mean could drive 40% upside for the overall international real estate sector. |
REITs Valuations NAV Discounts Multiples |
HomebuildersEuropean residential investments in undersupplied housing markets like Dublin and Madrid were sources of outperformance. Fund Management focuses on markets with significant undersupply of adequate housing relative to elevated demand from urban employment and population growth. Poland's key urban areas have inadequate quality housing stock with limited availability and strong demand. |
Housing Supply Demand Development Residential | |
Asia-PacificAsian investments delivered attractive returns with Hong Kong outperforming its benchmark by 24% and Japan outperforming by 17%. There is growing evidence of improvement in corporate governance, specifically in Japan and increasingly in Hong Kong and Singapore. The Fund has directly benefited from this shift via investments that are actively improving capital allocation and growing net asset value. |
Hong Kong Japan Singapore Governance Outperformance | |
ValueThe Fund's average price-to-earnings multiple ended the year at 13 times, the lowest or most attractive in the Fund's 10+ year history. Using conservative estimates of private market real estate value to calculate NAV, the Fund trades at a ratio of 0.66 times, also the most attractive ratio over the past 10 years. These abnormal levels of valuation disconnect compared to private market values are now standard across the U.K. and Europe. |
Discounts Multiples Undervalued Private Market Attractive | |
| 2024 Q3 |
Data CentersFund sees significant opportunity in data center development across Spain, Portugal, and Hong Kong. Merlin Properties has developed three data centers with 60 mW capacity at 90% pre-commitment, delivering 10%+ net yield on cost, with additional US$2.3 billion pipeline for 200 mW. Sunevision Holdings benefits from constrained Hong Kong supply and accelerated cloud adoption across Asia. |
Data Centers Cloud AI Infrastructure Development |
Self StorageInternational self-storage remains immature compared to US market, with lower square footage per capita and supply constraints in major cities. Fund's self-storage investments trade at 15-20% discounts to NAV versus US REITs at 15-20% premiums. Portfolio occupancy averages 81% versus 90%+ in US, providing 30-40% earnings upside potential from lease-up and development. |
Self Storage Occupancy Development International Real Estate | |
CasinosFund initiated position in Genting Singapore, owner of Resort World Sentosa with exclusive casino rights through 2030. Property offers 1,600 hotel rooms, 160k square foot casino, and theme parks on 120 acres. Balance sheet has no debt with cash representing 35% of market cap, trading at 6x EBITDA versus comparable Las Vegas Sands at 13x. |
Casinos Singapore Tourism Entertainment Gaming | |
Commercial Real EstateBroad recovery in international real estate driven by monetary easing and improving credit spreads. Index still needs 30%+ increase to reach pre-COVID valuations. Fund focuses on well-managed, well-capitalized companies trading at significant discounts to underlying real estate value with upside potential from developments and improving fundamentals. |
Commercial Real Estate Valuations Recovery Discounts NAV | |
| 2024 Q2 |
Commercial Real EstateFund focuses on international listed real estate across 40 countries and 14 asset types, with concentrated exposure to industrial/logistics, residential, and self-storage properties. Current positioning benefits from structural long-term growth drivers in these asset classes. |
REITs Property Development Logistics Self Storage |
Data CentersESR Group has a vast 1+ Gigawatt pipeline of data center projects and recently raised a data center development fund with external capital. The booming demand for new data center space positions ESR to benefit significantly from this growth opportunity. |
Data Centers Infrastructure Development ESR | |
LogisticsIndustrial/logistics represents 24% of fund exposure and continues to benefit from structural long-term growth drivers. ESR Group operates a leading pan-Asia logistics platform with key exposures across Japan, South Korea, Australia, India, and Southeast Asia. |
Industrial Warehouses Supply Chain Asia | |
ValueFund employs a rigorous, concentrated, value-oriented approach focusing on deeply discounted Asian property companies and special situations trading at significant discounts to NAV. Current portfolio trades at 30% discount to book value versus historical premium. |
Discount NAV Book Value Undervalued | |
| 2024 Q1 |
OnshoringNearshoring growth in Mexico is driving strong tenant demand that exceeds new supply, with broad speculative development restricted by infrastructure constraints and high financing costs. Industrial cap rates are compressing and values increasing due to institutional demand. Similar trends are playing out in Central and Eastern Europe through CTP's operations. |
Mexico Industrial Tenant Demand Infrastructure Development |
Commercial Real EstateFund focuses on undersupplied residential markets in Western regions where housing demand outstrips supply due to high migration and subdued construction. This creates rent growth of 8-10% annually with attractive growth expected to continue. Self-storage platforms outside the US remain immature with low supply and potential for increased demand penetration. |
Residential Supply Demand Rent Growth Self Storage Western Markets | |
JapanFund prefers Japanese REOCs over REITs due to better governance, active management capabilities, and value creation potential. Tokyo Stock Exchange's governance campaign and activist pressure could unlock significant value. Tokyo's demographics remain favorable despite Japan's broader population decline. |
REOCs Governance Tokyo Demographics Value Creation | |
| 2023 Q4 |
Commercial Real EstateFund focuses on international real estate companies trading at significant discounts to net asset value. Manager sees opportunity in residential real estate with strong immigration and limited supply, industrial properties exposed to nearshoring trends, and select Japanese real estate companies. |
REITs NAV Discount Valuation Property Development |
OnshoringFund benefits from nearshoring trends, particularly through Mexican industrial real estate investments like Vesta. Manager expects continued positive fundamentals driven by supply chain adaptation to geopolitical realities and Mexico's proximity to the US market. |
Mexico Supply Chain Industrial Manufacturing Geopolitical | |
ValueInternational real estate trades at attractive valuations with the index at 0.79x book value versus historical average of 1.05x. Fund targets companies trading at significant discounts to net asset value, with some holdings at 46-63% discounts to book value. |
Discount Book Value NAV Undervalued Mean Reversion | |
| 2023 Q3 |
OnshoringThe Fund increased exposure to nearshoring through investments in industrial/logistics real estate companies like CTP NV and Vesta, which benefit from supply chain reshoring to European and Mexican markets respectively. Central and Eastern European markets offer significantly lower production costs and high-quality infrastructure. |
Nearshoring Supply Chain Industrial Logistics Manufacturing |
Commercial Real EstateThe Fund focuses on international real estate securities across 14 asset types and 40 countries, with concentrated exposure to self-storage, industrial/logistics, and residential development. Many holdings trade at significant discounts to private market valuations, creating opportunities for fundamental investors. |
REITs Property Valuations Real Estate International |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2023 | Fund Letters | Third Avenue International Real Estate Value Fund | BYG.L | Big Yellow Group PLC | Real Estate | Specialized REITs | Bull | London Stock Exchange | defensive, development pipeline, occupancy growth, Recession-Resilient, REIT, Self-storage, UK, Value | Login |
| Sep 30, 2023 | Fund Letters | Third Avenue International Real Estate Value Fund | NSR.AX | National Storage REIT | Real Estate | Specialized REITs | Bull | Australian Securities Exchange | Australia, development pipeline, Industrial Shortage, Population growth, REIT, Self-storage, SME Demand, value creation | Login |
| Sep 30, 2023 | Fund Letters | Third Avenue International Real Estate Value Fund | CTPNV.AS | CTP NV | Real Estate | Industrial REITs | Bull | Euronext Amsterdam | development, Europe, Industrial, Logistics, Nearshoring, Self-Funding Model, supply chain, value creation | Login |
| Jul 16, 2026 | Fund Letters | Third Avenue International Real Estate Value Fund | - | Neinor Homes S.A. | Other | Homebuilding | Bull | Bolsas y Mercados Españoles (Madrid) | European real estate, high dividend yield, homebuilder, Housing Deficit, Residential Development, Spain, Structural Growth, Undersupply, Value | Login |
| Jul 16, 2026 | Fund Letters | Third Avenue International Real Estate Value Fund | TAG.DE | TAG Immobilien AG | Other | Residential REITs | Bull | Frankfurt Stock Exchange (Deutsche Börse) | European real estate, Germany, hidden value, IPO Catalyst, Multifamily, Poland, Rental Housing, Residential REIT, Sum-of-the-Parts | Login |
| Jul 16, 2026 | Fund Letters | Third Avenue International Real Estate Value Fund | DXI.AX | Dexus Industria REIT | REIT - Industrial | Industrial REITs | Bull | Australian Securities Exchange | Australia, development pipeline, discount to NAV, e-commerce, high dividend yield, industrial REIT, Infill, Logistics, Warehouse | Login |
| Apr 22, 2026 | Fund Letters | Third Avenue International Real Estate Value Fund | - | Hang Lung Group | Real Estate Services | Real Estate Management & Development | Bull | New York Stock Exchange | book value discount, China, deep value, Hong Kong, Luxury Retail, Merger Catalyst, Premium Retail, real estate development, REIT Spin-off, Shopping Malls | Login |
| Apr 22, 2026 | Fund Letters | Third Avenue International Real Estate Value Fund | SVS.L | Savills Plc | Real Estate Services | Real Estate Services | Bull | New York Stock Exchange | dual listing, EBITDA multiple, Global Franchise, market re-rating, operational synergies, Real Estate Services, transformation, US Acquisition, valuation arbitrage | Login |
| Jul 25, 2025 | Fund Letters | Quentin Velleley | LLC AU | Lendlease Group | Real Estate | Real Estate Development | Bull | New York Stock Exchange | deleveraging, development, NAV, realestate, Simplification | Login |
| Jun 30, 2025 | Fund Letters | Third Avenue International Real Estate Value Fund | LLC.AX | Lendlease Corp Ltd | Real Estate | Real Estate Development | Bull | Australian Securities Exchange | asset sales, Australia, Business Simplification, construction, deep value, Mixed-Use, NAV discount, real estate development, Share Buyback, turnaround | Login |
| Mar 31, 2025 | Fund Letters | Third Avenue International Real Estate Value Fund | CTP.AS | CTP NV | Real Estate | Industrial REITs | Bull | Euronext Amsterdam | Central Europe, Eastern Europe, Europe, Industrial, Logistics, manufacturing, REIT, Reshoring | Login |
| Mar 31, 2025 | Fund Letters | Third Avenue International Real Estate Value Fund | WDP.BR | Warehouses De Pauw | Real Estate | Industrial REITs | Bull | Euronext Brussels | Belgium, e-commerce, Europe, Industrial, Logistics, Netherlands, REIT, Romania, Value | Login |
| Mar 31, 2025 | Fund Letters | Third Avenue International Real Estate Value Fund | UTG.L | Unite Group PLC | Real Estate | Specialized REITs | Bull | London Stock Exchange | Demographics, development, International Students, REIT, student housing, UK, Universities, Value | Login |
| Dec 31, 2024 | Fund Letters | Third Avenue International Real Estate Value Fund | GHV.L | Glenveagh Properties PLC | Real Estate | Homebuilding | Bull | London Stock Exchange | Dublin, homebuilder, Housing Undersupply, Ireland, low debt, Residential Development, Scale Efficiencies, Urban Growth | Login |
| Dec 31, 2024 | Fund Letters | Third Avenue International Real Estate Value Fund | TAG.DE | TAG Immobilien AG | Real Estate | Residential REITs | Bull | Frankfurt Stock Exchange | German Residential, homebuilding, Housing shortage, Polish Expansion, Regulated Rents, Rental Portfolio, Replacement Cost Discount, value creation | Login |
| Dec 31, 2024 | Fund Letters | Third Avenue International Real Estate Value Fund | HKL.L | Hong Kong Land Holdings Ltd | Real Estate | Diversified REITs | Bull | London Stock Exchange | Asset Divestiture, Central District, Fund management, Governance Improvement, Hong Kong, Luxury Retail, Share Buyback, Strategic Transformation, Trophy Assets | Login |
| Dec 31, 2024 | Fund Letters | Third Avenue International Real Estate Value Fund | VEST.MX | Corp Inmobiliaria Vesta SAB de CV | Real Estate | Industrial REITs | Bull | Mexican Stock Exchange | development, Logistics, manufacturing, Mexican Industrial, Nearshoring, Rent growth, Supply Chain Integration, US Reshoring | Login |
| Dec 31, 2024 | Fund Letters | Third Avenue International Real Estate Value Fund | 1821.HK | ESR Group Ltd | Real Estate | Diversified REITs | Bear | Hong Kong Stock Exchange | Australian Spinout, Business Simplification, data centers, Pan-Asia Logistics, Privatization, strategic value, Undervalued Offer, value creation | Login |
| Sep 30, 2024 | Fund Letters | Third Avenue International Real Estate Value Fund | MRL.MC | Merlin Properties | Real Estate | Diversified REITs | Bull | Madrid Stock Exchange | data centers, development, Discount to book, Logistics, Office, Portugal, REIT, retail, Spain, Value | Login |
| Sep 30, 2024 | Fund Letters | Third Avenue International Real Estate Value Fund | - | Genting Singapore | Consumer Discretionary | Casinos & Gaming | Bull | Hong Kong Stock Exchange | Asia, casino, duopoly, entertainment, Gaming, Integrated Resort, recovery, Singapore, Tourism, Value | Login |
| Jun 30, 2024 | Fund Letters | Third Avenue International Real Estate Value Fund | 1821.HK | ESR Group Ltd | Real Estate | Real Estate Management & Development | Bull | Hong Kong Stock Exchange | Asia, asset management, data centers, Hong Kong, Japan, Logistics, private equity, Privatization, real estate development, Special Situation, Value | Login |
| Jun 30, 2024 | Fund Letters | Third Avenue International Real Estate Value Fund | MDORF | Mandarin Oriental International Ltd | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | Hong Kong Stock Exchange | Asia, asset sales, Hong Kong, hospitality, Luxury hotels, Management Platform, Privatization, Resource Conversion, Special Situation, Value | Login |
| Mar 31, 2024 | Fund Letters | Third Avenue International Real Estate Value Fund | 8923.T | Tosei Corp. | Real Estate | Real Estate Management & Development | Bull | Tokyo Stock Exchange | asset management, Environmental Standards, Japan, Management alignment, NAV discount, property development, Property Manager, Real Estate Management, Revitalization, Tokyo, value creation | Login |
| Mar 31, 2024 | Fund Letters | Third Avenue International Real Estate Value Fund | 3231.T | Nomura Real Estate Holdings | Real Estate | Real Estate Management & Development | Bull | Tokyo Stock Exchange | capital allocation, cash flow growth, Corporate Governance, Japan, NAV discount, private equity, real estate development, REOC, shareholder returns, Spin-off catalyst | Login |
| Dec 31, 2023 | Fund Letters | Third Avenue International Real Estate Value Fund | HLCL.L | Helical plc | Real Estate | Real Estate Investment Trusts (REITs) | Bull | London Stock Exchange | development, discount, London, M&A, Office, REIT, Resource Conversion, Sustainable, UK, Value | Login |
| Dec 31, 2023 | Fund Letters | Third Avenue International Real Estate Value Fund | 0019.HK | Swire Pacific Ltd | Real Estate | Real Estate Operating Companies | Bull | Hong Kong Stock Exchange | Asia, capital allocation, China, Hong Kong, Office, Premium Properties, Resource Conversion, retail, Share Buyback | Login |
| Dec 31, 2023 | Fund Letters | Third Avenue International Real Estate Value Fund | 0101.HK | Mandarin Oriental International Ltd | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | Hong Kong Stock Exchange | Asia, asset-light, capital allocation, Fee Based, Luxury hotels, Management Platform, Resource Conversion, valuation discount | Login |
| Dec 31, 2023 | Fund Letters | Third Avenue International Real Estate Value Fund | 0016.HK | Sun Hung Kai Properties Ltd | Real Estate | Real Estate Operating Companies | Bull | Hong Kong Stock Exchange | A+ Rating, Commercial, Crisis Valuation, discount, Hong Kong, Premium Assets, Property Developer, Residential, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| GLV.L | Glenveagh Properties PLC is an Irish homebuilder focused primarily on Dublin and its commuter belt. Spain, Ireland, and Poland face a long-standing housing deficit that has been growing for over ten years and is now at a critical point. In each market, demand significantly exceeds supply, driven by common factors: (i) economies growing faster than the European average, (ii) structural deficits resulting from years of underbuilding that cannot be quickly fixed, (iii) favorable affordability ratios and low or decreasing mortgage rates, and (iv) government policies broadly supportive of new supply. |
| TAG.DE | TAG Immobilien AG is a German and Polish residential owner and developer with a large, stable German rental portfolio and a rapidly growing Polish platform. TAG owns over 83,000 rental units across Germany, generating consistent cash flow that has helped its expansion into Poland at a low cost of capital. Its Polish business—comprising ROBYG's build-to-sell projects and Vantage Development's growing rental portfolio—now makes up nearly half of TAG's earnings, according to Fund Management. Despite this, Polish revenue remains undervalued at TAG Immo's current share price. TAG launched an IPO for its Polish homebuilding unit ROBYG after the quarter ended, with shares pricing 25% above TAG's book value for ROBYG. TAG still owns about two-thirds of ROBYG, with IPO proceeds used to further expand its Polish rental portfolio. This IPO validates some of the value hidden in many of the Fund's investments. If the market valued TAG based on ROBYG's current share price, TAG would need to trade approximately 20% higher to align with peer multiples. |
| VEST.MX | Corp. Inmobiliaria Vesta S.A.B. de CV. is a nearshoring-oriented industrial real estate play in Mexico, part of the Fund's existing industrial exposure. |
| CTPNV.AS | CTP NV is a nearshoring-oriented industrial real estate play in Central and Eastern Europe, part of the Fund's existing industrial exposure. |
| WDP.BR | Warehouses De Pauw is a nearshoring-oriented industrial real estate play in Central and Eastern Europe, part of the Fund's existing industrial exposure. |
| AMATA.BK | Amata Corporation is a nearshoring-oriented industrial real estate play in Southeast Asia, part of the Fund's existing industrial exposure. |
| LOGG3.SA | LOG Commercial Properties provides logistics and e-commerce exposure in Brazil, part of the Fund's existing industrial exposure. |
| DXI.AX | Dexus Industria is an Australian industrial REIT with 88 high-quality warehouse and logistics assets, about 75% of which are located in urban 'infill' markets — Australia's most sought-after industrial areas. The fully occupied portfolio recently recorded high single-digit net rental growth. Our investment thesis is based on several factors: (i) an attractive valuation, including an 8% cap rate, a mid-teens AFFO multiple, a 7% dividend yield, and a 30% discount to NAV; (ii) the scarcity of infill industrial land in major urban centers, supporting premium occupancy and leasing spreads; (iii) a development pipeline of 12 projects offering attractive returns; (iv) a conservative, low-leverage balance sheet; (v) access to institutional deal flow, asset management, and operational expertise through Dexus; (vi) rental income growth outpacing construction cost inflation; and (vii) active share buybacks at a discount to NAV, highlighting shareholder alignment despite a less-than-perfect external management structure. |
| DXS.AX | Dexus Industria is managed by Dexus (ASX: DXS), a leading Australian real estate asset manager with roughly A$10 billion in industrial real estate assets. |
| PSA | The acquisition of Public Storage Canada by affiliated U.S. REIT Public Storage is an early indicator of a trend that Fund Management expects could continue, where U.S. REIT boards and management teams—benefiting from relatively low-cost equity capital and elevated domestic valuations—are beginning to leverage this currency advantage to pursue international real estate acquisitions. |
| PLD | The approach by U.S. REIT Prologis to acquire UK-listed SEGRO is an early indicator of a trend that Fund Management expects could continue, where U.S. REIT boards and management teams—benefiting from relatively low-cost equity capital and elevated domestic valuations—are beginning to leverage this currency advantage to pursue international real estate acquisitions. |
| SGRO.L | The approach by U.S. REIT Prologis to acquire UK-listed SEGRO is an early indicator of a trend that Fund Management expects could continue. |
| BYG.L | Among the Fund's own holdings, self-storage owners such as Big Yellow in the U.K. appear well-positioned as potential targets, given what we believe to be their high-quality portfolios, conservative balance sheets, and the significant gap between their listed valuations and what institutional and strategic buyers have been willing to pay for comparable self-storage platforms in the private market. |
| SHUR.AS | Among the Fund's own holdings, self-storage owners such as Shurgard in Europe appear well-positioned as potential targets, given what we believe to be their high-quality portfolios, conservative balance sheets, and the significant gap between their listed valuations and what institutional and strategic buyers have been willing to pay for comparable self-storage platforms in the private market. |
| 8439.T | Tosei Corp. is listed as the second largest holding at 5.3% of the portfolio. |
| SVI.TO | StorageVault Canada Inc. is listed as the third largest holding at 5.2% of the portfolio. |
| INA.AX | Ingenia Communities Group is listed as the sixth largest holding at 4.9% of the portfolio. |
| LLC.AX | Lendlease Group is listed as the eighth largest holding at 4.3% of the portfolio. |
| 0019.HK | Swire Pacific Ltd. is listed as the ninth largest holding at 3.8% of the portfolio. |
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