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Timbercreek Global Real Estate Income Fund

Manager Commentary

The Timbercreek Global Real Estate Income Fund is pleased to provide you with a quarterly update which highlights the Fund's performance, portfolio changes and market commentary from the Portfolio Manager.

Second Quarter 2019 Highlights

  • Year-to-date, the fund has generated a 10.3% total return.
  • The Fund increased exposure to Canada and Sweden while exposure to Singapore and the United States decreased.
  • Ireland’s GDP growth is outpacing most of Europe providing an attractive path for higher rental rates over the next several years.
  • In June, we sold all but one of the Fund's U.S. REIT preferred shares (roughly 5% of the portfolio) and allocated the capital to common equity securities.
  • In terms of what worked, in Japan, Star Asia gained 8.9% (JPY) while in Singapore, Keppel DC REIT delivered a +11.3% total return (SGD).  In the U.S., VEREIT generated a +9.3% total return (USD). 
  • In New Zealand, Kiwi Property Group gained 10.9% (NZD) and in France, Icade delivered a +6.9% total return (EUR). 

    1The returns are based on Class F units, net return

    For further commentary, please click on the link below.

    Quarterly Manager Commentary

    Global Real Estate Securities investments are managed by Timbercreek Investment Management Inc.