Timbercreek Global Real Estate Income Fund
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.