betting on commercial property across the board in the US. This includes retail and industrial space, data centres, hospitals, storage and hotels, according to fund manager Jamie Boyes.
“We are currently seeing some nice value in the apartment space in New York,” he says.
Demand for these rental properties is driven by a decline in the homeownership rates in the US, Boyes says.
The fund still sees value in “good-quality retail”, according to him. These include high-end malls. As online shopping increases its share of the market, Boyes says that demand for brick-and-mortar retail outlets will remain.
The fund steers clear from real estate development, which could be “volatile”, and rather invests in companies with an existing rental income stream, he says.