Real Estate Hedge Funds (RE Stocks Only)

Pokemon Master's picture
Rank: King Kong | 1,441

I know a bunch of hedge funds that invest in real estate, but does anyone know of hedge funds that primarily invest in publicly traded REITs and RE related companies? LDR Capital Management is the only I found that is somewhat close to what I'm looking for.

I'm going to use a pretty broad definition for RE related stocks. RE services, home builders, hotels, casinos, infrastructure, and any other non-real estate companies where real estate holdings are the main value driver (SHLD) are all fair game.

Comments (19)

Dec 8, 2015

Land and Buildings is another

    • 1
Dec 13, 2015

Merestone is one but I'm not sure if they are still around. Sorin Capital Mgmt.

You are right to be lost/confused. There are not many of these. Most of what I've seen has been a long/short REIT desk or long/short REIT fund managed as part of a larger group of platforms. All the big, well-known multi-strat HFs have a REIT guy. That's probably more what you're looking for.

Hell, even Sorin Capital invests in CMBS and was started by a CMBS guy.

    • 1
Dec 17, 2015

+1. And yep that'd definitely be helpful as well. Most of the hedge funds I've found that invest in real estate take more of a private equity approach. Like I know Paulson has a real estate group but it looks like they only buy physical real estate.

Dec 13, 2015
undefined:

+1. And yep that'd definitely be helpful as well. Most of the hedge funds I've found that invest in real estate take more of a private equity approach. Like I know Paulson has a real estate group but it looks like they only buy physical real estate.

Yeah, that's why the question is tough to answer. Also, just because a hedge fund invests in a REIT does NOT mean that it's a real estate-focused hedge fund or a fund managed by people with real estate backgrounds or anything like that. The Clinton Group or whatever they're called recently took an activist stake in Campus Crest, but the Clinton Group is not necessarily a real estate-focused hedge fund.

Dec 13, 2015

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Best Response
Dec 21, 2015

you won't find as many funds dedicated primarily to RE like you would for the tech industry, for example, for a few reasons - RE investing/modeling is a different animal, it's a niche and smaller universe. The number/aggregate mkt cap of US publicly traded reits is actually smaller than you'd think. Also, if you think about it from an investment time horizon view, RE stocks typically don't have similar growth potential that HC, TMT etc industries do, so you see more sector-specific HFs in those spaces vs RE industry.

the reit-dedicated LOs include - RREEF, C&S, CBRE Clarion, LaSalle, CenterSquare, Adelante. Then the traditional LOs all have pretty large RE funds (i.e. T Rowe, BlackRock, American Century, Principal)

Off top of my head, some of the most notable "Real Estate" Dedicate HFs include:
REIT-Specific Funds - Long Pond, Waterfront, Heitman, Security Cap, v3, 40 North, AEW, Wesley, Starwood.

As mentioned above, many of the big guys have pockets of RE money and RE-dedicated PMs..Citadel, Millenium, Surveyor, Balyasny, Alyeska, Weiss, etc. You see Paulson and similar arb guys in the lodging c-corps based on consolidation going on it that space

    • 5
Dec 17, 2015

+1.

That was awesome. I'll SB a couple more of your posts when I'm out of work.

Dec 21, 2015

both hard assets and public equities of real estate firms. they also have A LOT of money as singapore's sovereign wealth fund.

Dec 21, 2015

Thanks. Does anyone know of any others? Also, what type of real estate finance/ investing does Marathon Asset Management do?

Dec 21, 2015

Anyone else know of any? Thanks in advance.

Dec 21, 2015

REECH AIM has a joint venture with CBRE for a pure real estate hedge fund. I know that one of the interesting things the London office is doing is using property derivatives, which is pretty non-existent in the US.

Dec 21, 2015

Thanks.....They definitely have a very interesting platform. I also came across Sorin Capital Management (ABS and RE Debt) and GoldenTree Asset Management

Jul 21, 2018

Thank you so much. I like your infomation about real estate

Aug 3, 2018

GEM Realty Capital has two divisions: one that invests in private real estate assets and one that invests in publicly traded real estate securities.

Aug 3, 2018

Cohen and Steers

Aug 5, 2018

Long Pond Capital - Guy was at Sohn earlier this year

Aug 5, 2018
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