Reit Magazine - January/February 2021 - 4

Automation
can help customers
incorporate that
move to more
resilient supply chains.
-Melinda McLaughlin, VP and global head of
research at Prologis, Inc. (NYSE: PLD), speaking
on the REIT Report.

How the City of Austin's Pension
Plan Implemented a Portfolio
Completion Strategy Using REITs
The City of Austin Employee's Retirement System
(COAERS) has adopted a portfolio completion strategy,
according to David Veal, COAERS chief investment officer, on a recent edition of Nareit's REIT Report podcast.
Veal said the strategy is a tool that investors use to invest
in property sectors that complement the traditional real
estate property types in order to achieve more robust
diversification, boost portfolio investment returns, and
dampen volatility.
COAERS oversees a $3 billion fund that's part of a defined
benefit plan. The fund's overall investment objective is to
produce the highest possible returns for the risk budget
that the system's board has set. With a 7% assumed rate
of return target, that translates, in today's market, to an
emphasis on growth-oriented assets including real estate.
reit.com/austinpension

BLACKSTONE
EXEC SAYS REAL
ESTATE STILL
WELL-POSITIONED
The current low interest rate environment,
and investors' search for yield, will continue
to support the appreciation of real estate,
according to Frank Cohen, Blackstone's global
head of Core+ Real Estate and chairman and
CEO of Blackstone Real Estate Income Trust,
Inc. (BREIT). The entry of Blackstone into the
public non-listed REIT marketplace in 2017
via BREIT provided a significant boost to the
sector, especially for net asset value products.
Cohen spoke with Nareit on issues including
BREIT's investment thesis, the appeal of
private real estate, and where BREIT sees
opportunity emerging today

reit.com/wellpositioned

Over the last 16 years, the fund could have done about 180 basis
points better per year with a portfolio of REITs that would have also
been more diversified and more liquid than what we held.
-David Veal, COAERS

4|

reit


http://www.reit.com/wellpositioned http://www.reit.com/austinpension

Reit Magazine - January/February 2021

Table of Contents for the Digital Edition of Reit Magazine - January/February 2021

Contents
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Reit Magazine - January/February 2021 - Contents
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