Third Avenue
Third Avenue International Real Estate Value Fund
International Real Estate
Mar 2025 → Jun 2026
Our archive holds 6 letters from this strategy, behind 7 investment theses and positions in 17 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 2 years · follow all of Third Avenue for every strategy.
Performance
as of Jun 30, 2026 · net of fees · USD · Institutional (REIFX)
- 1Y+1.3%index +2.3%
- 3Y · /yr+7.9%index +7.8%
- 5Y · /yr+3.4%index −2.0%
- 10Y · /yr+7.3%index +1.8%
- Inception · /yr+5.6%index +2.2%
Index: MSCI ACWI ex USA IMI Core Real Estate Index
| 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| Third Avenue International Real Estate Value Fund | +1.3% | +7.9% | +3.4% | +7.3% | +5.6% |
| MSCI ACWI ex USA IMI Core Real Estate Index | +2.3% | +7.8% | −2.0% | +1.8% | +2.2% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
In light of these demand drivers, the Fund initiated an investment in Australia’s Dexus Industria REIT (“Dexus Industria”), adding a high-quality, e-commerce- and logistics- driven industrial platform to an existing industrial exposure that already includes nearshoring-oriented plays in Central and Eastern Europe (CTP NV and Warehouses De Pauw), Southeast Asia (Amata Corporation), and Mexico (Corp. Inmobiliaria Vesta S.A.B. de CV.), as well as logistics and e- commerce exposure in Brazil (LOG Commercial Properties).
Following Neinor’s acquisition of AEDAS Homes last year, which was previously owned by the Fund, the company has become Spain’s largest homebuilder, mainly focused on major cities like Madrid.
A new investment in leading Spanish homebuilder Neinor Homes S.A. (“Neinor”) deepens the Fund’s exposure to a high conviction structural theme: residential real estate markets that are chronically and structurally undersupplied.
This quarter, the Fund also initiated a position in London-listed Savills Plc (“Savills”) for its established credibility, global reach, and attractive valuation.
Proceeds from the successful privatizations of Mandarin Oriental and National Storage Australia REIT, mentioned in our last shareholder letter, were used to initiate two new investments.
- ExitedMandarin Oriental International Ltd.Mar 2026
Proceeds from the successful privatizations of Mandarin Oriental and National Storage Australia REIT, mentioned in our last shareholder letter, were used to initiate two new investments.
Also held
- CTP N.V.
- TAG Immobilien AG
- Glenveagh Properties PLC
- Warehouses De Pauw
- Amata Corporation
- Corp. Inmobiliaria Vesta S.A.B. de C.V.
- LOG Commercial Properties
Its investment theses
- Neinor Homes S.A.Jun 2026Neinor Homes benefits from chronically undersupplied Spanish housing markets with strong demand, structural housing deficits, and supportive affordability and policy tailwinds.
- Neinor HomesJun 2026Neinor Homes is Spain’s largest homebuilder with a six-year land bank, attractive housing fundamentals, undervalued acquisition economics, and a high shareholder return plan.
- TAG Immobilien AGJun 2026TAG Immobilien AG owns a large German rental portfolio and a growing Polish platform, with Polish assets undervalued and supported by IPO validation.
- Dexus Industria REITJun 2026Dexus Industria REIT offers high-quality infill industrial assets, attractive valuation, growth from scarce land and development, and conservative leverage.
- Savills PlcMar 2026Savills Plc is a global real estate services franchise with strong client relationships, an Eastdil acquisition catalyst, and a valuation discount versus U.S. peers.
- Hang Lung GroupMar 2026Hang Lung Group is a premium retail property owner with a strong mall brand, mainland China expansion, and multiple catalysts for value realization at a deeply discounted valuation.
- LendleaseJun 2025Lendlease is undergoing a significant simplification strategy to focus on its core Australian real estate development and management business, with the potential for its shares to reflect a net asset value of A$10, compared to current levels around A$5.