Third Avenue
Third Avenue International Real Estate Value Fund
International Real Estate
Mar 2025 → Mar 2026
Our archive holds 5 letters from this strategy, behind 3 investment theses and positions in 5 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years — follow all of Third Avenue for every strategy.
What it bought and sold
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.
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.
Its investment theses
- 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.