Third Avenue
Third Avenue Real Estate Value Fund
Global Mid-cap Real Estate
Mar 2025 → Mar 2026
Our archive holds 3 letters from this strategy, behind 9 investment theses and positions in 28 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years — follow all of Third Avenue for every strategy.
What it bought and sold
The Fund also trimmed back CK Asset Holdings, exited several positions following corporate activity (National Storage REIT, F&G Annuities, Rayonier, and Unite Group), and extended the Fund’s Hong Kong Dollar hedge.
Of note, the Fund added to several holdings where the price- to-value gap broadened to historically wide levels amid recent volatility, including certain commercial-centric issuers (U-Haul Holdings and FirstService Corp.) and select international companies (Accor SA and Ingenia Communities).
Of note, the Fund added to several holdings where the price- to-value gap broadened to historically wide levels amid recent volatility, including certain commercial-centric issuers (U-Haul Holdings and FirstService Corp.) and select international companies (Accor SA and Ingenia Communities).
That said, such a scenario does not seem to be “priced in” with Brookdale trading at a discount to its owned real estate in our estimation—without factoring in any value for its operating platform, third party management business, or deferred tax assets.
The Fund also trimmed back CK Asset Holdings, exited several positions following corporate activity (National Storage REIT, F&G Annuities, Rayonier, and Unite Group), and extended the Fund’s Hong Kong Dollar hedge.
The Fund also trimmed back CK Asset Holdings, exited several positions following corporate activity (National Storage REIT, F&G Annuities, Rayonier, and Unite Group), and extended the Fund’s Hong Kong Dollar hedge.
Both of which seem constructive for the Fund’s recent investment in Hang Lung Group.
The Fund also trimmed back CK Asset Holdings, exited several positions following corporate activity (National Storage REIT, F&G Annuities, Rayonier, and Unite Group), and extended the Fund’s Hong Kong Dollar hedge.
The Fund also trimmed back CK Asset Holdings, exited several positions following corporate activity (National Storage REIT, F&G Annuities, Rayonier, and Unite Group), and extended the Fund’s Hong Kong Dollar hedge.
Of note, the Fund added to several holdings where the price- to-value gap broadened to historically wide levels amid recent volatility, including certain commercial-centric issuers (U-Haul Holdings and FirstService Corp.) and select international companies (Accor SA and Ingenia Communities).
Of note, the Fund added to several holdings where the price- to-value gap broadened to historically wide levels amid recent volatility, including certain commercial-centric issuers (U-Haul Holdings and FirstService Corp.) and select international companies (Accor SA and Ingenia Communities).
Also held
- Hang Lung Properties Limited
- Federal National Mortgage Association
- Savills plc
- Brookfield Corporation
- First Industrial Realty Trust, Inc.
- Big Yellow Group plc
- PulteGroup, Inc.
- Jardine Matheson Holdings Limited
- CBRE Group, Inc.
- Federal Home Loan Mortgage Corporation
- Lennar Corporation
- WESCO International, Inc.
- Five Point Holdings, LLC
- Berkeley Group Holdings plc
- Prologis, Inc.
- Sun Communities, Inc.
Its investment theses
- Brookdale Senior LivingMar 2026Brookdale Senior Living is a leading senior housing operator with resilient assisted-living demand, improving finances, strong growth potential, and an apparently discounted valuation.
- Hang Lung GroupMar 2026Hang Lung Group is a well-capitalized Hong Kong property company with valuable retail assets, improving operating catalysts, and a pronounced double-discount valuation.
- Big Yellow plcMar 2026Big Yellow plc is the largest UK self-storage owner with a hard-to-replicate portfolio, discounted valuation, and lease-up upside.
- Savills plcMar 2026Savills plc is a leading real estate services firm with recurring revenues, market-share gains, and limited AI automation risk.
- Brookfield CorporationMar 2026Brookfield Corporation is an asset-management platform viewed as difficult to reassemble and supported by structural demand drivers and self-financing opportunities.
- Freddie MacMar 2026Freddie Mac is a well-capitalized housing finance company positioned to support mortgage-market liquidity and affordability.
- Accor SASep 2025Accor SA is a leading global hotel management and franchise platform with significant market share across various regions, currently trading at a discount to peers despite opportunities for divestment and increased franchise agreements.
- Champion HomesSep 2025Champion Homes is a leading producer of affordable housing in North America, showing strong financial health and growth potential despite current market challenges.
- Unite Group plcSep 2025Unite Group plc is a leading U.K. REIT specializing in purpose-built student housing, currently expanding its portfolio despite recent challenges in the market.