NEW YORK, Feb. 24, 2022 /PRNewswire/ — Cohen & Steers, Inc. (NYSE: CNS), introduced as we speak the preliminary public providing of the Cohen & Steers Actual Property Alternatives and Earnings Fund (the “Fund”). The Fund raised roughly $305,000,000 in proceeds (excluding any train of the underwriters’ choice to buy further securities) within the preliminary public providing of 15,250,000 frequent shares at $20 per share. The Fund has granted the underwriters an choice to buy a further 2,287,500 frequent shares on the public providing value inside 45 days of the date of prospectus, February 24, 2022. Assuming full train of the underwriters’ choice to buy further securities, which can or might not happen, proceeds may whole $350,750,000. The Fund’s frequent shares started buying and selling as we speak, Thursday, February 24, 2022 on the New York Inventory Change underneath the image “RLTY,” and the providing is anticipated to shut on Monday, February 28, 2022, topic to customary closing situations.
The Fund’s major funding goal is excessive present revenue. The Fund’s secondary funding goal is capital appreciation. The Fund seeks to attain its funding targets by investing no less than 80% of its managed property (i.e., web property plus property obtained by means of leverage) in a portfolio of actual estate-related investments and most popular and different revenue securities. The Fund intends that, underneath regular market situations, it would make the most of leverage in an quantity as much as 30% of managed property by means of borrowings and/or the issuance of debt securities, though this proportion might change over time.
Joseph Harvey, President, stated:
We’re happy that monetary advisors have allotted to our distinctive technique managed by our expert actual property securities and most popular securities funding groups as an answer for the purchasers they serve. We consider RLTY offers a novel technique for serving to buyers resolve for a number of challenges, together with discovering engaging return alternatives, revenue in a low-yield surroundings and safety towards inflation.
BofA Securities, Morgan Stanley, Raymond James, UBS Funding Financial institution and Wells Fargo Securities served as lead underwriters in reference to this providing.
About Cohen & Steers. Cohen & Steers is a number one international funding supervisor specializing in actual property and various revenue, together with actual property, most popular securities, infrastructure, useful resource equities, commodities, in addition to multi-strategy options. Based in 1986, the agency is headquartered in New York Metropolis, with workplaces in London, Dublin, Hong Kong and Tokyo.
For a dialogue of the chance elements for this the Fund, see the part entitled “Principal Dangers of the Fund” within the Fund’s prospectus referring to its preliminary public providing, and different dangers described in paperwork subsequently filed by the Fund once in a while with the Securities and Change Fee. An investor ought to think about the Fund’s funding targets, dangers, prices and bills fastidiously earlier than investing. For a replica of the prospectus, which comprises this and different details about the Fund, name 1-800-330-7348. Please learn the prospectus fastidiously earlier than investing.
There isn’t a assurance that the Fund will meet its funding targets. You can lose some or all your funding.
A registration assertion referring to the Fund’s frequent shares has been filed with, and declared efficient by, the Securities and Change Fee. This press launch shall not represent a suggestion to promote or a solicitation of a suggestion to purchase securities, nor shall there be any supply, solicitation or sale of any securities in any state or jurisdiction during which such supply, solicitation or sale can be illegal previous to registration or qualification underneath the legal guidelines of such state or jurisdiction. Earlier than investing, an investor ought to fastidiously learn the ‘Fund’s prospectus, which features a dialogue of the ‘Fund’s funding goal, dangers, charges and bills.
Sure statements on this press launch represent forward-looking statements. Ahead-looking statements are primarily based on info accessible on the time these statements are made and/or administration’s good religion perception as of that point with respect to future occasions and are topic to dangers and uncertainties that would trigger precise efficiency or outcomes to vary materially from these expressed in or urged by the forward-looking statements. Such dangers and uncertainties embrace, however are usually not restricted to: the choice of the underwriters to train the over-allotment possibility, the quantity of shares bought underneath the advisor share buy program and the flexibility of the Fund to make stage money distributions to shareholders.
SOURCE Cohen & Steers, Inc.