Third Avenue Management Expands Real Estate Platform
Third Avenue Management LLC (“Third Avenue” or “the Firm”), a U.S.-based investment advisor, announced today that it has entered into an agreement with Real Estate Management Services Group, LLC (“REMS”) to add the REMS International Real Estate Value-Opportunity Fund (NASDAQ:REIFX) (“REIFX”) to the Third Avenue Fund lineup. Upon completion, REIFX will be renamed the Third Avenue International Real Estate Value Fund and accompany the Firm’s current Real Estate strategies, including the Third Avenue Real Estate Value Fund (NASDAQ:TAREX) and the GemCap Third Avenue Real Estate Value Fund UCITS.
As part of the transition, Quentin Velleley, currently Chief Investment Officer and Senior Portfolio Manager at REMS will join Third Avenue as Portfolio Manager, International Real Estate. To be based in the Firm’s Austin, TX office, Mr. Velleley will manage REIFX, while also collaborating with Jason Wolf and Ryan Dobratz, Co-Lead Portfolio Managers of the Third Avenue Real Estate Value Fund, in seeking out long-term, value-oriented opportunities in the securities of global real estate enterprises.
Mr. Dobratz and Mr. Wolf, members of Third Avenue’s Management Committee, said, “We have known Quentin for more than a decade, and it is clear that he is a very talented investor who shares our risk-averse and long-term value-mindset. At Third Avenue, we expect him to further build upon his achievements. We also expect to realize key benefits for REIFX shareholders, as well as Third Avenue Real Estate Value Fund investors, with an expanded set of resources dedicated to the substantial opportunities in the securities of real estate and real asset businesses internationally.”
Quentin Velleley said, “I am pleased, and truly excited, to join the Third Avenue team. The firm is a pioneer in modern-value investing and I have long admired its approach, developed by the legendary Marty Whitman. The real estate team, under Jason and Ryan’s leadership, has cemented the Firm’s reputation as a thought leader in the industry and one of the premier value-investors in real estate securities. I look forward to working alongside them to deliver results for our clients over the long-term. I would also like to thank REMS for backing the launch of REIFX, as well as providing the support in turning this strategy into one of the leading international real estate funds since its inception nearly seven years ago.”