NEW YORK, Feb. 24, 2022 /PRNewswire/ -- Cohen & Steers,
Inc. (NYSE: CNS), announced today the initial public offering of
the Cohen & Steers Real Estate Opportunities and Income Fund
(the "Fund"). The Fund raised approximately $305,000,000 in proceeds (excluding any exercise
of the underwriters' option to purchase additional securities) in
the initial public offering of 15,250,000 common shares at
$20 per share. The Fund has granted
the underwriters an option to purchase an additional 2,287,500
common shares at the public offering price within 45 days of the
date of prospectus, February 24,
2022. Assuming full exercise of the underwriters' option to
purchase additional securities, which may or may not occur,
proceeds could total $350,750,000.
The Fund's common shares began trading today, Thursday, February 24, 2022 on the New York Stock
Exchange under the symbol "RLTY," and the offering is expected to
close on Monday, February 28, 2022,
subject to customary closing conditions.
The Fund's primary investment objective is high current income.
The Fund's secondary investment objective is capital appreciation.
The Fund seeks to achieve its investment objectives by investing at
least 80% of its managed assets (i.e., net assets plus assets
obtained through leverage) in a portfolio of real estate-related
investments and preferred and other income securities. The Fund
intends that, under normal market conditions, it will utilize
leverage in an amount up to 30% of managed assets through
borrowings and/or the issuance of debt securities, although this
percentage may change over time.
Joseph Harvey, President,
said:
We are pleased that financial advisors have
allocated to our unique strategy managed by our skilled real estate
securities and preferred securities investment teams as a solution
for the clients they serve. We believe RLTY provides a unique
strategy for helping investors solve for several challenges,
including finding attractive return opportunities, income in a
low-yield environment and protection against inflation.
BofA Securities, Morgan Stanley, Raymond
James, UBS Investment Bank and Wells Fargo Securities served
as lead underwriters in connection with this offering.
About Cohen & Steers. Cohen & Steers is a leading
global investment manager specializing in real assets and
alternative income, including real estate, preferred securities,
infrastructure, resource equities, commodities, as well as
multi-strategy solutions. Founded in 1986, the firm is
headquartered in New York City,
with offices in London,
Dublin, Hong Kong and Tokyo.
Website: https://www.cohenandsteers.com
Symbols: NYSE: CNS, RLTY
For a discussion of the risk factors for this the Fund, see the
section entitled "Principal Risks of the Fund" in the Fund's
prospectus relating to its initial public offering, and other risks
described in documents subsequently filed by the Fund from time to
time with the Securities and Exchange Commission. An investor
should consider the Fund's investment objectives, risks, charges
and expenses carefully before investing. For a copy of the
prospectus, which contains this and other information about the
Fund, call 1-800-330-7348. Please read the prospectus carefully
before investing.
There is no assurance that the Fund will meet its investment
objectives. You could lose some or all of your investment.
A registration statement relating to the Fund's common shares
has been filed with, and declared effective by, the Securities and
Exchange Commission. This press release shall not constitute an
offer to sell or a solicitation of an offer to buy securities, nor
shall there be any offer, solicitation or sale of any securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
laws of such state or jurisdiction. Before investing, an
investor should carefully read the 'Fund's prospectus, which
includes a discussion of the 'Fund's investment objective, risks,
fees and expenses.
Certain statements in this press release constitute
forward-looking statements. Forward-looking statements are
based on information available at the time those statements are
made and/or management's good faith belief as of that time with
respect to future events and are subject to risks and uncertainties
that could cause actual performance or results to differ materially
from those expressed in or suggested by the forward-looking
statements. Such risks and uncertainties include, but are not
limited to: the decision of the underwriters to exercise the
over-allotment option, the amount of shares purchased under the
advisor share purchase program and the ability of the Fund to make
level cash distributions to shareholders.
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SOURCE Cohen & Steers, Inc.