The philosophy
AEW’s US Core Real Estate strategy invests in high quality US real estate within a diversified portfolio. The strategy seeks to provide above average current income while preserving capital and seeking appreciation over the long-term.
Follow the people
Seek to invest in the markets where people are moving toward. For most of the post-war period, this has meant staying ahead of where the Baby-boomers were going. While Boomers remain important, their impact is increasingly being surpassed by the movement of millennials and Gen Z. Today, this means staying ahead of the millennials’ march towards middle age and the housing and spending patterns that result from that progression.
Invest in peak-to-peak rent growth markets
Invest in markets where AEW believes rents, and thus, values, increase from the peak of one market cycle to the peak of the next cycle. This may result from supply constraints – physical barriers, governmental and legal restrictions and economic factors – keeping the market in equilibrium or from structurally higher demand growth that outpaces the market’s supply response.
Take advantage of and defend against evolving globalisation
While globalisation has slowed in the current environment, the global economy remains a critical driver for the US economy and property markets. Invest in the markets that AEW believes will continue to benefit from the positive aspects of changing globalisation.
Track the money
Invest in markets and properties AEW believes will see investment in emerging technologies and industries as well as those that will benefit from programme or policy-related changes in government expenditure.
Reduce risk through economic diversification
Strive to diversify by economic drivers, as the composition of the industry drivers of a metro area will substantially define that area’s economic growth and thus, real estate values.
Reasons to consider
- Well-diversified allocation driven by demographic, economic and social megatrends
- Primarily targeting Industrial, Residential, Retail, Office and up to 15% non-core sub-sectors as diversification
- Targeting assets providing resilient and durable income
- Strong ESG credentials underlining the sustainable nature of the assets
- Optimal asset management strategy setting and implementing across phases of the asset life cycle
- Stable, long-tenured team with an average experience of 26 years
- Outperformance across all major time periods1
- 16 consecutive years of income outperformance1
1 The inception date of the strategy is October 1, 2007. Returns are compared to the NCREIF Fund Index – Open-End Diversified Core Equity (NFI-ODCE) which is a leveraged, time-weighted index. Additional information on fees is available upon request. Past performance is not indicative of future results. FX exchange rate may affect return in local currency.
The analyses and opinions referenced herein represent the subjective views of the author(s) as referenced, are as of the date shown and are subject to change without prior notice.
Risks to consider
All investing involves risk, including the risk of loss. Investment risk exists with equity, fixed income, and alternative investments. There is no assurance that any investment will meet its performance objectives or that losses will be avoided. There could be other differences across similar products in the same strategy. Investors should fully understand the risks and other relevant details associated with any investment prior to investing.
The team
Sara Cassidy
Managing Director and Head of Portfolio Management, North America
AEW
Steve Reissfelder
Director of Finance
AEW
Lily Kao
Senior Portfolio Manager
AEW
Alex Vaglica
Product Specialist
AEW
The firm
AEW is one of the world's largest real estate investment managers1. Founded in 1981, it has a long track record of successfully implementing core, value-add, opportunistic, and real estate securities strategies across the US, Europe and Asia. These strategies are offered in a wide range of investment vehicles, including comingled funds, separate accounts, mutual funds and securities mandates.
Boston
US HQ
825+
Employees globally
1Source: “2025 IREI.Q Real Estate Managers Guide”. The Guide, published annually by Institutional Real Estate, Inc., ranks real estate managers based on the gross value of real estate AUM ($m) as of December 31, 2024.
Featured strategies
AEW Essential Housing
Seeking to generate durable cash flow by investing in quality essential housing.
AEW Europe Core Real Estate
A diversified portfolio of what AEW considers to be high-quality assets, selected for their potential to provide stable and secure income returns and growth prospects.
Flexstone Diversified Private Equity
Access global & diversified private equity opportunities.
Flexstone Global Middle-Market Co-Investments
Accessing private equity co-investments in the small and middle markets.
Mirova Global Sustainable Land
An impact investment strategy investing in commercially viable projects in sustainable agriculture and sustainable forestry.
Mirova Impact Private Equity
A private equity impact fund accelerating the transition through innovation.
Natixis Multi Private Assets Navigator
A multi private assets strategy to navigate private markets across asset classes, strategies, sectors and vintages open to all types of investors.
View all private asset funds
Find out more about private assets funds from our affiliated investment managers available in your region.
Subscribe to our newsletter
Sign up to receive all the latest insights