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World Real Estate Securities

Explore the role of fundamental active real estate investments in your portfolio.

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Fund overview A portfolio context Investment experts Investment approach
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Investing in tomorrow’s foundations

The BGF World Real Estate Securities Fund offers investors liquid access to the dynamic world of global real estate, targeting emerging sectors that are shaping the modern economy.

city skyline
Diversified portfolio

Diversified portfolio

By investing in a diversified portfolio of listed real estate companies, the fund taps into high-growth areas such as data centers that support AI and cloud computing, cell towers enabling 5G technology, and healthcare and life science facilities catering to aging populations.

Office space
Strategy

Strategy

The strategy provides a return profile similar to direct investment in physical real estate, enhanced by the benefits of daily liquidity, transparency, and diversification.

As a relative return Fund it seeks to outperform the FTSE EPRA Nareit Developed Index, offering an opportunity to capitalize on the evolving real estate landscape.

Housing suburb
Fund investment focus

Fund Investment Focus

The Fund invests globally at least 70% of its total assets in the equity securities of companies whose main business is in the real estate sector. This may include residential and/or commercial real estate focused companies as well as real estate operating companies and real estate holding companies (for example, real estate investment trusts).

Bright coloured street
ESG characteristics

ESG characteristics

The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of environmental, social and governance (“ESG”) investing.

The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website here.

Incorporating real estate into your portfolio

The Fund is actively managed and aims to provide a return on your investment (generated through an increase in the value of the assets held by the Fund) over the long-term.

Incorporating Listed Real Estate into a portfolio may provide the following benefits.

Key points

  • 01

    Diversified sector exposure

    Listed real estate offers wider sector exposure vs private assets with exposure to next generation assets tied to mega forces.

  • 02

    Correlation to physical assets

    Returns correlation increases private counterparts with holding period.

  • 03

    Superior income generation

    Higher dividends vs broader equities driven by inflation-linked rental contracts.

Active managers can leverage their localised knowledge within niche sectors to be dynamic and take advantage of capital market inefficiencies to generate alpha through stock selection.

A global team with local expertise

The Global Real Assets Securities (“GRAS”) Team drives long-term performance by leveraging bottom-up fundamental analysis to uncover alpha opportunities within a dynamic real assets market. 

Investment experience
Portfolio Managers for the BGF World Real Estate Securities Fund, James Wilkinson, Raj Rehan, and Benjamin Tai have over 20 years of investment experience and sit on BlackRock’s Private Real Estate Investment Committees. This provides a crucial advantage in managing real estate portfolios, ensuring live insights into transaction markets, uncovering new investment opportunities, and identifying potential sources of disruption or structural change that might impact existing holdings.

Specialized knowledge
Portfolio managers in London, New York and Singapore with specialised knowledge across their local markets.

Global network
The team’s philosophy is that Listed Real Estate is fundamentally driven by the underlying, physical assets held by the companies in that we invest in.

The team are supported by over 200 investment professionals, connecting them to BlackRock’s global network of investment insights across both public and private markets.

Our investment approach is simple. We operate a rigorous, robust and consistent investment process, enabling us to deliver on our client’s objectives.

James Wilkinson

James Wilkinson

Head of Global Real Asset Securities and Portfolio Manager
Raj Rehan

Raj Rehan

Head of Real Estate Securities and Portfolio Manager
Benjamin Tai

Benjamin Tai

Portfolio Manager

A differentiated approach

Understanding our investment approach

We apply a rigorous, robust, and consistent investment process driven by fundamentals.

Bottom-up stock selection
Investment process based on fundamental bottom-up idea generation through in-depth company analysis, aided by disciplined portfolio construction aiming to drive consistent returns.

Proprietary valuation methodology
The team utilize our proprietary valuation tool known as the Relative Value Matrix (RVM), a global framework that ensures consistency in our valuation process on an individual stock level. This centralized database monitors 100+ data points per stock to allow the team to compare and contrast global securities.

What do we look for in companies

Access to capital

Access to capital

Strong cashflow generation

Strong cashflow generation

Ambition for growth

Ambition for growth

Exceptional management teams

Exceptional management teams.

Real estate investing explained

I’m James Wilkinson, Head of BlackRock Global Real Assets Securities Business. At its core, listed real estate investing is about putting your capital to work in public companies that own and operate income-producing real estate. For investors with the appropriate risk profile, these companies may offer an opportunity by providing regular income streams, diversification, and the potential for long-term capital appreciation. These companies are traded on stock exchanges worldwide, giving you access to daily liquidity and allowing you to invest in an asset class that is inherently illiquid given its physical nature. Now, let’s dive into the listed real estate universe. The global universe of real estate spans multiple use classes covering both traditional and modern sectors. Of the companies we invest in, around 80% of the index are structured as real estate investment trusts, or REITs. These tax efficient corporate structures are what differentiates them from other listed real estate companies, such as REOCs, real estate operating companies. All real estate companies, however, have four key characteristics. Contractual cash flows, backed by rental income from tenants, high barriers to entry, predictable growth and a natural linkage to inflation. Across our real estate strategies, we actively invest in REITs and other listed real estate companies, leveraging our bottom-up fundamental analysis to help identify alpha opportunities in this dynamic market.

Risk Warnings

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.

Risk. Real Estate securities

Investments in real estate securities (including securities listed by Real Estate Investment Trusts (REITs) can be affected by the general performance of stock markets and the property sector. In particular, changing interest rates can affect the value of properties in which a property company invests. Investing in real estate securities is not equivalent to investing directly in real estate and the performance of real estate securities may be more heavily dependent on the general performance of stock markets.

Important Information

This document is marketing material.

In the UK and Non-European Economic Area (EEA) countries: this is issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.

In the European Economic Area (EEA): this is issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 - 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.

In Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian.

For investors in Israel: BlackRock Investment Management (UK) Limited is not licenced under Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder.

For investors in South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Conduct Authority, FSP No. 43288.

For qualified investors in Switzerland:

This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services (“FinSA”).

For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa

Dubai (DIFC)

BlackRock Advisors (UK) Limited -Dubai Branch is a DIFC Foreign Recognised Company registered with the DIFC Registrar of Companies (DIFC Registered Number 546), with its office at Unit L15 - 01A, ICD Brookfield Place, Dubai International Financial Centre, PO Box 506661, Dubai, UAE, and is regulated by the DFSA to engage in the regulated activities of ‘Advising on Financial Products’ and ‘Arranging Deals in Investments’ in or from the DIFC, both of which are limited to units in a collective investment fund (DFSA Reference Number F000738).

The information contained in this document is intended strictly for Professional Clients as defined under the Dubai Financial Services Authority (“DFSA”) Conduct of Business (COB) Rules.

The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.

The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.

The information contained in this document, may contain statements that are not purely historical in nature but are “forward-looking statements”. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.

Saudi Arabia

This material is for distribution to Institutional and Qualified Clients (as defined by the Implementing Regulations issued by Capital Market Authority) only and should not be relied upon by any other persons.

The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.

The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.

The information contained in this document, may contain statements that are not purely historical in nature but are “forward-looking statements”. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.

Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.

This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.

© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates All other trademarks are those of their respective owners.

MKTGH0125E/S-4075123

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I’m James Wilkinson, Head of BlackRock Global Real Assets Securities Business. At its core, listed real estate investing is about putting your capital to work in public companies that own and operate income-producing real estate. For investors with the appropriate risk profile, these companies may offer an opportunity by providing regular income streams, diversification, and the potential for long-term capital appreciation. These companies are traded on stock exchanges worldwide, giving you access to daily liquidity and allowing you to invest in an asset class that is inherently illiquid given its physical nature. Now, let’s dive into the listed real estate universe. The global universe of real estate spans multiple use classes covering both traditional and modern sectors. Of the companies we invest in, around 80% of the index are structured as real estate investment trusts, or REITs. These tax efficient corporate structures are what differentiates them from other listed real estate companies, such as REOCs, real estate operating companies. All real estate companies, however, have four key characteristics. Contractual cash flows, backed by rental income from tenants, high barriers to entry, predictable growth and a natural linkage to inflation. Across our real estate strategies, we actively invest in REITs and other listed real estate companies, leveraging our bottom-up fundamental analysis to help identify alpha opportunities in this dynamic market.

Risk Warnings

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.

Risk. Real Estate securities

Investments in real estate securities (including securities listed by Real Estate Investment Trusts (REITs) can be affected by the general performance of stock markets and the property sector. In particular, changing interest rates can affect the value of properties in which a property company invests. Investing in real estate securities is not equivalent to investing directly in real estate and the performance of real estate securities may be more heavily dependent on the general performance of stock markets.

Important Information

This document is marketing material.

In the UK and Non-European Economic Area (EEA) countries: this is issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.

In the European Economic Area (EEA): this is issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 - 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.

In Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian.

For investors in Israel: BlackRock Investment Management (UK) Limited is not licenced under Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder.

For investors in South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Conduct Authority, FSP No. 43288.

For qualified investors in Switzerland:

This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services (“FinSA”).

For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa

Dubai (DIFC)

BlackRock Advisors (UK) Limited -Dubai Branch is a DIFC Foreign Recognised Company registered with the DIFC Registrar of Companies (DIFC Registered Number 546), with its office at Unit L15 - 01A, ICD Brookfield Place, Dubai International Financial Centre, PO Box 506661, Dubai, UAE, and is regulated by the DFSA to engage in the regulated activities of ‘Advising on Financial Products’ and ‘Arranging Deals in Investments’ in or from the DIFC, both of which are limited to units in a collective investment fund (DFSA Reference Number F000738).

The information contained in this document is intended strictly for Professional Clients as defined under the Dubai Financial Services Authority (“DFSA”) Conduct of Business (COB) Rules.

The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.

The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.

The information contained in this document, may contain statements that are not purely historical in nature but are “forward-looking statements”. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.

Saudi Arabia

This material is for distribution to Institutional and Qualified Clients (as defined by the Implementing Regulations issued by Capital Market Authority) only and should not be relied upon by any other persons.

The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.

The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.

The information contained in this document, may contain statements that are not purely historical in nature but are “forward-looking statements”. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.

Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.

This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.

© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates All other trademarks are those of their respective owners.

MKTGH0125E/S-4075123

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