C&S Launches REIT & Preferred Income Fund

Cohen & Steers Capital Management, New York, has launched a real estate investment trust and preferred income fund that plans to raise about $1.1 billion in assets.The objective of the fund is to invest in a combination of REITs and corporate preferred securities, seeking "high current income with a secondary objective of capital appreciation," the company said. The fund is issuing approximately 42.75 million shares at $25 per share, excluding additional shares that may be issued if the underwriters exercise their overallotment option. The fund also plans to issue additional preferred shares that could bring its assets to approximately $1.7 billion, the company said. Shares of the fund have begun trading on the New York Stock Exchange under the symbol RNP.