Australian Investors Podcast Why global REITs may be the most overlooked opportunity with Chris Bedingfield
Nov 16, 2025
In this discussion with Chris Bedingfield, an experienced real estate investor from Quay Global Investors, listeners explore why global REITs present significant opportunities often overlooked in the market. Chris highlights the importance of replacement cost in real estate valuation and contrasts the differing structures of Australian and global REITs. He reveals promising sectors such as housing, self-storage, and senior living, while advocating for a diversified investment approach. Listeners will gain insights into navigating market risks and the benefits of patience in investing.
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Replacement Cost Drives Long-Term Value
- Real estate values are driven by replacement cost rather than short-term metrics like mortgage affordability.
- Replacement cost explains why prices rise when building costs increase even if interest rates climb.
Global REITs Offer Broader Asset Diversity
- The global listed real estate universe is far wider than Australia by geography and asset type.
- Sectors include housing, self-storage, data centres, life sciences and senior housing, creating diverse opportunities.
Australian REITs Are More Development-Focused
- Australian REITs have shifted toward development and fund management businesses, making them structurally different.
- Key Global prefers passive rent-collecting businesses where cashflows are stable and buildings are already built.