Madison hires listed securities pro

Andrew Schaffler has joined New York secondaries firm Madison International Realty having spent nine years at investment management firm Cohen & Steers

Madison International Realty, the New York firm that specializes in taking financial positions in prime assets and portfolios, has hired a listed securities expert.

Andrew Schaffler has joined from fellow New York company Cohen & Steers where he worked on a long/short real estate hedge fund for five out of the nine years he was at the firm.

At Madison he will be a director overseeing public investing activities to “add alpha” and to further “differentiate” its platform, said the company.

Ronald Dickerman, founder and president, said in a statement: “Our track record of investments in REITs and listed property companies is exceptional.” He added that Schaffler would add a “multi-dimension” to the firm’s listed investment platform.

Madison has already been in the news for making investments in listed property companies. In January, for example, PERE reported how it purchased a 5.3 percent stake of the outstanding shares in Monogram Residential Trust, a Plano, Texas-based real estate investment trust for $81 million. That investment was made on behalf of Madison International Real Estate Liquidity Fund V, which closed in April 2014 on $825 million, above its $750 million target.  

As previously reported, Madison has launched its sixth real estate secondaries fund, according to documents filed with the US Securities and Exchange Commission in March. It is seeking to raise $950 million for Madison International Real Estate Liquidity Fund VI.

The company describes itself as “providing liquidity to owners and investors class A properties and portfolios”.