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Cohen & Steers' global real estate funds to merge

Cohen & Steers Institutional Global Realty Shares Inc. shareholders have approved the reorganization of the fund with and into Cohen & Steers Global Realty Shares Inc., effective at the close of business March 23.

Cohen & Steers Global will now have combined assets of roughly $1.1 billion. It will acquire all the assets and liabilities of Cohen & Steers Institutional in a tax-free transaction in exchange for an equal aggregate value of its newly issued class I common shares. The net asset value of Cohen & Steers Institutional's common shares will be determined at the close of business March 23.

After the reorganization, Cohen & Steers Capital Management expects the administrative expenses of Cohen & Steers Global to be less than the total current expenses of each of the global real estate funds operating separately, since fixed expenses will be spread over a larger asset base.

In addition, effective March 23, the funds' investment adviser, Cohen & Steers Capital Management Inc., has agreed to reduce the management fee for Cohen & Steers Global to an annual rate of 0.75% of average daily net assets from 0.80%. Cohen & Steers Capital Management has also agreed to waive its fee and/or reimburse expenses through June 30, 2019, to limit total annual operating expenses.