ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from April 2025 include:

• Momentum is building in real estate markets, with two straight quarters of positive GREFI returns signalling potential early recovery stage.
• Though fundraising remained muted in 2024, a surge in capital deployment points to investors stepping cautiously back into the markets.
• Amid tariff battles, policy swings, and global unrest, real estate is holding firm as a safe harbour.

The 2024 ANREV annual index included data contributions from 76 funds with a total gross asset value of US$140.3 billion.

Key highlights:

• ANREV’s Annual All Funds Index posted a total return of -5.22% in 2024, down from -4.03% in 2023.
• Opportunistic funds outperform core and value-added funds, posting flat returns of 0.00%. Core funds reported a total return of -5.62%, underperforming value-added funds which posted -4.47%.
• Both multi-sector and single-sector funds reported negative returns.

Further details of the sub-indices which cover different fund styles and various geographies can be found in the full report.

We would like to thank all the funds that contributed data, and look forward to your continued support in the next round of data collection.
If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.

With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

This year's survey attracted the participation of 107 fund managers with 51 domiciled in Europe, 28 in North America, 27 in Asia Pacific, and 1 in South America, totaling a minimum of US$123 billion of new equity raised for investments into non-listed real estate.

The Q3 2024 release of the Global IRR Index monitors a sample of 398 closed end funds across vintages from pre-2001 to 2022. All of these 398 funds follow a non-core strategy as defined by their managers and include 346 value added and 52 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 70 Asia Pacific funds, 150 European and 178 funds focused on the USA.
• The IRR for the 2021 vintage year improved the most, from -8.86% in Q3 to -5.74% in Q4.
• A majority of funds have value added and single country strategies.
• The performance of the USA’s 2008-2010 fund vintage continues to lead all cohorts in all regions.

The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of closed end non-listed real estate vehicles since inception on a global scale.

For any queries, please contact Daisy Huang or Eileen Chiu

The nineteenth gross return report shows a 3-month total gross return of 1.28% for the period between Janaury and March 2025.
 
The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 17 ACOE funds.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.49% in March 2025. The ACOE includes 17 funds with a total GAV of AUD 113.62 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q4 2024 includes 70 closed-end funds across vintages from pre-2005 to 2022.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures up to the end of Q4 2024. The GREFI is updated on a quarterly basis and is published 12 weeks after the quarter end.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index delivered positive total returns of 0.77% in Q4 2024, up by 39 bps from 0.38% posted in the previous quarter.

• European funds outperformed the other regions with total returns of 1.21%, followed by the US with 1.08%, then Asia Pacific with -1.41%.

• Both GREFI core and non-core funds reported positive performance this quarter, with the GREFI non-core funds outperforming their core peers.

For any queries, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.33% in February 2025. The ACOE includes 17 funds with a total GAV of AUD 113.18 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The Q4 2024 ANREV ODCE Asset Level Performance Report posted a total return of 0.80%, comprised of -0.24% capital growth and 1.04% income return. Up 14 bps from 0.66% posted in Q3 2024. The report measures the asset level returns of 242 investments owned by 8 ODCE funds valued at US$19.10 billion as of Q4 2024.

Due to its limited coverage this report is not considered as an index. The report's results are generated based on the asset level data provided to ANREV directly from the contributing managers. Data collection starts immediately after a quarter has ended for a period of up to 6 weeks after quarter end.

Please contact Daisy Huang or Eileen Chiu for any queries.