The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.36% in May 2025. The ACOE includes 17 funds with a total GAV of AUD 113.01billion.

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

Please contact Daisy Huang or Karen Yeung if you have any questions regarding the Index.

The Q4 2024 ANREV ODCE Asset Level Performance Report posted a total return of 0.54%, comprised of -0.50% capital growth and 1.04% income return. Down 26 bps from 0.80% posted in Q4 2024. The report measures the asset level returns of 239 investments owned by 8 ODCE funds valued at US$18.49 billion as of Q1 2025.

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.

The Q1 2025 ANREV index included data contributions from 77 funds with a total gross asset value of US$134.0 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 0.89% in Q1 2025, up from -1.44% posted in the previous quarter.
• Core funds with a total return of 1.07%, outperformed value-added and opportunistic funds which posted 0.72% and -1.66% respectively.
• Australian funds outperformed other single country and multi country strategy funds, with a total return of 0.93%, marking the second consecutive positive performance from the region.

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.

ANREV, INREV and NCREIF present the ninth edition of the Global ODCE (Open End Diversified Core Equity) Fund Index, consisting of 48 funds with a combined total gross asset value of US$ 343.9 billion. 

Key highlights include: 

• The Q1 2025 Global ODCE fund index posted a net total return of 1.34%, up from -2.10% posted in the previous quarter.

• The Asia Pacific ODCE funds outperformed the other regions posting total returns of 1.68%, followed by Europe with 1.50%, then the US with 0.85%.

• Capital growth recovered to 0.53%, up from -2.89% posted in the previous quarter, while the accrual-based income return was slightly up by 2 bps at 0.81%.

 Please contact Daisy Huang or Eileen Chiu should you have any questions regarding the index.

• Total real estate AUM at US$3.8 trillion in 2024, marking third sequential year of contraction from 2021 peak.
• The top 10 managers by size represents 52% of the total AUM, reflect concentration of AUM towards the largest managers persist.
• Non-listed real estate funds are largest non-listed product by AUM globally, accounting for 57% of the total non-listed real estate AUM.

The total global real estate assets under management (AUM) was at US$3.8 trillion at the end of 2024. The total AUM of the top 10 managers was nearly US$2 trillion

With over US$530 billion of real estate AUM, Blackstone tops the overall list, followed by Brookfield and Prologis.

ESR takes the first spot in the top 10 in APAC, followed by GLP and CapitaLand.

The ANREV Australia Farmland Index provides financial performance of 63 different properties of market value over AUD 2.2 billion in farmland.

ANREV Australia Farmland Index returned -5.0% on a 12-month rolling basis in Q1 2025.

On an annualized rolling return basis, the income return was at 1.23% in Q1 2025.

Capital growth was at -6.17% in Q1 2025 on a 12-month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang or Karen Yeung.

The Q1 2025 ANREV ODCE (Open End Diversified Core Equity) Fund Index posted a net total return of 1.68%, up from -8.19% posted in Q4 2024.

Key highlights:

• Capital growth was up to 0.96%, while the distributed income return was down by 2 bps posting 0.72%.
• After taking out the currency impact of 1.76%, the index delivered a Local Currency Equivalent Net Return of -0.08%.
• The index features 8 funds, with a total GAV of US$20.1 billion as of Q1 2025

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

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.18% in April 2025. The ACOE includes 17 funds with a total GAV of AUD 112.74 billion.

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

Please contact Daisy Huang or Karen Yeung if you have any questions regarding the Index.

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.