The Australian real estate debt market is the deepest in Asia Pacific, with by some estimates over 400 non-bank participants. Combined with four dominant domestic banks and several more foreign lenders active in Australia the choice for lenders has expanded even in the last 12 months since the last ANREV roundtable. On the 19th August 2025 in Melbourne, alongside the ANREV Australian Annual Conference, 16 market participants gathered in the offices of KordaMentha and LSA to discuss the way the market has evolved in the last year.

The Q2 2025 ANREV ODCE (Open End Diversified Core Equity) Fund Index posted a net total return of 5.47%, up from 1.68% posted in Q1 2025.

Key highlights:

• Capital growth currently stands at 4.80%, up from 0.96% posted in Q1 2025. While the distributed income return was down by 5 bps from the previous quarter, posting 0.67%.
• After taking out the currency impact of 4.87%, the index delivered a Local Currency Equivalent Net Return of 0.60%.
• The index features 8 funds, with a total GAV of US$21.0 billion as of Q2 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 0.37% in July 2025. The ACOE includes 17 funds with a total GAV of AUD 114.13 billion.

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

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

ANREV Sustainability Committee and APG Asset Management invited investment managers to a series of round table discussions, the first of which was hosted in Hong Kong on 28th of May. The event provided opportunities for managers to discuss with their peers their views on the role of ESG and sustainability for driving asset value in Asia Pacific.

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 July 2025 include:

• Global real estate markets posted modest gains in Q1 2025, but investor caution persists amid valuation uncertainty and macroeconomic risks.
• Capital is being strategically reshuffled across sectors and regions, with growing interest in resilient themes and long-term alignment.
• Core and ODCE-style funds are attracting more capital than non-core funds due to their transparency, governance, and lower-fee structures.

The gross return report shows a 3-month total gross return of 1.78% for the period between April and June 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 if you have any questions regarding the Index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 1.09% in June 2025. The ACOE includes 17 funds with a total GAV of AUD 113.99 billion.

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

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

The Asia Pacific Market Insights is a snapshot that compiles perspectives from our research committee to evaluate the market dynamics of the Asia Pacific non-listed real estate sector.  

Key highlights: 

• The Q1 2025 ANREV All Funds Index delivered a total return of 0.89%, with negative capital return of -0.40% while distributed income return registered 1.29%. 
• There is broad based positive performance reflected by the ODCE funds’ assets performance across country markets in Q1 2025, with China as the only exception.  
• At the asset level, the residential sector’s total return continues to outperform, the sector returned 1.25% versus industrial’s 0.62% and office’s 0.00% over Q1 2025. 

For any queries, please contact David Green-Morgan or Cheng Wee Tan.