The fourth consultation release of the Global IRR Index includes 318 funds with non-core strategies, comprising of 272 value added and 46 opportunity funds.
> This Global IRR Index release features 79 Asia Pacific, 103 European and 136 US funds
> Funds launched in 2005 and 2006 delivered the lowest performance with an equally weighted IRR of 0.8% and -1.0%, respectively
ANREV is pleased to present the results of its eight global Investment Intentions Survey with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the thirteenth edition of the regional survey which attracted 99 respondents: 84 investors (85%), and 15 funds of funds managers (15%).
Chapter 2 explores global real estate allocations, providing insight into investment trends globally and is based on the full sample of respondents. This is a common section that can also be found in the INREV and PREA 2021 Investment Intentions reports.
Chapters 3 through 7 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, styles and trends. These chapters are based only on those investors and fund of fund managers who are already investing in the Asia Pacific market or intend to do so in the next two years.2021 ANREV Investment Intentions SurveyPDFDownload2021 ANREV Investment Intentions InfographicPDFDownload2021 ANREV Investment Intentions SnapshotPDFDownload2021 ANREV Investment Intentions Press ReleasePDFDownload
The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 1.50% in December 2020. The ACOE includes 19 funds with a total GAV of AUD 112.92 billion.
The ACOE Index also reports data on geographic allocation by sectors.
ANREV has launched the Q3 2020 IRR Index by vintage. The IRR Index measures performance of value added and opportunistic non-listed closed end funds investing in Asia Pacific.
The Q3 2020 sample of the ANREV IRR index includes 79 funds.
We welcome any questions or comments - please email Daisy Huang or Kip Kong.
Welcome to the January 2021 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q3 2020.
The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.
The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering almost 15 years of performance across all regions.
The GREFI All Funds Index delivered a total return of 0.82% over Q3 2020, up from -1.30% posted over Q2 2020, according to the latest release of the Global Real Estate Fund Index (GREFI).
- Asia Pacific funds delivered the strongest performance among the regional strategy funds.
- European open end funds performed best amongst other open end peers, with a 1.16% quarterly return.
From Q3 2018 edition onward, the GREFI Index will no longer include US closed end value added funds (NPI - CEVA Index)
Please send any queries to Daisy Huang , Kip Kong or Amélie Delaunay.
In light of the COVID-19 pandemic, ANREV has conducted an additional survey investigating funds’ valuations under COVID-19.
The ‘Impact of COVID-19 on valuations’ survey was distributed to fund managers during the data collection of ANREV Quarterly Index Q3 2020. They were asked to fill in the extra questionnaire to look into the impact of the “Material Uncertainty clause” on asset valuations, suspension of trading and status of rent collection.
Compliance of Asia Pacific non-listed real estate funds with the INREV Guidelines significantly improved since last survey
The Review of Investor Reporting Trend survey provides an insight into current market practices in investor reporting across non-listed real estate vehicles investing in Asia Pacific and especially the extent to which reporting complies with the requirements and recommendations of the INREV Guidelines. The survey has been undertaken by PwC.
•ANREV’s All Funds index returned 1.66% in Q3 2020, down from -2.31% in Q2 2020.
•Value added funds’ performance surged from -0.28% in Q2 to 5.57% in Q3 2020.
Data contributions were received from 92 funds with a total gross asset value of US$133.9 billion. Further detail of the sub-indices which cover fund style and various geographies can be found in the full report.
We would like to thank all the companies that supported the data collection exercise and look forward to your continued support in the next round of data collection.
If you have any questions about the ANREV Index or want to take part in this industry-led initiative, please contact Daisy Huang or Kip Kong.
The Code of Tax Conduct is a new best practice module in the INREV Guidelines on 1 January 2021. The Code comprises a set of tax-related best practices designed to be applied across the lifecycle of a real estate investment vehicle’s strategy. It aims to achieve a shared vision on tax matters for the non-listed real estate investment industry and thereby to help INREV and ANREV members address tax matters internally within their organisations and externally with regard to others’ expectations and interests.
Closely linked to both corporate governance and ESG, a contemplated review of the INREV Guidelines in 2021 may consider whether and how to more closely integrate recommendations and best practices in these three areas within the INREV Guidelines. In addition, online tools for self-assessment of adopting the Tax Conduct best practices may also be developed next year.
The Code of Tax Conduct will apply to reporting periods ending on or after 31 December 2021. The Code is being made available to members now so that they can become familiar with it throughout 2021, while INREV and ANREV considers the appropriate next steps for further integration and support to members.