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 Q1 2025 includes 74 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 Q1 2025. 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 0.92% in Q1 2025, up by 10 bps from 0.82% posted in the previous quarter.

• All regions recorded positive performance, with Europe outperforming the other regions, followed by Asia Pacific and then the US.

• Both GREFI core and non-core funds reported positive performance this quarter, with the GREFI core funds outperforming their non-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 0.36% 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.

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.

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.

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.

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.