The Q4 2024 ANREV index included data contributions from 67 funds with a total gross asset value of US$131.9 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of -1.41% in Q4 2024, down from 0.90% posted in the previous quarter.

• Core funds with a total return of -1.19%, outperformed value-added and opportunistic funds which posted -2.91% and -2.23% respectively.

• Australian funds outperformed the wider index with a total return of 0.37%, marking the first positive performance from the region since Q1 2023.

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 -3.81% on a 12-month rolling basis in Q4 2024.

On an annualized rolling return basis, the income return was at 1.93% in Q4 2024.

Capital growth was at -5.65% in Q4 2024 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 Donald Lam.

ANREV, INREV and NCREIF present the eighth edition of the Global ODCE (Open End Diversified Core Equity) Fund Index, consisting of 49 funds with a combined total gross asset value of US$ 341.7 billion. 

Key highlights include: 

• The Q4 2024 Global ODCE fund index posted a net total return of -2.10%, down from 1.99% posted in the previous quarter.

• The US ODCE funds outperformed the other regions posting total returns of 0.96%, followed by Europe with 0.93%, then Asia Pacific with -8.19%.

• Capital growth slid to -2.89% down by 407 bps from the previous quarter, while the accrual-based income return remained steady at 0.79%.

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

The Q4 2024 ANREV ODCE (Open End Diversified Core Equity) Fund Index posted a net total return of -8.19%, down from 5.92% posted in Q3 2024.

Key highlights:

• Capital growth slid to -8.93%, while the distributed income return was up by 3 bps posting 0.74%.
• After taking out the currency impact of -8.52%, the index delivered a Local Currency Equivalent Net Return of 0.34%.
• The index features 8 funds, with a total GAV of US$19.7 billion as of the end of 2024.

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

ANREV has launched a new IRR analysis tool, providing members with deeper insights into the performance of closed end funds. Built on the ANREV IRR Index, which tracks 74 closed-end funds across Asia Pacific with almost US$ 37 billion in paid-in capital, the tool offers enhanced analytics to support better investment decisions.

Key features include:

• Custom indices - allowing members to filter data by fund style, geography, sector, and target gearing for more tailored benchmarking.
• Custom vintage groups - analyse fund performance across different market cycles, such as pre- and post-financial crisis trends.
• Comparison functionality - enables investors to assess and compare market segments such as value-add versus opportunistic funds, or benchmark their funds against peer groups.
• Historical IRR evolution - helps users track the since inception IRR by vintage until a particular point in time, offering valuable insights into market shifts and fund maturity trends.

By bringing greater transparency and flexibility, this new tool strengthens ANREV’s suite of analytics resources, supporting investors in navigating the complexities of closed end fund performance.

Click here to access the new IRR analysis tool.

If you would like to learn more about the tool's features, read the guide below or please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.31% in January 2025. The ACOE includes 17 funds with a total GAV of AUD 112.99 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 Asia Pacific Market Insights is a snapshot that compiles perspectives from our research committee members to evaluate the market dynamics of the Asia Pacific non-listed real estate sector.

Key highlights:

• The first edition of Asia Pacific Market Insights signals a slow and uneven recovery, as the ANREV All Funds Index climbed to 0.90% in Q3 2024 – the first positive return since Q1 2023
• Japan remains the key market with positive carry even with the pressure from the Bank of Japan to normalize rates.
• Rented Residential has become the asset class of choice for most managers, as the sector delivered a total return of 1.59% versus industrial’s 0.60% and office’s 0.02% in Q3 2024.

For any queries, please contact Cheng Wee Tan

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 January 2025 include:

• In Q3 2024, the Global Real Estate Fund Index turned positive for the first time since Q2 2022.
• Optimism remains tempered as geopolitical tensions and inflationary pressures continue to pose risks.
• More than 70% of respondents to the Investment Intentions Survey 2025 planned to maintain or increase their global real estate allocations over the next two years.