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.

ANREV, INREV and NCREIF are pleased to release the second publication of the global comparison of the Total Global Expense Ratio (TGER). The publication is an important step in enhancing transparency on the total fees and vehicle costs for open-end diversified core equity non-listed real estate funds (ODCE).

The study includes the TGER for 47 funds out of the 49 funds included in the Global ODCE Index, representing a total gross asset value (GAV) of USD 336 billion (98% of the Global ODCE Index’s GAV) as of the end of 2024.

Key highlights include:

• The Total Global Expense Ratio (TGER) for Global ODCE in 2024 remained unchanged year-on-year at 0.82% based on GAV, while the TGER based on NAV increased by 3 bps to 1.21%
• TGER and vehicle costs are lower for US funds which are generally larger and invest in a single country
• Professional services are the highest vehicle costs across all three regions

The Q1 2025 release of the Global IRR Index monitors a sample of 402 closed end funds across vintages from pre-2001 to 2022. All of these 402 funds follow a non-core strategy as defined by their managers and include 350 value added and 52 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 74 Asia Pacific funds, 152 European and 176 funds focused on the USA.

• The IRR for the 2019 vintage year improved the most, from -7.71% to -6.64%, in Q1 2025.

• A majority of funds have value added and single country strategies.

• The performance of the USA’s 2008-2010 fund vintage continues to lead all cohorts in all regions.

The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of closed end non-listed real estate vehicles since inception on a global scale.

For any queries, please contact Daisy Huang or Eileen Chiu.

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.