Welcome to the June 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 Q1 2021.

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 local currency total return of 1.64% in Q1 2021. The latest results are close to the pre-pandemic levels of 2019, yet a slight decline from 1.74% recorded in Q4 2020.

Key highlights:

Non-core funds outperformed their core peers, with quarterly local currency returns of 2.35% and 1.52%, respectively

Funds targeting the US outperformed other regional strategies, posting a total return of 2.23%

Please send any queries to Daisy Huang, Justin Wong or Amélie Delaunay.

Message From The Chief Executive - ANREV has been the establishment and commencement of operations of the Investor Advisory Council and the Manager Advisory Council.

• ANREV’s All Funds Index returned 1.38% in Q1 2021, down from 3.13% in Q4 2020.

• Core funds outperformed value added and opportunity funds with returns of 1.55% versus 1.05% and -0.46% respectively.

Data contributions were received from 90 funds with a total gross asset value of US$145.7 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 Justin Wong.

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 Q1 2021. 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.

For any questions, please contact Amélie Delaunay.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.36% in May 2021. The ACOE includes 19 funds with a total GAV of AUD 114.08 billion.

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

Please contact Darren Cheung or Daisy Huang if you have any questions regarding the Index.

The ANREV Australia Farmland Index provides financial performance of 39 different properties of market value over $1.06 billion in farmland.

• ANREV Australia Farmland Index returned 8.46% on a 12 month rolling basis in Q1 2021.
• On an annualized rolling return basis, the income return was at 5.15% in Q1 2021.
• Capital growth was at 3.17% in Q1 2021 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 Darren Cheung.

The Q1 2021 ANREV ODCE Fund Index - Open End Diversified Core Equity (ODCE) results were released on 2 June 2021 and showed a total return of -0.61%.

Please provide feedback and comments to Justin Wong or Amélie Delaunay.