Welcome to the January 2022 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 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. 

Key highlights:

• The GREFI All Funds Index delivered a total return of 4.31% in Q3 2021, its strongest performance since Q4 2005.
• US funds showed the strongest performance out of the regional strategies, recording a total return of 7.01% this quarter.
• The performance gap between non-core funds and core funds grew to 255 bps this quarter, up from 220 bps in Q2 2021.

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

Global DEI Survey results published for the first time.

ANREV in collaboration with six other Industry Associations INREV, NAREIM, NCREIF, PREA, REALPAC and ULI joined forces with Ferguson Partners in 2021 to track global real estate diversity, equity and inclusion (DEI) data around corporate practices. Diversity is a priority for majority of CRE firms, global benchmark reveals.

According to the results of the 2021 DEI Survey, 92% of commercial real estate firms globally have a DEI program or initiatives highlighting a clear mandate and momentum for DEI to be a priority within the industry.

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 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 Sharon Chan.

• ANREV’s All Funds Index returned 1.54% in Q3 2021, down from 3.60% in Q2 2021.

• Core funds outperformed value added and opportunity funds with returns of 1.62% versus 0.93% and 1.54% respectively.

Data contributions were received from 87 funds with a total gross asset value of US$151.1 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.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.50% in November 2021. The ACOE includes 19 funds with a total GAV of AUD 120.38 billion.

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

Please contact Justin Wong or Daisy Huang if you have any questions regarding the Index.

The ANREV Australia Farmland Index provides financial performance of 64 different properties of market value close to $1.8 billion in farmland.

ANREV Australia Farmland Index returned 12.72% on a 12 month rolling basis in Q3 2021.

On an annualized rolling return basis, the income return was at 6.06% in Q3 2021.

Capital growth was at 6.38% in Q3 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 Justin Wong.

Message from the Chairman to ANREV members and stakeholders