• Total real estate AUM at US$3.8 trillion in 2024, marking third sequential year of contraction from 2021 peak.
• The top 10 managers by size represents 52% of the total AUM, reflect concentration of AUM towards the largest managers persist.
• Non-listed real estate funds are largest non-listed product by AUM globally, accounting for 57% of the total non-listed real estate AUM.

The total global real estate assets under management (AUM) was at US$3.8 trillion at the end of 2024. The total AUM of the top 10 managers was nearly US$2 trillion

With over US$530 billion of real estate AUM, Blackstone tops the overall list, followed by Brookfield and Prologis.

ESR takes the first spot in the top 10 in APAC, followed by GLP and CapitaLand.

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.

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 April 2025 include:

• Momentum is building in real estate markets, with two straight quarters of positive GREFI returns signalling potential early recovery stage.
• Though fundraising remained muted in 2024, a surge in capital deployment points to investors stepping cautiously back into the markets.
• Amid tariff battles, policy swings, and global unrest, real estate is holding firm as a safe harbour.

With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

This year's survey attracted the participation of 107 fund managers with 51 domiciled in Europe, 28 in North America, 27 in Asia Pacific, and 1 in South America, totaling a minimum of US$123 billion of new equity raised for investments into non-listed real estate.

The Q4 2024 release of the Global IRR Index monitors a sample of 398 closed end funds across vintages from pre-2001 to 2022. All of these 398 funds follow a non-core strategy as defined by their managers and include 346 value added and 52 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 70 Asia Pacific funds, 150 European and 178 funds focused on the USA.
• The IRR for the 2021 vintage year improved the most, from -8.86% in Q3 to -5.74% in Q4.
• 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 ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.49% in March 2025. The ACOE includes 17 funds with a total GAV of AUD 113.62 billion.

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

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

The nineteenth gross return report shows a 3-month total gross return of 1.28% for the period between Janaury and March 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.