ANREV has launched the fifth release of the IRR by vintage index. The ANREV IRR/Investment Multiple Index (The IRR Index) measures performance of value added and opportunistic non-listed closed end funds focused in Asia Pacific.

We welcome any questions or comments - please email [email protected]

Welcome to the September 2018 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 Q2 2018.

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 GREFI All Funds Index delivered a Q2 total return of 2.10%, down from 2.15% previously, according to the latest release of the Global Real Estate Fund Index (GREFI) 

Key highlights:

• Total returns for Asia Pacific, European and US funds remains above 2% for the third quarter
• Asia Pacific outperformed Europe and the US with a total return of 2.25% over Q2
• Non-core funds outperformed core posting a Q2 return of 2.48% compared with 2.31% of Q1

Please send any queries to [email protected] or [email protected].

In September's issue, we have included:

Australia

• ASIC consults on proposed changes to the capital requirements for market participants
• ASIC updates guidance for funds management industry
• External report on fees and costs disclosure welcomed by ASIC
• Queensland Budget: Increased property taxes from 1 July 2018

Cayman Island

• Investment Entity AML Officers: Only Two Months Remain to Make Appointments

Hong Kong

• Hong Kong proposes a new vacancy tax on properties
• Resolution to implement Government Green Bond Programme to be introduced

Japan

• Integrated Resorts Act legalising casinos in Japan enacted
• Stewardship Code: 229 institutional investors have signed up to the Principles for Responsible Institutional Investors as of July 3, 2018
• Recent moves in Japan towards tougher corporate compliance

New Zealand

• Overseas Investment Amendment Bill Approved

Singapore

• MAS updates Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies
• MAS publishes regulations relating to classification of Capital Markets Products

South Korea

• Ministry of Economy and Finance publishes Tax Revision Bill 2018

Lastly, we would like to thank our committee who helped putting together the Newsletter. Details about this committee can be found here.

Core funds outperformed Non-core funds in Q2 2018

• The ANREV All Funds index returned 2.25% up from 2.17% in Q1 2018
• Core funds overperformed value added and opportunistic returning 2.62% compared with returns of 2.28% and -1.00% respectively

Data contributions were received from 95 funds with a total gross asset value of US$131.4 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 Amélie Delaunay at [email protected]

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.45% in Aug 2018. The ACOE includes 19 funds with a total GAV of AUD 103.18 billion.

Please contact Amélie Delaunay at [email protected] or Ricky Cheng at [email protected] if you have any questions regarding the Index.

A step closer to global alignment

Over 40 companies took the time to have their say and provide a detailed response to the Total Global Expense Ratio (TGER) industry consultation, which ran between March and June 2018.

Thanks, your feedback is greatly appreciated and will allow us to conclude on the first globally comparable measurement of fees and costs. 

Your insights will ensure that we can successfully design a global standard that is simple, practical and facilitates comparison and consistent reporting of fees and costs.

The feedback will now be reviewed by the Global Task Force with the aim of having it finalised by the end of the year.

TGER is the new proposed global standard for measuring fees and costs of a real estate investment vehicle. It enables comparison across products, regardless of the vehicle domicile, structure and management activities.

The Global Standards initiative was established as a collaboration between ANREV, INREV NCREIF and PREA to jointly develop comparable reporting standards for institutional real estate investment vehicles on a global basis.

ANREV has launched the third release of the ANREV Pan Asia Open-End Diversified Core Fund Index (ODCI).

Please provide feedback and comments to Ricky Cheng at [email protected] or Amélie Delaunay at [email protected]

The period since the global financial crisis has seen tax authorities around the world tighten their policies towards tax planning.  This has led to an unprecedented level of co-operation resulting in the Common Reporting Standards and the OECD's BEPS initiatives, among other things, but also numerous individual country initiatives that seek to restrict the use of many traditional structuring techniques. While many of the changes seen were not primarily targeted at the fund management industry they are certainly having an impact.

On 25th June 2018, ANREV hosted a round table, bringing together a number of senior professionals from the real estate fund sector in the Asia Pacific region to discuss how these changes are impacting on managers' assessment and management of their tax risk and the commercial impacts flowing from that. 

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ANREV Regulatory & Tax Committee would like to thank the participants who have engaged in the discussion as well as Matthias Feldmann from Clifford Chance and Ivor Morris from KPMG who kindly helped to facilitate the discussion and wrote this paper.

To learn more about this Committee, please click here.

222 Exhibition Street is a 29-storey office building built in 1989. When LaSalle Asia Venture Trust purchased the property in 2015, LaSalle saw an opportunity to improve the building, in particular its sustainability performance to achieve better building efficiency overall.

LaSalle took a long-term, asset lifecycle approach to sustainability at this property, believing that exceptional outcomes can be realized without millions of dollars in capital expenditure.