Welcome to the March 2020 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 Q4 2019.

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 returns showed an improvement over Q4 2019 with a total return of 1.86%,up from 1.39% posted over Q3, according to the latest release of the Global Real Estate Fund Index (GREFI).

Key highlights:

• Asia Pacific funds posted a total return of 2.42% over Q4 2019, outperforming European, US and Global strategy funds
• European non-core funds posted a quarterly return of 3.00% over Q4 2019, outperforming Asia Pacific and US non-core funds

From Q3 2018 edition onward, the GREFI Index will no longer include US closed end value added funds (NPI - CEVA Index)

Please send any queries to Daisy Huang , Kip Kong or Amélie Delaunay.

Message From The Chief Executive To ANREV Members And Stakeholders

•The ANREV’s All Funds index returned 2.42% in Q4 2019, up from 1.15% in Q3.

•Value added funds overperformed with a reported return of 5.58% vs 2.02% for core and 1.81% for opportunity funds.

Data contributions were received from 90 funds with a total gross asset value of US$127.8 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 at [email protected] or Kip Kong at [email protected].

This webinar is the first instalment in a serie, which looks at material issues in the sustainability performance of real estate investments. In this series, presenters from leading organizations will take you through their ESG practices, as well as touching upon key components of GRESB’s Real Estate Assessment.

During this session, Amélie Delaunay, Director of Research and Professional Standards at ANREV was joined by Ruben Langbroek, Head of Asia Pacific at GRESB  to provide an introduction of ANREV’s ESG initiatives, as well as on GRESB’s Real Estate Assessment; followed by presentations by Jonathan Waite, Manager of Global Responsible Investments and Governance at APG Asset Management and Chewy Chang, Sustainability Manager at Lendlease, who touched upon the ESG practices of their respective organizations.

To view the recording of the webinar, please download the attached pdf and access the link stored with any browser.

The slides used in presentation can also be downloaded below.

ANREV would like to thank the speakers for their contribution.

The Cayman Islands Government has enacted the Private Funds Law, 2020 (the "Law") providing for the registration with the Cayman Islands Monetary Authority ("CIMA") of various closed-ended fund vehicles (termed "private funds").

Related regulations provide for a six-month transitional period. 

The definition of a "private fund" under the Law is nuanced.  It is likely that any main, parallel or feeder funds will fall within the definition and be required to register.  However, other types of vehicles may well fall outside the definition.

Ann Ng, partner from the Maples Group, joined by Yuneswaran Keraishnasamy, director from PwC Singapore, provided ANREV members with a brief outline of the Law, registration process, ongoing obligations and generally things to look out for under the Law.

To view the recording of the webinar, please download the attached pdf and access the link stored with any browser.

The slides used in presentation can also be downloaded below.

ANREV thanks the speakers for their contribution.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.41% in February 2020. The ACOE includes 19 funds with a total GAV of AUD 114.30 billion.

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

Please contact Daisy Huang at [email protected] or Draco Mok at [email protected] if you have any questions regarding the Index.

Investors with private capital allocations assign considerable resources to forecast future capital calls which is an act of necessity rather than choice. The challenge for LPs is to estimate the amount required and schedule of calls to meet their commitments. Committed capital today is unlikely to be called in immediately. GPs may postpone drawdowns with anticipation that asset price will adjust or be in a search for acquisitions that match vehicle strategy.

In this paper, Arvydas Jadevicius PHD, assesses the typical capital calls velocity for closed end APAC non-listed real estate funds. The study contributes to a better understanding of capital calls velocity. It can also enrich LPs’ non-listed APAC real estate funds investment programme.

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

2 funds have joined the ODCE fund level report resulting a total of 6 funds.

For this report, funds will be included when they have at least 3 assets. 

Please provide feedback and comments to Kip Kong at [email protected] or Amélie Delaunay at [email protected]

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.33% in January 2020. The ACOE includes 19 funds with a total GAV of AUD 113.79 billion.

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

Please contact Daisy Huang at [email protected] or Draco Mok at [email protected] if you have any questions regarding the Index.

In February's issue, we have included:                   

British Virgin Islands (BVI)

• Private Investment Funds law
• Economic Substance requirements for legal entities

Cayman Islands

• CIG publishes a draft Private Funds Bill, 2020

Hong Kong

• SFC proposes changes to the open-ended fund companies’ regime
• New guidance on Hong Kong licenced corporations’ use of cloud services and other external electronic data storage 

Japan

• TCFD Consortium announces the release of the ‘Green Investment Guidance’

Singapore

• Variable Capital Companies Act 2018 comes into operation
• New US$ 2 billion investment programme to support growth of Green Finance in Singapore
• MAS issues updated guidelines on licensing, registration and conduct of business for fund management companies and related FAQs

Taiwan

• Executive Yuan proposes to repeal Stamp Duty Act

United States

• Treasury Department issues final rules implementing CFIUS regulations under FIRRMA

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