Welcome to the September 2019 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 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 delivered a total return of 1.30% over the second quarter of 2019, down from 1.51% previously., according to the latest release of the Global Real Estate Fund Index (GREFI).

Key highlights:

• Asia Pacific outperformed Europe and US with a total return of 1.94% over Q2
• Non-core funds outperformed core funds with returns of 1.97% and 1.18% respectively

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 [email protected] , [email protected] or [email protected].

•The ANREV All Funds index returned 1.94% in Q2 2019 up from 1.64% in Q1.

•Value added funds outperformed core and opportunity funds with a reported return of 2.79% vs 1.86% for core and 1.66% for opportunity funds.

Data contributions were received from 95 funds with a total gross asset value of US$129.5 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].

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.30% in August 2019. The ACOE includes 19 funds with a total GAV of AUD 113.33 billion

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

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

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

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

On 14 August 2019, the ANREV Research Committee and the Department of Real Estate at National University of Singapore (NUS) hosted the ANREV Academic Conference 2019.

The conference aimed to foster stronger links between academics, public policy makers and industry researchers on relevant themes in APAC Real Estate. 

The conference was well attended (approximately half of whom were university affiliated and the other half, industry or public sector based). Particularly encouraging was participation from a broad geographic base with attendees coming from eight different countries. 

Please refer to the link below for the details of the conference program.

https://www.anrev.org/en/events/details/88/449

Located in the heart of the major commercial precinct of North Ryde Sydney, the Sydney-based asset marks Australia’s first Holiday Inn Express hotel and Pro-invest Group’s first operational hotel. Holiday Inn Express Sydney Macquarie Park offers a smart choice for value conscious business and leisure travellers, with the hotel’s business model strongly ingrained in operating ‘smart’ – offering guests everything they need and nothing they don’t. This philosophy extends to the hotel’s sustainability design, considerations for furniture, fixtures and equipment, and operation.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.32% in July 2019. The ACOE includes 19 funds with a total GAV of AUD 112.16 billion

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

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

With the explosion over the past decade in the number of devices that are connected to the internet, many industries are trying to understand how they can benefit from the hype surrounding the Internet of Things (IoT). This note explores what the IoT is, how it is relevant to the real estate industry, and what are some of the potential benefits and risks for real estate owners and investors.

If members have any questions, or require a more detailed explanation of any of the points referenced in this note, please contact the ANREV Technology and Innovation Working Group at the following e-mail address: [email protected]

• At least a fifth of investors are looking to maintain or increase their exposures to funds of funds

• As a group funds of funds delivered positive returns of 6.7% in 2018

• Global strategy vehicles represent the largest share of funds of funds

Five consecutive years of positive growth saw funds of funds achieve a positive return of 6.7% in 2018.

In total, ANREV and INREV Funds of Funds Universes (‘Universe’) contains 51 funds of funds managed by 23 managers from the funds of funds universe. Collectively these vehicles represent a total Net Asset Value (NAV) of US$20.1 billion. Ten funds of funds indicated their preference to remain anonymous and therefore the online Funds of Funds Universe shows only 41 of the 51 funds of funds.

The performance data presented in this report is not intended to serve as a benchmark and should be used for research and information purposes only.