Welcome to the January 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 Q3 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 Q3 total return of 1.89%, down from 2.10% previously, according to the latest release of the Global Real Estate Fund Index (GREFI) 

Key highlights:

• The US outperformed Europe and Asia Pacific with a total return 2.02%, 1.79% and 1.59% respectively
• Non-core funds continue to outperform core funds, recording a quarterly return of 2.02% for non-core and 1.86% for core
• Open end funds outperformed GREFI All Funds, reaching 1.97%, down from 2.23%

From this 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] or [email protected].

Real estate professionals have traditionally focused their attention on the physical aspects of security, safeguarding their properties from damage, intruders and natural disasters. However, with real estate businesses becoming more reliant on data, connectivity and other digital technologies, they are now also open to cybersecurity threats. Indeed, recent high-profile attacks have shown the ways in which the sector is vulnerable to security breaches through everyday systems such as lighting, access control and air-conditioning. Cybersecurity threats are changing the way real estate professionals approach asset management, and this is becoming a leading factor in decision making processes.

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]

We would also be keen to hear members’ experiences of big data, and/or their views on how this technology will impact the industry in the coming years.

ANREV has launched the Q3 2018 IRR Index by vintage. The IRR Index measures performance of value added and opportunistic non-listed closed end funds investing in Asia Pacific.

With the on-going Historical Data Project, the total number of funds qualified to be included in the IRR Index has increased by 7 funds in Q3 compared with Q2 2018,  resulting of a total of 71 funds.

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

•The ANREV All Funds index returned 1.59% in Q3 2018

•Opportunity funds overperformed core and value added funds returning 1.98% compared with returns of 1.80% and -0.26% respectively.

Data contributions were received from 98 funds with a total gross asset value of US$130.2 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 0.49% in Nov 2018. The ACOE includes 19 funds with a total GAV of AUD 105.11 billion.

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

The Asia Pacific region is going through a rapid learning curve with respect to open end Real Estate funds (OEREFs).  As a follow up to a round table on the same topic two years ago, ANREV and PwC hosted a three-city round table to discuss the new and recurring issues being faced.  Whilst many perennial questions remained, there were also new operational issues being identified now that more funds have been operating for a period of time, and many more to be launched imminently.

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ANREV Professional Standards Committee would like to thank the participants who have engaged in the discussion as well as Paul Walters from PwC who kindly helped to facilitate the discussion and wrote this paper.

To learn more about the committee please click here. For further information please contact [email protected]

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

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