PwC and ANREV are delighted to publish the results of our real estate fund managers’ benchmarking survey, which was designed to gather, analyse, and share information about key industry operational trends and metrics of real estate fund managers with significant operations in Asia Pacific. We gathered data covering industry practices relating to organisational information, governance, risk management, administration,valuation, technology and operations, regulatory information and reporting. This report represents the summary of the data and includes key takeaways, by section, to assist you with your review.

Given the data is collected from various fund managers with different business models and structures, the same operational arrangement does not apply to all the fund managers. Naturally the scale of investment mandates, the number, location and diversity of investments, reporting and governance needs of investors, together with the institutionalisation of the wider business, are factors which will impact the operational structures needing to be put in place. Thus, we have explored how the practices may vary depending on the geographical locations and the size of the managers.

PwC conducted this survey to explore trends that would help real estate fund executives and management teams benchmark their practices against their industry peers. We have extracted some key takeaways on the next page. We hope that you find our results and analysis helpful.

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The ANREV Australia Monthly Index saw a total return of 1.96% in September 2017, the one year rolling return at 12.35% illustrating the strong performance of the Australian market.  The ANREV Australia Core Open End Fund Monthly Index currently includes 17 funds with a total GAV of AUD 86.06 billion.

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

It is an index showing the performance of non-listed real estate funds on a global scale and is created by ANREV, INREV and NCREIF. This publication includes the performance figures up to Q2 2017.

The GREFI was updated for the first time on a quarterly basis following the first quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, the GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. The technical specification has also updated and all numbers are also available in an Excel file.

The GREFI Q2 2017 update release includes the performance of 524 funds compared to 523 funds as of Q1 2017. The GREFI includes funds in Asia Pacific (97), Europe (318), US (96) as well as funds with a global strategy (13). GREFI funds represent US$659.0 billion of total gross asset value with 47% in US funds, 33% in Europe, 17% in Asia Pacific and the remainder in global funds.

Please send your queries on this release to [email protected].

Steady returns in Q2

• The ANREV All Funds index returned 3.04%
• Value added and opportunity funds returned 3.69% and 3.57% respectively

Data contributions were received from 97 funds with a total gross asset value of US$115.1 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 in November.

Please contact Amélie Delaunay at [email protected] to take part in this industry-led initiative or if you have any questions about the ANREV Index.

The ANREV Australia Monthly Index saw a total return of 0.70% in August 2017, the one year rolling return at 12.43% illustrate the strong performance of the Australian market. The ANREV Australia Core Open End Fund Monthly Index currently includes 17 funds with a total GAV of AUD 83.71 billion.

Please contact Amélie Delaunay at [email protected] or Henry Lam at [email protected] if you have any questions about the Index.