ANREV is pleased to present the results of its fourth global Investment Intentions Survey with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the tenth edition of the regional survey which attracted 199 respondents in Asia Pacific compared to 221 in 2016: 93 investors (47%), 10 fund of fund managers (5%) and 96 fund managers (48%).

Chapter 2 explores global real estate allocations, providing insight into investment trends globally and is based on the full sample of respondents. This is a common section that can also be found in the INREV and PREA 2016 Investment Intentions reports.

Chapters 3 through 6 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, styles and trends. These chapters are based only on those investors, fund managers, and fund of fund managers who are already invested in the Asia Pacific market or intend to do so in the next two years.

In the final chapter, for the third time, we have invited Real Capital Analytics (RCA) to present its analysis of the relationship between the predictions within ANREV Investment Intentions Survey 2016 and the investment activities that transpired during the past year using its database of global transactions in that particular year.

The document is a distillation of information provided to ANREV by non-listed property vehicles, as well as publicly available information of other non-listed property vehicles, in order to give a view on the size and composition of the Asia Pacific non-listed property funds market over a particular period of time.

If you have any questions, please contact Henry Lam at [email protected]

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 Q3 2016.

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 Q3 2016 update release includes the performance of 489 funds compared to 477 funds as of Q2 2016. The GREFI includes funds in Asia Pacific (94), Europe (278), US (101) as well as funds with a global strategy (16). GREFI funds represent US$606.9 billion of total gross asset value with 49% in US funds, 31% in Europe, 16% in Asia Pacific and the remainder in global funds.

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

Improvement of the performance of Asia Pacific non-listed real estate funds in Q3 2016

• The ANREV All Funds index returned 2.58%
• Core funds returned 2.98%
• Opportunity funds’ performance back in positive territory

Data contributions were received from 94 funds with a total gross asset value of US$95.9 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 February.

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

Stay tuned to our latest ANREV Programme for Research, Performance Measurement and Professional Standards. 

If you have any questions, please feel free to contact [email protected] / [email protected]. 

ESR Kunshan Distribution Centre, a 2-storey ramp-up logistics facility with leasable area of 61,851 sqm, achieved LEED Gold certification with its innovative design and construction, which optimises energy performance and minimises portable water consumption.

The vision was to construct a logistics facility that would meet the high environmental standards of current and
future occupiers, have a reduced environmental impact, provide savings in operating costs and provide a template
for future ESR projects in China.

Within the Asia Pacific real estate industry the last few years has seen a steady supply of newly launched open end real estate funds, aimed at keeping up with constantly evolving investor demands, and at the same time highlighting the improved maturity of the market and the need for stable returns.

Whilst many fund managers in the region are launching or considering launching these funds, there are considerable structural and operational challenges which need to be navigated, such as valuation, liquidity terms, choice of structure and domicile for effective tax and distribution, fees and use of leverage to name a few.

In response to many questions being raised on these vehicles, PwC and ANREV hosted a round table where ANREV members from a number of fund managers across four locations (Hong Kong, Singapore, Sydney and Shanghai) discussed the opportunities and challenges of managing Asia Pacific open end real estate funds.

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ANREV Professional Standards Committee would like to thank the funds’ managers who have participated in the discussion as well as Paul Walters and Michael Atkinson from PwC, who kindly helped to facilitate the discussion and wrote this paper.

To learn more about this Committee, please click here.

View two new tutorials developed by INREV on the importance of sustainability and how to use the new INREV Sustainability Reporting Guidelines.

The value of  Sustainability Reporting is that it ensures organisations consider their impacts on sustainability issues, and enables them to be transparent about the issues they face.

This increased transparency leads to better decision making, which helps build and maintain a sustainable real estate sector.

Every day, decisions are made by investors and fund managers which have direct impacts on their stakeholders, the environment, civil society and citizens. These decisions are rarely based on financial information alone.

They are based on a wide variety of environmental, social and governance factors which are presented in the INREV Sustainability Reporting Guidelines.