This is the fifth annual report on the analysis of the ANREV Quarterly Index to assess the risk-adjusted performance and diversification benefits of Asia-Pacific non-listed real estate funds over 2010-2017. Differences are seen in the performance of specific non-listed real estate strategies, relating to style, country, regions, sectors and structure. This clearly highlights the performance and benefits of Asia-Pacific non-listed real estate in the Asia-Pacific real estate investment landscape.

For further information concerning this ANREV report, contact ANREV at [email protected].

Welcome to the June 2018 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 Q1 2018.

The GREFI 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 Q1 2018 GREFI release includes the performance of 518 funds compared to 520 funds as of Q4 2017. The GREFI includes funds in Asia Pacific (95), Europe (320), US (90) as well as funds with global strategies (13). GREFI funds represent US$736.1 billion of total gross asset value with 44% in US funds, 35% in Europe, 18% in Asia Pacific and the remaining 3% in global strategy funds.

Please send any queries to [email protected] or [email protected]

Following the industry consultation on the Total Global Expense Ratio (TGER), INREV organized a webinar on 16th May 2018. We are honoured to present the video recording of the webinar titled “Global Best Practices for Fees and Expense Metrics Webinar”.

The session, led by Renaud Breyer, EY, and Barbara Flusk, Citco Fund Services, examines the current market practices in fees and expense metrics and their related disclosures as well as presenting the new Total Global Expense Ratio (TGER) – the first globally consistent measure for real estate investment vehicle fees and costs which INREV, ANREV, NCREIF and PREA jointly developed.

The webinar covers:

• INREV Guidelines for calculation and disclosure of fees and expense metrics
• NCREIF PREA Reporting Standards measure of fund fee load
• Global initiative on Total Global Expense Ratio
• Benefits of implementing these guidelines

The webinar will be of interest for investors, fund managers as well as advisors. It will be of particular interest for investment managers who work in fund reporting and those on the product development side who are interested in trends in fee terms and structures.

To find out more about TGER, download the file below to access the video recording.

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

Please provide feedback and comments to Ricky Cheng at [email protected] or Amélie Delaunay at [email protected]

Strong returns of opportunitistic funds in Q1 2018

• The ANREV All Funds index returned 2.43% down from 4.55% previously
• Opportunity funds overperformed core and value added returns with 3.89% compared with returned 2.42% and 1.04% respectively

Data contributions were received from 95 funds with a total gross asset value of US$128.7 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 Ricky Cheng at [email protected] or Amélie Delaunay at [email protected]

ANREV has launched the fourth release of the IRR by vintage index. The ANREV IRR/Investment Multiple Index (The IRR Index) measures performance of value added and opportunistic non-listed closed end funds focused in Asia Pacific.

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

The ANREV Australia Monthly Index saw a total return of 0.43% in May 2018 and a financial year to date return of 9.66% illustrating the strong performance of the Australian market. The ANREV Australia Core Open End Fund Monthly Index currently includes 19 funds with a total GAV of AUD 99.96 billion.

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