概要

訪日外国人の数が急増している。その数は2015 年の1 年間には1974 万人となり、政府が2020 年に達成するとしている2000 万人にあと少しの水準となった。一方、宿泊施設の室数の合計は、ここ20 年間ほとんど変わっていない。今日、宿泊施設不足は深刻な問題となっており、多くの企業が‐ 従来からこの業界にあったものや、新規参入組も含め‐ 、これを大きなビジネスチャンスとしてとらえている。このレポートでは、日本における最近のホテルマーケットを概観し、また、市場参加者による具体的な取引事例を見ていく。

The number of foreign visitors to Japan has been surging. In CY2015, it reached 19.74 million, just shy of 20 million, the official target set by Japanese government to be achieved in 2020. The total number of rooms at accommodation facilities has remained almost the same for the past 20 years. Nowadays, the shortage of accommodation has become an urgent issue, and many players, both existing and new comers, see as a big business opportunity.

In this report, we provide an overview of the current hotel market conditions in Japan, and examine the actual transactions made by the
players.

Nike and Tishman Speyer worked together to envision and design Nike Greater China headquarter campus in 2012. LEED Gold Certification for Nike campus buildings were set as a common objective by both tenant and Tishman Speyer in the initial stages. This project has achieved LEED Gold certification and the office buildings saved 23 % energy and reduced 50% portable water usage per 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]

• Three consecutive years of solid growth for funds of funds

• Fund of funds delivered double-digit returns in 2015

• Vehicles that are large, core in style or have a global mandate outperformed the rest

Three consecutive years of positive growth saw funds of funds achieve a solid double digit return of 18.7% in 2015.

In total, ANREV and INREV Funds of Funds Universes (‘Universe’) contains 65 funds of funds that are managed by 30 managers. Collectively these vehicles represent a total Net Asset Value (NAV) of $10.5 billion.  Eleven fund of funds indicated their preference to remain anonymous and therefore the online vehicles universe only shows 54 funds of funds.  Performance data was provided for 25 funds of funds managed by 11 fund of funds managers. 

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.

For further information please contact [email protected]

This is the fourth study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. This annual project aims to increase the transparency of the fee structures and fee levels in funds, and to create a framework for the regular reporting of fees in funds. The project also aims to increase the understanding of the challenges and limitations the non-listed real estate fund industry faces in analysing and comparing fee structures and levels.

Please contact Henry Lam ([email protected]) if you have any enquiries regarding to the fees and terms survey.

Steady performance of all funds in Asia Pacific in Q1

• The all funds index returned 3.3%, the strongest Q1 performance since the inception of the ANREV index, representing a 12.9% on an annualised rolling return basis.
   
• The GAV and gearing of the index increased during Q1 2016, first time since Q2 2015.

Data contributions were received from 93 funds with a total gross asset value of US$93.3 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 May.

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.

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 Q1 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 Q1 2016 update release includes the performance of 472 funds compared to 430 funds as of Q4 2015. This difference is due to the higher number of funds delivering data in Asia Pacific and Europe.

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