Recognising the need to improve building energy efficiency to;

• guard against building comparative obsolescence,
• enhance building tenant attraction, and
• protect asset values.

Challenger Life Company completed an energy retrofit project of Makerston House.

The property is a substantial commercial building comprising 13 storeys of commercial office of approximately 13,878m NLA plus additional storage of 300m; ground floor retail, approximately 750m and a 4.5 level car park having approximately 164 bays. Both vehicle and personnel access is from the Makerston street level.

The building was initially constructed in 1974 with refurbishments of plant and building completed in 1997 and 2000.

Recently, the Government of India and the Government of Mauritius signed a protocol for amending the Double Taxation Avoidance Agreement between the two nations (Mauritius tax treaty). A Press Release summarising the amendments to the Mauritius tax treaty was issued by the Central Board of Direct Taxes on 10 May 2016. 

The Mauritius tax treaty has been amended to provide source-based taxation for capital gains on shares.  This will impact many real estate investors in India who have historically relied on the treaty to protect them from Indian capital gains tax on exit.

As a consequence of this amendment, the Double Taxation Avoidance Agreement executed between India and Singapore will also be impacted as the exclusive taxing rights granted to the resident state under the said convention are co-terminus with the Mauritius tax treaty.

At this webinar, Mr Sunil Badala of KPMG will give an update on the tax treaty and answer any questions you might have.

According to the 2016 ANREV/INREV/PREA Investment Intentions Survey, investors show a strong intention to increase their allocation to joint venture and club deals. This trend has been observed for the past few years;  clubs and JVs are sometimes seen as an alternative to non-listed real estate fund investment.

In April 2016, ANREV Professional Standards Committee hosted a round table where a number of investors and managers discussed the pros and cons of JVs, including issues of governance, reporting and structuring. The Committee would like to thank the investors and the funds managers who have participated in the discussion as well as Mark Cooper from Asia Property who kindly helped to facilitate the discussion and wrote this paper.

This document is for members only. Please login if you do not see the downloads below.

APAC is home to three of the world’s four most populous nations (China, India and Indonesia) and growing rapidly. Prior to the global financial crisis offshore investors mostly pursued high risk property investments to capture the tremendous growth of the region. However, many investors achieved disappointing returns due to an underestimation of property investing risk within Asia’s emerging markets. However, we see a structural decline in investing risk within APAC’s high-income economies which is attracting low-risk overseas investors to the region; they are allocating capital to diversify as well as to potentially achieve higher returns than are available in their home market.

This paper outlines Asia Pacific’s investment landscape in terms of its historic return performance, its risk characteristics, and the size of the institutional property universe. We believe APAC’s high-income markets are a low risk means of accessing the growth of its emerging markets, as they urbanise and experience a catch-up in incomes with the industrialised west.

With the participation of many of their volunteer members, ANREV, INREV, NCREIF and PREA are pleased to present the Fee and Expense Metrics – Phase I Results – the first joint publication towards global reporting standards. These Phase I Results bridges gaps in terminology and associated definitions of the most common fees and costs.

Investors can use this report guidance to enhance their understanding of fees (between investment managers and their investors) and costs (charged to a fund by external service providers). These include the Total Expense Ratio (TER) and the Real Estate Expense Ratio (REER) contained in the INREV Guidelines and the Real Estate Fees and Expenses Ratio (REFER) contained in the NCREIF PREA Reporting Standards. In 2017 we expect to build on this product as we complete the development of a globally consistent set of measures of fees and costs; thereby equipping investors with the tools needed to compare costs across regions.

The Global Standards Steering Committee (SSC) has other projects progressing including a converged glossary of terms and also reporting asset management information similar to that provided within INREV’s Standard Data Delivery Sheet. They have also begun discussing Net Asset Value (NAV).

Please contact Amélie Delaunay for further information.

• Real estate assets under management grew to US$2.19 trillion
• The big managers keep getting bigger
• North American and global strategies are much larger than other strategies

Total real estate assets under management (AUM) reached US$2.19 trillion in 2015. Overall, the 10 largest fund managers represent 41.0% of the total AUM, up from 36.5% last year.

With US$149.8 billion of total real estate assets under management, Brookfield Asset Management tops the list in the 2016 survey. The Blackstone Group ranks second overall with US$147.6 billion of total real estate AUM, while TH Real Estate & TIAA occupies the third position with US$120.8 billion of global real estate AUM.