In December 2012, the Abe administration enacted an economic policy – known as ‘Abenomics’ – with the intent of aiding Japan’s economy to break out of the prolonged deflationary spiral and get back onto a growth trend. The first phase of the strategy entailed the implementation of the monetary easing measures by the Bank of Japan. With the booming stock markets and expectations for improved corporate performance of export-oriented companies due to the depreciation of the yen, sentiment improved significantly for corporations and the nation’s economy. Investment capital also began to flow into Japan’s real estate markets – particularly the J-REIT market – and investment unit prices, which had been stagnated since the global financial crisis, clearly began to rise steadily.

The real catalyst for Japan’s economy was the selection of Tokyo as the host city for the 2020 Summer Olympic and Paralympic Games, that was announced in September 2013. This further bolstered the confidence of Japanese corporations, and encouraged infrastructure development especially transportation and other agencies which were previously just concepts and plans. Furthermore, the infrastructure development activities triggered a number of directly or indirectly related private-sector urban development projects.

In this paper, while taking a panoramic view of the real estate market – which is current in an expansionary phase – we will also look at prospects concerning the activation of infrastructure development and private-sector urban development projects moving toward the 2020 Tokyo Olympic and Paralympic Games.

概要

2012 年12 月、安倍新首相のもとで日本経済を長引くデフレから脱却させ、再び成長軌道に乗せることを目指す経済政策であるアベノミックスが打ち出され、第一弾として日本銀行による大胆な金融緩和が実施された。これにより、株式市場の活況と円安による輸出企業の業績改善への期待から、企業及び国民の経済の先行きに対するマインドが前向きな方向に大きく転換した。不動産についてもJ-REIT 市場を中心に投資資金が流入し、金融危機以降低迷していた投資口価格は明らかな上昇トレンドに移行した。

このような日本経済の潮目の変化をさらに力強いものとしたのが、翌2013 年9 月の2020 年オリンピック・パラリンピックの東京開催の決定である。この出来事は自信を取り戻しつつあった日本企業のマインドをさらに改善させ、それまで構想または計画に過ぎなかった交通機関をはじめとする各種のインフラ整備が実施に向けて動き出した。さらに、インフラ整備を巡る動きは、これらと直接または間接に関連した多くの民間の都市開発プロジェクトを誘発している。

本稿では、2020 年東京オリンピック・パラリンピック（以下「東京オリンピック」という）に向けて活発化するインフラの整備と民間の都市開発、拡大局面にある不動産投資市況の現状を概観するとともに、不動産投資市況の将来動向について展望する。

요약

• 본 고는 일본 비상장 리츠의 출현과 업계에 대한 영향을 분석하고 , 일본 부동산 리츠를 다른 유형의 펀드와 기타 시장의 유사한 상품과 각각 비교한다 .
• 매력적인 개방형직접부동산상품은 상승세가 예상되지만 , 아직 발전 중이며 초기상태에 머물러 있다 . 일본은 아시아에서 개방형상품의 주자가 될 수 있다 .
• 그러나 , 단언하기는 이르다 . 그 증거로서 , 본고는 채권상환에 관한 규정과 잠재작인 이해상충관계를 설명한다 .

요약

• 채권투명성은 수익형부동산시장의 역동성을 이해하는데 매우 중요하다 .
• 현재 아태지역의 금융비용은 최근 5 년 중 최저치를 기록했다 . 이로 인해 , 부동산시장의 누적채무가 추가 상승할 수 있다 .
• 투명성이 요구되는 많은 시장이 여전히 불투명하다 . 수익형부동산의 대출규모데이터가 부족하다 . 이 문제를 해결 하기 위해서는 업계의 협회들이 나서서 부동산시장의 데이터투명성을 촉구해야 한다 .

エグゼクティブサマリー

• 本レッドペーパーでは私募REIT が国内不動産市場へもたらす影響について、他の投資商品や海外の類似ファンドと比較しながら分析した。
• 今後アジア太平洋地域の不動産に対しては、オープンエンド商品を中心に欧米投資家からの投資ニーズが高まっていくものとみられる。もっともアジアでのオープンエンドファンドの商品数はごく限られており、アジア地域のなかで日本がオープンエンドファンド市場を先導していく立場にあるといえる。
• 但し償還制限ルールや利益相反等、留意すべき点は存在する。

The investment principles and responsible investment approach are not separate topics at APG, where one of the principles is that: “We invest responsibly.”

It has been several years now since APG began building its extensive investment management procedures, incorporating sustainability and governance (S&G) factors as part of its day-to-day investment activities across all assets classes including capital markets and alternative investments.

Earlier this year INREV, ANREV, NCREIF and PREA officially signed an agreement to create global standards.

To support and advise on the creation of these standards a global steering committee of industry experts has been set up with representation from Asia Pacific, Europe and North America.

A comparison of the NCREIF PREA Reporting Standards and the INREV Guidelines was jointly commissioned by Deloitte, NL and a preliminary report of its conclusions was presented during the first meeting of the Standards Steering Committee on June 18.  The Committee’s initial priorities will be the development of consistent definitions and the reconciliation of INREV’s Total Expense Ratio with the NCREIF PREA Reporting Standards Real Estate Fees and Expenses Ratio.

We are delighted to announce that the following senior industry experts have agreed to participate:

For further information please contact Amelie Delaunay, ANREV. Maurits Cammeraat, INREV or Marybeth Kronenwetter, NCREIF PREA Reporting Standards.

ANREV is part of The International Property Measurement Standards Coalition (IPMSC), a group of 65 professionals and not-for-profit organisations from around the world, working together to develop and implement international standards for measuring property.

In June 2015, IPMS Coalition has launched a consultation on the new International Property Measurement Standard, IPMS: Residential Buildings.

IPMS: Residential Buildings is being developed by the Coalition to establish a common, international methodology for measuring residential property. It seeks to address existing inconsistencies in measurement practices between and even within markets, which can lead to confusion for consumers and the inability to compare property on a like-for-like basis.

IPMS: Residential Buildings will enhance transparency and consistency in property data.

IPMS: Residential Buildings is the second in a suite of International Property Measurement Standards and follows the November 2014 launch of IPMS: Office Buildings. Once published, Coalition organisations have committed to implementing the new standard. Further standards will be created to address industrial, retail and mixed use property.

Creating a market-leading international standard is no easy task. The Coalition has appointed 18 independent experts to lead this work with input from across property markets worldwide. The Coalition organisations recognise the vital importance of gathering extensive consultation feedback in order to deliver something that is fit for purpose and best in class.

On behalf of the entire Coalition , ANREV invites you and your business to review the consultation draft and to offer your valuable feedback.  A copy of the IPMS: Residential Buildings consultation questions can be downloaded here.

You can also access an online version, along with a feedback form through the Coalition’s website: www.ipmsc.org .

Responses should be sent electronically to [email protected] . The consultation will close on Wednesday 30 September 2015.

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]

The ANREV / INREV / NCREIF Capital Raising Survey 2015 explores capital raising activities into the non-listed real estate industry in 2014. The survey provides insights by region, product type, investment strategy, and where possible provides a historical breakdown and analysis by fund manager quartiles based on the size of assets under management (AUM).

This year, for the first time, the survey has a global outreach and was conducted in conjunction with INREV in Europe and NCREIF in the US. The 2015 survey attracted a participation of 142 fund managers globally (2014:106).

In the past year fund managers raised USD149.2 billion globally which is a 12.6% increase compared to 2013. Non-listed real estate funds continue to attract the majority of the private equity raised for real estate globally with 53.7% of the total equity raised, compared with 49% in 2013.

Capital raised for Asia Pacific non-listed real estate funds has been analysed for the first time.

ANREV, INREV and NCREIF would like to thank fund managers for their participation in the Survey.

For further information please contact [email protected]