エグゼクティブサマリー

• 商業用不動産市場のダイナミックスの理解を深める上でデットの透明性が鍵を握る。
• アジア太平洋地域における現在のデットコストは過去5 年間の最低水準で推移。このことは不動産市場でさらにデットが積み上がる可能性を示唆している。
• デット状況は、他の面では透明性が高い市場の多くで、依然として非常に不明瞭である。商業用不動産デットに関するデータが不足しており、これは不動産市場のデータの透明性向上に向けた取り組みの一環として業界団体が取り組むことができる分野である。

EXECUTIVE SUMMARY

• This paper analyses the implications of the emergence of private REITs in Japan and the expected impacts to the industry, by comparing it with other fund types and equivalent products in major markets.

• Momentum is anticipated to pick up given the attractiveness of the open ended direct real estate products while they are still evolving and remain in the early phase. Japan could prove to be the front runner for the open-ended products in Asia.

• There are some reservations to note, however, and we unfold these points, including rules for redemptions and potential conflict of interest.

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 2015.

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
the previous release. The technical specification has also updated and all numbers are also available in Excel.

The GREFI release includes the performance of 379 funds compared to 345 funds at the end of 2014. This difference is due to the increase in the number of funds delivering data in Europe and Asia.

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

Australia funds show best performance since Q4 2010

• Core funds return 2.8%, up for two consecutive quarters
• All funds return 2.3% for Q1 2015, compared to 1.9% on the first quarter of last year
• Japan funds increased 4.8%, or 26% on a one year rolling return basis, still leading country performance in Q1

Data contributions were received from 94 funds with a total gross asset value of US$92.2 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 July.

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.

EXECUTIVE SUMMARY

• Debt transparency key for developing greater understanding of commercial real estate market dynamics

• Current cost of debt in Asia Pacific remains at 5 year lows. This has the potential to translate into additional debt accumulation in the real estate market

• Debt remains deeply opaque in many otherwise transparent markets. There is a lack of available data on debt lent against commercial real estate – an area that could be addressed by industry bodies as part of a wider push for data transparency in real estate markets.

The report explores the different attitudes of Investors by market as well as specificities of Asia Pacific domicile investors in the different markets.

The ANREV/INREV/NCREIF Fund Manager Survey 2015 explores total real estate assets under management (AUM) of all real estate fund management companies.

The survey seeks to gain a better understanding of the major participants across the real estate industry before taking a closer look at those active in the non-listed real estate industry, with particular focus on non-listed real estate funds. Furthermore, the survey provides insights by region, product type and investment strategy, and where possible provides a breakdown by quartiles.

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 record number of 164 respondents (2014: 147) across Asia Pacific, Europe and North America. Collectively, they manage total real estate AUM of USD$2.1 trillion (2014: USD$1.9 trillion).

Figures are quoted as at 31 December 2014 unless otherwise stated.

ANREV, INREV and NCREIF would like to thank fund managers for their participation in the Fund Manager Survey 2015.

For further information please contact [email protected]

ANREV is now collecting investor reporting documents for its fifth Review of Investor Reporting Trends 2015, a survey of non-listed real estate funds in the Asia Pacific Region.

This project, which is again being undertaken in co-operation with PwC aims to analyse non-listed real estate funds’ investor reporting to determine the extent to which they comply with the INREV Guidelines on annual and interim reporting and to identify the current market best practices for this topic in Asia-Pacific.

In order to assess compliance with INREV Guidelines, we would like to invite you:

• To fill the self-assessment questionnaire: Guidelines_Compliance_Checklist.
• To send  your latest audited annual reports and interim reports before 26 June 2015, together will all other relevant communications sent to investors (i.e.: presentations, webcasts, investor portal access on website, ad hoc reporting on INREV NAV)

Each manager may determine what documents to submit, depending on how they report to investors, and where information relevant to the Guidelines is presented.  It would be preferred that Managers submit their Q4 quarterly report, if one is issued to the same date as audited financial statements.

As with previous Investor Reporting studies, participating fund managers will be provided with high-level individual feedback on the reporting performance of their funds and areas for potential improvement, along with a follow up physical meeting or phone call to discuss the findings and comparison to their peers.

To preserve confidentiality, your reporting documents should be submitted directly to PwC (contact details below). All information submitted by fund managers for the purposes of the study will be treated confidentially. ANREV management may also attend some feedback meetings unless a participant requests them not to. More information about PwC and their assurance on confidentiality are provided below.  

We would therefore appreciate it if you could send the latest audited annual reports and quarterly investor reports for your non-listed real estate funds to us as it becomes available at the address below, before 26 June 2015.

Private & Confidential

PwC

21/F, Edinburgh Tower

15 Queen’s Road, Central

Hong Kong

Attention: Stanley Tam

E-mail: [email protected]

If you have any questions with regard to the project please do not hesitate to contact the PwC project leader, Mr. Paul Walters, or myself.

We look forward to receiving your responses.  

This is the second annual report on the analysis of the ANREV Quarterly Index to assess the riskadjusted performance and diversification benefits of Asia-Pacific non-listed real estate funds over 2010-2014. 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 effectiveness of Asia-Pacific non-listed real estate in the Asia-Pacific real estate investment landscape.

For further information concerning this ANREV report, contact Professor Graeme Newell at [email protected] or ANREV at [email protected] .