• アジア太平洋地域の不動産市場は海外投資家に対し、都市化や急速な所得増加に裏打ちされた幅広い投資機会を提供している。
• 世界人口上位4 か国のうち3 か国がアジア太平洋諸国であり、いずれも力強い成長を見せている。アジア太平洋地域の高所得経済は、アジア太平洋地域の成長へ低リスクでアクセスする手段を提供する。
• アジア太平洋地域に資本を配分する上で、高所得各国における人口増加、アジア太平洋地域の新興市場における中流階級の拡大、人口高齢化という重要な長期的テーマに注目する戦略を我々は選好する。

 
This is the fourth annual Review of Investor Reporting Trends published undertaken by PwC for ANREV.
 

The compliance in 2016 continue to improve to reach 70.3%, an increase of 260 basis points from the 2015 review.

Whilst much of our discussions this year have centred on the new INREV Sustainability Reporting requirements, we have not included specific compliance with those guidelines due to their release after the 2015 reporting cycle.

We would expect to see further improvements in the years ahead, especially by newly launched vehicles in light of heightened investor expectations generally being experienced.

We would like to extend our sincere thanks to all who shared their valuable time and expertise during this project. 

This document is for members only.

Please login if you do not see the report below.

This study compares the fees associated with the management of non-listed real estate investment funds globally. The report is based on the regional studies conducted by Pension Real Estate Association (PREA) in the US, European Association for Investors in Non-listed Real Estate Vehicles (INREV) and Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV) during spring and summer 2016.

The INREV and ANREV management fee and terms questionnaire was updated in January 2016 to reflect updates to the INREV Fee and Expense guideline module. Updates to the questionnaire are minor and largely reflect alignment in terminology with the INREV guidelines.

Core funds in Asia Pacific continue to register strong performance

• The ANREV All Funds index returned 2.14% in Q2 2016
• Core funds returned 3.46%
• Japanese and Australian funds continue to show strong performance
• The ANREV Index now covers more than US$100 billion of GAV

Data contributions were received from 93 funds with a total gross asset value of US$100.5 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 November.

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 Q2 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 Q2 2016 update release includes the performance of 477 funds compared to 472 funds as of Q1 2016. The GREFI includes funds in Asia Pacific (93), Europe (275), US (100) as well as funds with a global strategy (9). GREFI funds represent US$607.0 billion of total gross asset value with 48% in US funds, 33% in Europe, 17% in Asia Pacific and the remainder in global funds.

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

In this issue, we have included: 
 

Lastly, we would like to thank our working group who helped putting together the Newsletter.

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.