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]

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.