Data contributions were received from 79 funds with a total gross asset value of US$78.8 billion. The All Asia Index headline return was 3.6% in local currency for Q4 2014 compared with 1.7% in Q3 2014.

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 April.

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.

ANREV actively promotes and supports the planning and implementation of sustainability into investments within the non-listed real estate fund industry in Asia. In 2012, the Sustainability Working Group was established with three major objectives:

• To improve members and prospect members level of sustainability knowledge

• To promote the adoption of sustainability initiatives within real estate investments

• To encourage and raise the standard of sustainability reporting matters.

Throughout the past 3 years, the working group has coordinated presentations, discussions and publications to address sustainability issues and to increase the awareness of their three major objectives.This newsletter hopes to summarise the efforts of this group and provide you with an update on some of the global sustainability initiatives takingplace.

Raffles City Hangzhou is an integrated development project located near the Qiantang River in Hangzhou, the capital of Zhejiang province, located 180 kilometres southwest of Shanghai.

Raffles City Hangzhou will be CapitaLand’s sixth Raffles City, following those in Singapore, Shanghai, Beijing, Chengdu and Ningbo. The project incorporates retail, offices, housing and hotel facilities and marks the site of a cultural landscape within the Qianjiang New Town Area.

Raffles City Hangzhou will reach a height of 60 stories, presenting panoramic views from the Qiantang River and West Lake, with a total floor area of almost 400,000 square metres. It is designed as the first LEED Gold certification project in Zhejiang province.

エグゼクティブサマリー

• 2008 年の世界金融危機後、インドのプライベートエクイティファンドの間では不動産部門におけるストラクチャード債投資が人気を増している。これは主に、投資家に確定利回りを保証し、取引ストラクチャーが許容する場合は更なるアップサイドも提供する可能性のある債務取引である。
• 2010 年から2014 年にかけて、ストラクチャード債取引は6.3 倍以上増加し、その投資総額は3.6 倍となった。
• 今後新たなストラクチャード債取引を始める投資家は、変わり続ける市場のダイナミクス、エンドユース制限、キャッシュフローのミスマッチ、高い資金調達コスト伴う課題を考慮する必要があるかもしれない。

EXECUTIVE SUMMARY

• Post the global financial crisis of 2008, structured debt investment deals in the real estate sector became
popular with private equity funds in India. These were primarily debt transactions arranged in a manner that
provided assured returns to the investor along with a possible upside, if the deal structure so allowed.

• Between 2010 to 2014, the number of structured debt deals increased by more than 6.3 times, whilst the total
value of such investments increased by 3.6 times.

• Going ahead, investors looking at entering into new structured debt transactions may need to factor in ever
changing market dynamics, end-use constraints, cash flow mismatches and the issues presented by the high
cost of funding.

China
• Taxation of Indirect Transfer of Real Estate in China
• China proposes new Foreign Investment Law
• AMAC issues guidelines on outsourced fund services
• CBRC publishes measures on financial asset management companies
• State Council publishes trial rules for immovable properties registration
• Qianhai Shenzhen – Hong Kong cooperation plan approved

Hong Kong
• Proposed extension of the Hong Kong offshore fund exemption regime may benefit PE funds and PERE funds
• Amendments to Code on Unit Trusts and Mutual Funds take effect
 

Other Headlines:
• Indian government reviews FDI policy on foreign investment limit for construction development sector
• Thai SEC to issue infrastructure trust regulations

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]

As a pension fund manager, APG’s mandate is to invest responsibly by incorporating sustainability and governance factors into every investment they make. In the alternative investment space, they believe their investment success depends on finding and building long-term relationships with investment partners who understand APG’s fiduciary
responsibilities and investment philosophy.

Lemon Tree Hotels (Lemon Tree Hotels), a developer and operator of mid-range hotels across India, is one such investment partners. The company owns/operates 3,100 hotel rooms as of December 2014. APG has and continues to support Lemon Tree Hotels’s unique social program, which has made an invaluable social impact within its local community while at the same time helping to consolidate its own brand reputation which in turn has a positive effect on investment value.