Asia Pacific Investors will increase real estate allocation in 2015

The ANREV Investment Intentions Survey 2015 shows that Asia Pacific investors will increase their real estate allocations from 9.8% to 11%.

40% of global investors expect to increase their allocation to non-listed real estate funds in Asia Pacific.

Tokyo, Sydney, China Tier 1 cities and Melbourne are the top investment destinations for investors.

This is the eighth investment intentions Asia Pacific report and the second global survey conducted together with INREV in Europe and PREA in the United States.

This survey attracted a record number of 337 respondents.

英国の事業用不動産市場： その規模とは？

IPFリサーチプログラムはこのほどポール・ミッチェル不動産コンサルタンシー社のポール・ミッチェル著「英国の不動産市場の規模と構造2013年：変化の10年」を刊行した。この著書は、英国の事業用不動産の価値とはいかなるものか、さまざまなセクターや英国内でどのように分布しているのか、保有者は誰なのか、投資市場の規模はどのくらいか、といったIPFが2005年に提起した疑問に立ち戻っている。またこの新たな調査はさらなる2つの疑問 -- 居住用不動産は事業用不動産と比較してどうか、そして不動産へのエクスポージャーが断片化する世界で保険会社や年金基金などの機関投資家が英国不動産への投資から得るものとは何か -- を投げかけている。

This paper analyses and compares the fee structures and fee levels of non-listed real estate vehicles in Europe, Asia and the US. The paper is based on the individual Management Fees and Terms Studies for each of these regions.

This year’s ANREV and  INREV studies included total expense ratio (TER) calculations, and both net asset value (NAV) and gross asset value (GAV) based TER were slightly lower in Asia than in Europe. Open end funds had lower TERs than closed end funds and single country funds tended to have lower TER than multi country funds. Target gearing naturally affects the NAV-based TER for highly leveraged funds. The lowest TERs were found in funds with a first closing before 2003.

This is the third study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. It is carried out for ANREV by KTI Finland. This annual project aims to increase the transparency of the fee structures and fee levels in funds, and to create a framework for the regular reporting of fees in funds. The project also aims to increase the understanding of the challenges and limitations the non-listed real estate fund industry faces in analysing and comparing fee structures and levels.

The results of this study will also be used to compare management fees of Asia Pacific, European and US funds in a separate study to be published in Q3 2014.

The full report is for members only, please login if you cannot view the downloads below.

CAPITAL RAISING 2014 – PILOT SURVEY

ANREV’s survey of 147 fund managers found that the non-listed real estate industry raised a total of US$132.5 billion of capital globally in 2013 compared to USD86.4 billion in 2012.

Asia Pacific strategy vehicles raised US$20.2 billion in 2013 compared to US$11.4 billion in 2012. The greatest share of this – US$14 billion – was allocated to non-listed funds.

With the rapid growth of the Asia Pacific non-listed real estate market, it is timely to assess how much capital is entering the market and what this figure represents on a global basis. This inaugural annual ANREV report provides information on the amount of institutional equity capital entering the Asia Pacific non-listed real estate market and offers insights into its target strategies, as well as overall global figures.

This survey covers capital raising activities across all Asia Pacific non-listed products including separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. 

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]

本報告書は、ANREV/INREV ファンドマネージャー調査2014 の結果をまとめたものである。同調査は2013 年12 月31 日現在、各ファンド運用会社が取り扱っている運用不動産資産の総額(AUM) に関する内容だ。

調査は３つの部分から構成されている。第１部は不動産に直接・間接的に投資する上場および非上場投資ビークルに対するすべての不動産AUMに関する内容である。第２部は非上場直接不動産投資ビークルに焦点を当てて、ファンド/ 合同運用ファンド、分離勘定、合弁投資、クラブディールについて記載されている。第３部は非上場不動産ファンド/合同運用ファンドについてである。最後に、今回の調査に協力してくださったファンド運用会社のリストが別添として添付されている。

This report outlines the results of the ANREV/INREV Fund Manager Survey 2014. It looks at the total real estate assets under management (AUM) for individual fund managers as of 31 December 2013.

The survey is structured in three parts. Chapter one includes all real estate AUM for non-listed and listed vehicles investing directly and indirectly into real estate. Chapter two focuses on non-listed direct real estate vehicles and includes funds/commingled funds, separate accounts investing directly into real estate, joint ventures and club deals. Chapter three looks in depth at non-listed real estate funds/commingled funds. Finally the appendix includes a list of all fund managers participating in the survey with their AUM.

본 보고서는 ANREV / INREV 펀드 매니저 설문 2014의 결과를 요약한다. 이 설문은 2013년 12월 31일 현재 각 펀드 운용사에 대해 운용 중인 총 부동산자산(AUM)을 살펴본다.

설문은 세 부분으로 구성되어 있다. 1장은 부동산에 직간접적으로 투자하는 상장 및 비상장 투자 수단에 대한 모든 AUM을 포함한다. 2장은 비상장 직접 부동산 투자 수단에 초점을 두고 펀드/ 합동 펀드, 별도 계정, 합작 투자, 클럽 딜을 포함한다. 3장은 비상장 부동산 펀드. 합동 펀드를 상세히 살펴본다. 마지막으로 별첨은 이번 설문에 참여한 모든 펀드 운용사들의 총 AUM 및 목록이다.

펀드 매니저 설문 조사에 관한 전체 리포트는 첨부된 파일을 다운로드 하시기 바랍니다.