In 2015, for the first time, ANREV, in conjunction with INREV in Europe jointly published the inaugural Fund of Funds Study.

The study provides an overview of the fund of funds industry globally, including insights by target region, by style and structure as well as other characteristics of funds of funds.

As at end Q2 2015, there are 64 funds of funds that are managed by 25 fund of funds managers in the ANREV and INREV Fund of Funds Universes (‘Universe’), collectively representing net asset value (NAV) of USD10.5 billion.

The full report also provides a detailed analysis into the performance of funds of funds.

Performance data has been provided for 26 funds of funds managed by 13 fund of funds managers. This sample represents 58.9% of the total NAV of the funds of funds in the Universe. 

Performance figures are quoted as at 31 December 2014 while figures in the Universe are quoted as at the end of Q2 2015 unless stated otherwise.

Steady performance of Asia Pacific non-listed real estate funds in Q2 2015

• Core funds return 3.3%, up for three consecutive quarters
• All funds return 2.6 % for Q2 2015, compared to 1.9% for Q2 2014
• Japan funds returned a very strong 10.6%, still leading country performance in Q2

Data contributions were received from 96 funds with a total gross asset value of US$92.5 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 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 previous releases. The technical specification has also updated and all numbers are also available in an Excel file.

The GREFI release includes the performance of 389 funds compared to 379 funds as of Q1 2015. This difference is due to the increase in the number of funds delivering data in Europe.

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

概要

オーストラリアの不動産デット市場は過去6～9か月の間に大きな変化を見せた。またしても、金融工学は理論上、リターンを高める興味深い手段と考えられる。本レポートでは、各ギアリング・シナリオがオーストラリアの市場予測に及ぼす影響、ギアリングのサステナビリティに影響を及ぼしうる投資環境に対する外部リスクを明らかにするとともに、この主題に関する昨今の学術研究を考察する。今回のサイクルの最良のレバレッジ「リスク調整後」戦略と、オーストラリアにおけるポートフォリオ構築への影響について指針を示すことを目的としている。

호주 사례에서 배우는 교훈

금융공학의 부활- 과거 사이클의 잘못을 반복하지 않아야.

개괄

지난 6-9주 동안 호주의 부동산 채권시장은 큰 변화를 보였다.이번에도 이론 금융공학이 활약을 할 절호의 기회인듯하다. 본 고에서는 호주 시장 예측의 다양한 기어링 시나리오의 영향을 살펴보고, 기어링의 지속 가능성에 영향을 미칠 투자환경의 외부리스크를 분석하며, 최근 학술연구를 검토하고자 한다. 이를 통해 이번 사이클에서 최괴의 '리스크 조정' 전략이 무엇인지 가이드를 제공하고, 호주 포트폴리오를 구성할 때 어떤 것을 고려해야 할지 알아보고자 한다.

점점 커지는 채권 스프레드

호주에서는 최근 몇 개월 동안 수익 추구성이 높아지고 리스크 회피 성향은 줄어들면서, 전통적 은행과 자본시장에서 기인한 수익형 부동산 채권의 공급 가능성이 크게 개선되었다. 경쟁은 심화되었고, 마진은 낮아졌다. 게다가 금리까지 전반적으로 낮아지자. 부동산 투자가들과 디벨로퍼들의 조달 비용도 크게 하락하였다.

2015년 6월 현재 호주에서는, 투자 등급이상의 상장 및 비상장 펀드의 부채 비용이 놀랍게도 4%대로 물러있다. 12개월 내에 거의 100bps가 떨어진 것이다. 2등급 차용인과 디벨로퍼들은 평균 5-6% 수준의 부채를 쉽게 조달 할 수 있다.

지난달에는 금리커브가 상승하였다. 또한, 지난 해의 엄청난 하락으로 인해서, 현재는 부동산 임대 소득 수익률의 스프레드가 크게 증가되고 있다.

In this issue, we have included: 

Lastly, we would like to thank our working group who helped putting together the Newsletter.
 
For details of this working group, please click here

BRIEF OVERVIEW

The past 6-9 months has seen a significant change in Australia’s real estate debt markets and, once again, financial engineering on paper looks a tantalising proposition to enhance returns. The purpose of this paper is to highlight the impact of various gearing scenarios on our Australian market forecasts, highlight external risks to the investment environment which could influence the sustainability of gearing, and review recent academic research on the subject. The aim is to provide guidance to the best “risk adjusted” strategy for leverage this cycle and the implications for portfolio construction in Australia.