Topical research covers both in-house and external publication on a range of topics which drives the direction of the commercial real estate industry, intending to give insights to the trends and opportunities across Asia Pacific.

The Red Paper series consists of research papers prepared by the market-leading fund managers, investors and commercial real estate service providers. Each paper provides an in-depth analysis and thought leadership on a specific key issue or sector, offering the leading edge of current thinking and guidance on effective investment decision-making.

  • In light of the COVID-19 pandemic, ANREV has conducted an additional survey investigating funds’ valuations under COVID-19.

    The ‘Impact of COVID-19 on valuations’ survey was distributed to fund managers during the data collection of ANREV Quarterly Index Q2 2021. They were asked to fill in the extra questionnaire to look into the impact of the “Material Uncertainty clause” on asset valuations, suspension of trading and status of rent collection.

    For any questions, please contact Amélie Delaunay.

    COVID-19 Valuations Survey Q2 2021PDF
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  • In light of the COVID-19 pandemic, ANREV has conducted an additional survey investigating funds’ valuations under COVID-19.

    The ‘Impact of COVID-19 on valuations’ survey was distributed to fund managers during the data collection of ANREV Quarterly Index Q1 2021. They were asked to fill in the extra questionnaire to look into the impact of the “Material Uncertainty clause” on asset valuations, suspension of trading and status of rent collection.

    For any questions, please contact Amélie Delaunay.

    COVID-19 Valuations Survey Q1 2021PDF
    Download
  • In light of the COVID-19 pandemic, ANREV has conducted an additional survey investigating funds’ valuations under COVID-19.

    The ‘Impact of COVID-19 on valuations’ survey was distributed to fund managers during the data collection of ANREV Quarterly Index Q4 2020. They were asked to fill in the extra questionnaire to look into the impact of the “Material Uncertainty clause” on asset valuations, suspension of trading and status of rent collection.

    For any questions, please contact Amélie Delaunay.

    COVID-19 Valuations Survey Q4 2020PDF
    Download
  • In light of the COVID-19 pandemic, ANREV has conducted an additional survey investigating funds’ valuations under COVID-19.

    The ‘Impact of COVID-19 on valuations’ survey was distributed to fund managers during the data collection of ANREV Quarterly Index Q3 2020. They were asked to fill in the extra questionnaire to look into the impact of the “Material Uncertainty clause” on asset valuations, suspension of trading and status of rent collection.

    For any questions, please contact Amélie Delaunay or Katrina Wong.

    COVID-19 Valuations Survey Q3 2020PDF
    Download
  • In light of the COVID-19 pandemic, ANREV has conducted two additional surveys investigating market sentiment and funds’ valuations under COVID-19.
     
    The market sentiment survey targeted senior investors and investment managers and asked their views on the impacts of the pandemic on Asia Pacific markets. 

    The ‘Impact of COVID-19 on valuations’ survey was distributed to fund managers during the data collection of ANREV Quarterly Index Q2 2020. The manager were asked to fill in this extra questionnaire to look into the impact of the “Material Uncertainty clause” on assets’ valuations, suspension of trading and status of rent collection.

    The snapshot summarising the findings of the 'market sentiment' and ‘Impact of COVID-19 on valuations’  surveys can be downloaded here.

    COVID-19 Sentiment and Valuations Survey Q2 2020PDF
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  • In light of the COVID-19 pandemic, ANREV has surveyed the fund mangers who are currently included in the ANREV Quarterly Index and asked about the impact of COVID-19 on valuation, suspension, and rent collection.

    The survey covered 78% or US$97.5 billion GAV of the ANREV Quarterly Index Q1 2020. A snapshot summaring the results can be downloaded below.

    [Snapshot] Impact of COVID-19 on valuationsPDF
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  • In light of the COVID-19 pandemic, ANREV has conducted a small survey to assess sentiment across the region in terms of confidence on the allocations, markets and sectors, as well as impacts on the workplace. The market sentiment survey targeted senior investors and investment managers members of ANREV Management Board and councils and asked their views on the impact of the pandemic on Asia Pacific markets.

    A snapshot summarising the results of the survey can be downloaded below.

    [Snapshot] ANREV COVID-19 Survey - Market SentimentPDF
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  • Investors with private capital allocations assign considerable resources to forecast future capital calls which is an act of necessity rather than choice. The challenge for LPs is to estimate the amount required and schedule of calls to meet their commitments. Committed capital today is unlikely to be called in immediately. GPs may postpone drawdowns with anticipation that asset price will adjust or be in a search for acquisitions that match vehicle strategy.

    In this paper, Arvydas Jadevicius PHD, assesses the typical capital calls velocity for closed end APAC non-listed real estate funds. The study contributes to a better understanding of capital calls velocity. It can also enrich LPs’ non-listed APAC real estate funds investment programme.

    Red Paper - March 2020 Make a call: Assessing capital calls velocity for closed end APAC non listed real estate fundsPDF
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  • Despite the buzz-worthy nature of its nomenclature, co-living is not a new trend, but merely the re-envisioning of an old one. A living environment whereby tenants share resources and space in exchange for lower costs and cultural commonalities harkens back to socially-minded communes of the 1960’s, and further still to the boarding houses of the 19th Century.

    In this paper, Unger and Tan from Invesco talked about the current landscape of the co-living market, and discussed its investment opportunities and implications to the real estate industry.

    Red Paper - June 2019 A Case for Co-LivingPDF
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  • Each year, LaSalle estimates the total value of investable commercial real estate and its global distribution. The estimates establish a baseline for the market size of real estate in each country and can help fund managers and investors assess their relative allocations. The relevant investment universe differs by investor type and objectives, and the estimates reflect these differences by breaking the real estate universe into three segments: total investable commercial real estate market size, institutionally-owned, and public.

    All three of LaSalle’s estimates increased in the 2018 estimation. Institutionally-owned real estate grew 9% last year, powered mainly by strong price appreciation in Asia Pacific and Continental Europe. LaSalle estimates that institutions own about one-fifth of all investable commercial real estate. The public real estate universe, which is based on our gross asset value estimates rather than market capitalization, only grew 3%. Privatization and delisting activities roughly balanced initial public offering (IPO) activities, but underlying asset appreciation was slower. Public companies own 44% of all institutional-owned real estate, which is down slightly from the 2017 estimation.

    Red Paper - August 2018 Sizing Up Asia Pacific Real Estate MarketsPDF
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