ANREV, INREV and NCREIF are pleased to release the second publication of the global comparison of the Total Global Expense Ratio (TGER). The publication is an important step in enhancing transparency on the total fees and vehicle costs for open-end diversified core equity non-listed real estate funds (ODCE).

The study includes the TGER for 47 funds out of the 49 funds included in the Global ODCE Index, representing a total gross asset value (GAV) of USD 336 billion (98% of the Global ODCE Index’s GAV) as of the end of 2024.

Key highlights include:

• The Total Global Expense Ratio (TGER) for Global ODCE in 2024 remained unchanged year-on-year at 0.82% based on GAV, while the TGER based on NAV increased by 3 bps to 1.21%
• TGER and vehicle costs are lower for US funds which are generally larger and invest in a single country
• Professional services are the highest vehicle costs across all three regions

The Q1 2025 release of the Global IRR Index monitors a sample of 402 closed end funds across vintages from pre-2001 to 2022. All of these 402 funds follow a non-core strategy as defined by their managers and include 350 value added and 52 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 74 Asia Pacific funds, 152 European and 176 funds focused on the USA.

• The IRR for the 2019 vintage year improved the most, from -7.71% to -6.64%, in Q1 2025.

• A majority of funds have value added and single country strategies.

• The performance of the USA’s 2008-2010 fund vintage continues to lead all cohorts in all regions.

The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of closed end non-listed real estate vehicles since inception on a global scale.

For any queries, please contact Daisy Huang or Eileen Chiu.

The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q1 2025 includes 74 closed-end funds across vintages from pre-2005 to 2022.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures up to the end of Q1 2025. The GREFI is updated on a quarterly basis and is published 12 weeks after the quarter end.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index delivered positive total returns of 0.92% in Q1 2025, up by 10 bps from 0.82% posted in the previous quarter.

• All regions recorded positive performance, with Europe outperforming the other regions, followed by Asia Pacific and then the US.

• Both GREFI core and non-core funds reported positive performance this quarter, with the GREFI core funds outperforming their non-core peers.

For any queries, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.36% in May 2025. The ACOE includes 17 funds with a total GAV of AUD 113.01billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Karen Yeung if you have any questions regarding the Index.

The Q4 2024 ANREV ODCE Asset Level Performance Report posted a total return of 0.54%, comprised of -0.50% capital growth and 1.04% income return. Down 26 bps from 0.80% posted in Q4 2024. The report measures the asset level returns of 239 investments owned by 8 ODCE funds valued at US$18.49 billion as of Q1 2025.

Due to its limited coverage this report is not considered as an index. The report's results are generated based on the asset level data provided to ANREV directly from the contributing managers. Data collection starts immediately after a quarter has ended for a period of up to 6 weeks after quarter end.

Please contact Daisy Huang or Eileen Chiu for any queries.

The Q1 2025 ANREV index included data contributions from 77 funds with a total gross asset value of US$134.0 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 0.89% in Q1 2025, up from -1.44% posted in the previous quarter.
• Core funds with a total return of 1.07%, outperformed value-added and opportunistic funds which posted 0.72% and -1.66% respectively.
• Australian funds outperformed other single country and multi country strategy funds, with a total return of 0.93%, marking the second consecutive positive performance from the region.

Further details of the sub-indices which cover different fund styles and various geographies can be found in the full report.

We would like to thank all the funds that contributed data, and look forward to your continued support in the next round of data collection. If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.

ANREV, INREV and NCREIF present the ninth edition of the Global ODCE (Open End Diversified Core Equity) Fund Index, consisting of 48 funds with a combined total gross asset value of US$ 343.9 billion. 

Key highlights include: 

• The Q1 2025 Global ODCE fund index posted a net total return of 1.34%, up from -2.10% posted in the previous quarter.

• The Asia Pacific ODCE funds outperformed the other regions posting total returns of 1.68%, followed by Europe with 1.50%, then the US with 0.85%.

• Capital growth recovered to 0.53%, up from -2.89% posted in the previous quarter, while the accrual-based income return was slightly up by 2 bps at 0.81%.

 Please contact Daisy Huang or Eileen Chiu should you have any questions regarding the index.

• Total real estate AUM at US$3.8 trillion in 2024, marking third sequential year of contraction from 2021 peak.
• The top 10 managers by size represents 52% of the total AUM, reflect concentration of AUM towards the largest managers persist.
• Non-listed real estate funds are largest non-listed product by AUM globally, accounting for 57% of the total non-listed real estate AUM.

The total global real estate assets under management (AUM) was at US$3.8 trillion at the end of 2024. The total AUM of the top 10 managers was nearly US$2 trillion

With over US$530 billion of real estate AUM, Blackstone tops the overall list, followed by Brookfield and Prologis.

ESR takes the first spot in the top 10 in APAC, followed by GLP and CapitaLand.

The ANREV Australia Farmland Index provides financial performance of 63 different properties of market value over AUD 2.2 billion in farmland.

ANREV Australia Farmland Index returned -5.0% on a 12-month rolling basis in Q1 2025.

On an annualized rolling return basis, the income return was at 1.23% in Q1 2025.

Capital growth was at -6.17% in Q1 2025 on a 12-month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang or Karen Yeung.