The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.31% in January 2025. The ACOE includes 17 funds with a total GAV of AUD 112.99 billion.

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

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The Asia Pacific Market Insights is a snapshot that compiles perspectives from our research committee members to evaluate the market dynamics of the Asia Pacific non-listed real estate sector.

Key highlights:

• The first edition of Asia Pacific Market Insights signals a slow and uneven recovery, as the ANREV All Funds Index climbed to 0.90% in Q3 2024 – the first positive return since Q1 2023
• Japan remains the key market with positive carry even with the pressure from the Bank of Japan to normalize rates.
• Rented Residential has become the asset class of choice for most managers, as the sector delivered a total return of 1.59% versus industrial’s 0.60% and office’s 0.02% in Q3 2024.

For any queries, please contact Cheng Wee Tan

ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from January 2025 include:

• In Q3 2024, the Global Real Estate Fund Index turned positive for the first time since Q2 2022.
• Optimism remains tempered as geopolitical tensions and inflationary pressures continue to pose risks.
• More than 70% of respondents to the Investment Intentions Survey 2025 planned to maintain or increase their global real estate allocations over the next two years.

ANREV is pleased to present the results of the Investment Intentions Survey 2025 with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the sixteenth edition of the regional survey which attracted 90 respondents: 76 investors (94%), and 5 multi managers (6%).

Chapter 1 explores global real estate allocations, providing insight into investment trends globally and is based on the full sample of respondents. This is a common section that can also be found in the INREV and PREA 2025 Investment Intentions reports.

Chapter 2 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, styles and trends. This chapter is based only on those investors and fund of fund managers who are already investing in the Asia Pacific market or intend to do so in the next two years.

The Q3 2024 release of the Global IRR Index monitors a sample of 390 closed end funds across vintages from pre-2001 to 2022. All of these 390 funds follow a non-core strategy as defined by their managers and include 339 value added and 51 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 74 Asia Pacific funds, 146 European and 170 funds focused on the USA.

• The IRR of the Post-2019 group improved by 428 bps to -2.64%, from -6.93% in Q2.

• 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 gross return report shows a 3-month total gross return of 0.77% for the period between October and December 2024.

The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 17 ACOE funds.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of -0.03% in December 2024. The ACOE includes 17 funds with a total GAV of AUD 113.41 billion.

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

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

This is the 6th Review of Investor Reporting Trends survey, which is based on self-assessments submitted by 16 managers during the summer of 2024 on behalf of 22 vehicles.

The Review of Investor Reporting Trends survey provides an insight into current market practices in investor reporting across non-listed real estate vehicles investing in Asia Pacific and especially the extent to which reporting complies with the requirements and recommendations of the INREV Guidelines. The survey has been undertaken by PwC.