Welcome to the January 2022 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q3 2021.

The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

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

Key highlights:

• The GREFI All Funds Index delivered a total return of 4.31% in Q3 2021, its strongest performance since Q4 2005.
• US funds showed the strongest performance out of the regional strategies, recording a total return of 7.01% this quarter.
• The performance gap between non-core funds and core funds grew to 255 bps this quarter, up from 220 bps in Q2 2021.

Please send any queries to Daisy Huang, Justin Wong or Amélie Delaunay.

• ANREV’s All Funds Index returned 1.54% in Q3 2021, down from 3.60% in Q2 2021.

• Core funds outperformed value added and opportunity funds with returns of 1.62% versus 0.93% and 1.54% respectively.

Data contributions were received from 87 funds with a total gross asset value of US$151.1 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.

If you have any questions about the ANREV Index or want to take part in this industry-led initiative, please contact Daisy Huang or Justin Wong.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.50% in November 2021. The ACOE includes 19 funds with a total GAV of AUD 120.38 billion.

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

Please contact Justin Wong or Daisy Huang if you have any questions regarding the Index.

The ANREV Australia Farmland Index provides financial performance of 64 different properties of market value close to $1.8 billion in farmland.

ANREV Australia Farmland Index returned 12.72% on a 12 month rolling basis in Q3 2021.

On an annualized rolling return basis, the income return was at 6.06% in Q3 2021.

Capital growth was at 6.38% in Q3 2021 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 Justin Wong.

The Q3 2021 ANREV ODCE Fund Index - Open End Diversified Core Equity (ODCE) results were released on 26 November 2021 and showed a total return of 0.39% for 8 funds.

Please provide feedback and comments to Justin Wong or Amélie Delaunay.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.46% in October 2021. The ACOE includes 19 funds with a total GAV of AUD 119.36 billion.

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

Please contact Alfred Tang or Daisy Huang if you have any questions regarding the Index.

The Index Guide provides an overview of ANREV’s suite of indices and their specific characteristics.

Please provide feedback and comments to Amélie Delaunay, Daisy Huang, or Justin Wong. 

This ANREV Vehicles Universe document provides data on 384 vehicles with a total gross asset value (GAV) of US$ 283.7 billion as of Q2 2021. Data on 245 vehicles (total GAV US$172.7 billion) was extracted from the ANREV Vehicles Database. Data on the remaining 139 vehicles came from secondary sources.

If you have any questions, please contact Daisy Huang or Alfred Tang.