ANREV is pleased to present the results of the Investment Intentions Survey 2024 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: 85 investors (94%), and 5 funds of funds 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 2024 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 ANREV Management fees and terms study explores fees and costs structures of Asia Pacific non-listed real estate funds with a focus on the Total Global Expense ratios (TGERs) and real estate expense ratios (REERs).

This includes 34 vehicles managed by 20 managers that submitted their 2022 TGERs representing a combined total GAV of US$100.7 billion. Of the 34 vehicles which provided data for their TGERs, 20 vehicles provided data on their 2022 REERs.

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 shares 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 November 2023 include:

Diverse market fundamentals result in valuation correction occurring at differing rates across and within regions

Average gearing in GREFI funds experienced an uptick, but remains well below GFC levels

Increasing demand for refinancing options is expected to create opportunities for alternative lenders

This ANREV Vehicles Universe document provides data on 407 vehicles with a total gross asset value (GAV) of US$ 337.9 billion as of Q2 2023. Data on 268 vehicles (total GAV US$193.5 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 Cheng Wee Tan or Donald Lam.

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

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

Key highlights July 2023 include:

Rising risk free rates heightened risk aversion in real estate markets, valuation and price discovery uncertainty persists

Office and retail sectors are seeing weakness, albeit resilient larger economies are giving support to industrial sector

As of Q1 2023, the Global ODCE index total return marked the third consecutive quarter of negative performance

• Funds of funds’ global AUM rose to over US$ 85.8 billion at the end of 2022
• They invested US$ 5.5 billion into the global real estate market in 2022 and delivered a positive performance of 2.93%
• Value add allocations increased to a record 10% but focus on core remains
• Acceleration of granular diversification strategy through the choice of vehicle, sector and geography

The performance data presented in this report is not intended to serve as a benchmark and should be used for research and information purposes only.

• Blackstone is the biggest fund manager with more than US$500 billion of real estate AUMBlackstone is the biggest fund manager with more than US$500 billion of real estate AUM

• Continued concentration of global AUM in the largest managers, with top four managers accounting for almost 27% of the total real estate capital.

• ESR has become the manager with the largest Asia Pacific real estate AUM

• Pan-Asian industrial and logistics players are emerging among top fund managers.

At the end of 2022, the total global real estate assets under management (AUM) reached a record of US$4.1 trillion. The total AUM of the top 10 managers exceeded US$1.9 trillion. With US$508.2 billion of real estate AUM, Blackstone tops the overall list, followed by Brookfield and Prologis.
 
ESR is making is replacing GLP in the top 10 and takes the first spot in APAC.

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

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