This is the first fund termination study done by ANREV. The survey intend to examine the options fund managers consider as the termination date of their fund approaches. The survey covers funds that are due to terminate in the coming two years together with funds that have been liquidated previously. We received participation from 35 funds managers about 52 non listed funds in Asia Pacific with a combined gross asset value (GAV) of US$17.2 billion.

In 2015, for the first time, ANREV, in conjunction with INREV in Europe jointly published the inaugural Fund of Funds Study.

The study provides an overview of the fund of funds industry globally, including insights by target region, by style and structure as well as other characteristics of funds of funds.

As at end Q2 2015, there are 64 funds of funds that are managed by 25 fund of funds managers in the ANREV and INREV Fund of Funds Universes (‘Universe’), collectively representing net asset value (NAV) of USD10.5 billion.

The full report also provides a detailed analysis into the performance of funds of funds.

Performance data has been provided for 26 funds of funds managed by 13 fund of funds managers. This sample represents 58.9% of the total NAV of the funds of funds in the Universe. 

Performance figures are quoted as at 31 December 2014 while figures in the Universe are quoted as at the end of Q2 2015 unless stated otherwise.

The document is a distillation of information provided to ANREV by non-listed property vehicles, as well as publicly available information of other non-listed property vehicles, in order to give a view on the size and composition of the Asia Pacific non-listed property funds market over a particular period of time.

If you have any questions, please contact Henry Lam at [email protected]

The ANREV / INREV / NCREIF Capital Raising Survey 2015 explores capital raising activities into the non-listed real estate industry in 2014. The survey provides insights by region, product type, investment strategy, and where possible provides a historical breakdown and analysis by fund manager quartiles based on the size of assets under management (AUM).

This year, for the first time, the survey has a global outreach and was conducted in conjunction with INREV in Europe and NCREIF in the US. The 2015 survey attracted a participation of 142 fund managers globally (2014:106).

In the past year fund managers raised USD149.2 billion globally which is a 12.6% increase compared to 2013. Non-listed real estate funds continue to attract the majority of the private equity raised for real estate globally with 53.7% of the total equity raised, compared with 49% in 2013.

Capital raised for Asia Pacific non-listed real estate funds has been analysed for the first time.

ANREV, INREV and NCREIF would like to thank fund managers for their participation in the Survey.

For further information please contact [email protected]

The report explores the different attitudes of Investors by market as well as specificities of Asia Pacific domicile investors in the different markets.

The ANREV/INREV/NCREIF Fund Manager Survey 2015 explores total real estate assets under management (AUM) of all real estate fund management companies.

The survey seeks to gain a better understanding of the major participants across the real estate industry before taking a closer look at those active in the non-listed real estate industry, with particular focus on non-listed real estate funds. Furthermore, the survey provides insights by region, product type and investment strategy, and where possible provides a breakdown by quartiles.

This year, for the first time, the survey has a global outreach and was conducted in conjunction with INREV in Europe and NCREIF in the US.

The 2015 survey attracted a record number of 164 respondents (2014: 147) across Asia Pacific, Europe and North America. Collectively, they manage total real estate AUM of USD$2.1 trillion (2014: USD$1.9 trillion).

Figures are quoted as at 31 December 2014 unless otherwise stated.

ANREV, INREV and NCREIF would like to thank fund managers for their participation in the Fund Manager Survey 2015.

For further information please contact [email protected]

The document is a distillation of information provided to ANREV by non-listed property vehicles, as well as publicly available information of other non-listed property vehicles, in order to give a view on the size and composition of the Asia Pacific non-listed property funds market over a particular period of time.

If you have any questions, please contact Henry Lam at [email protected]

Asia Pacific Investors will increase real estate allocation in 2015

The ANREV Investment Intentions Survey 2015 shows that Asia Pacific investors will increase their real estate allocations from 9.8% to 11%.

40% of global investors expect to increase their allocation to non-listed real estate funds in Asia Pacific.

Tokyo, Sydney, China Tier 1 cities and Melbourne are the top investment destinations for investors.

This is the eighth investment intentions Asia Pacific report and the second global survey conducted together with INREV in Europe and PREA in the United States.

This survey attracted a record number of 337 respondents.

英国の事業用不動産市場： その規模とは？

IPFリサーチプログラムはこのほどポール・ミッチェル不動産コンサルタンシー社のポール・ミッチェル著「英国の不動産市場の規模と構造2013年：変化の10年」を刊行した。この著書は、英国の事業用不動産の価値とはいかなるものか、さまざまなセクターや英国内でどのように分布しているのか、保有者は誰なのか、投資市場の規模はどのくらいか、といったIPFが2005年に提起した疑問に立ち戻っている。またこの新たな調査はさらなる2つの疑問 -- 居住用不動産は事業用不動産と比較してどうか、そして不動産へのエクスポージャーが断片化する世界で保険会社や年金基金などの機関投資家が英国不動産への投資から得るものとは何か -- を投げかけている。

This paper analyses and compares the fee structures and fee levels of non-listed real estate vehicles in Europe, Asia and the US. The paper is based on the individual Management Fees and Terms Studies for each of these regions.

This year’s ANREV and  INREV studies included total expense ratio (TER) calculations, and both net asset value (NAV) and gross asset value (GAV) based TER were slightly lower in Asia than in Europe. Open end funds had lower TERs than closed end funds and single country funds tended to have lower TER than multi country funds. Target gearing naturally affects the NAV-based TER for highly leveraged funds. The lowest TERs were found in funds with a first closing before 2003.