The ANREV / INREV Management Fees and Terms Comparison Study compares the fees and cost structures of 33 non-listed real estate investment funds in Asia Pacific and 87 in Europe with a focus on Total Global Expense Ratios (TGERs), Total Expense Ratios (TERs) and Real Estate Expense Ratios (REERs). The report is based on the regional studies conducted by ANREV and INREV during 2020.

Some of the key findings identified in the report are as follow:

• Average TGERs and TERs for core and value added non-listed real estate funds in Asia Pacific are lower than those in Europe.

• Average REERs are higher in Asia Pacific than in Europe

Please contact Sharon Chan if you have any questions regarding the comparison study.

In light of the COVID-19 pandemic, ANREV has conducted an additional survey investigating funds’ valuations under COVID-19.

The ‘Impact of COVID-19 on valuations’ survey was distributed to fund managers during the data collection of ANREV Quarterly Index Q2 2021. They were asked to fill in the extra questionnaire to look into the impact of the “Material Uncertainty clause” on asset valuations, suspension of trading and status of rent collection.

For any questions, please contact Amélie Delaunay.

ANREV is pleased to present the results of its fourth Fund Termination Study with a specific focus on the preferred termination options and associated issues among Asia Pacific non-listed real estate funds. 

The survey was conducted between July and August 2021 through an online questionnaire. We received participation from 16 fund managers managing 22 non-listed real estate funds in Asia Pacific with a combined gross asset value (GAV) of US$8.2 billion.

• Funds of funds AUM rose to at least US$53.2 billion globally end of 2020
• As a group funds of funds delivered a positive average net return of 1.6% in 2020
• Large open end core vehicles with a global strategy dominate the market for funds of funds

On average funds of funds continue to deliver positive returns for eight consecutive years, with an average 1.6% in 2020.

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.

In light of the COVID-19 pandemic, ANREV has conducted an additional survey investigating funds’ valuations under COVID-19.

The ‘Impact of COVID-19 on valuations’ survey was distributed to fund managers during the data collection of ANREV Quarterly Index Q1 2021. They were asked to fill in the extra questionnaire to look into the impact of the “Material Uncertainty clause” on asset valuations, suspension of trading and status of rent collection.

For any questions, please contact Amélie Delaunay.

• Total real estate AUM grew by 11%, from US$3.6 trillion in 2019 to US$4.1 trillion in 2020
• The ten biggest managers reported real estate AUM above US$100 billion
• CapitaLand is the first Asia Pacific manager to make into the top 10

As of 31 December 2020, total real estate assets under management (AUM) stands at US$4.1 trillion compared to US$3.6 trillion at the end of 2019. The 10 largest managers have a total real estate AUM above US$100 billion. With US$319.4 billion of real estate AUM, Blackstone tops the overall list, followed by Brookfield and Prologis.

CapitaLand is the first Asia Pacific manager to be included in the top 10, with a reported real estate AUM of US$100.2 billion.

With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

The 2021 survey attracted the participation of 127 fund managers from 26 countries across Asia Pacific, Europe and North America.

Capital was sought for 699 vehicles which equate to a minimum of US$150.7 billion of new equity raised for investments into non-listed real estate.

The Asia Pacific region attracted US$26.2 billion of new capital.

In light of the COVID-19 pandemic, ANREV has conducted an additional survey investigating funds’ valuations under COVID-19.

The ‘Impact of COVID-19 on valuations’ survey was distributed to fund managers during the data collection of ANREV Quarterly Index Q4 2020. They were asked to fill in the extra questionnaire to look into the impact of the “Material Uncertainty clause” on asset valuations, suspension of trading and status of rent collection.

For any questions, please contact Amélie Delaunay.