ANREV is now collecting investor reporting documents for its fifth Review of Investor Reporting Trends 2015, a survey of non-listed real estate funds in the Asia Pacific Region.

This project, which is again being undertaken in co-operation with PwC aims to analyse non-listed real estate funds’ investor reporting to determine the extent to which they comply with the INREV Guidelines on annual and interim reporting and to identify the current market best practices for this topic in Asia-Pacific.

In order to assess compliance with INREV Guidelines, we would like to invite you:

• To fill the self-assessment questionnaire: Guidelines_Compliance_Checklist.
• To send  your latest audited annual reports and interim reports before 26 June 2015, together will all other relevant communications sent to investors (i.e.: presentations, webcasts, investor portal access on website, ad hoc reporting on INREV NAV)

Each manager may determine what documents to submit, depending on how they report to investors, and where information relevant to the Guidelines is presented.  It would be preferred that Managers submit their Q4 quarterly report, if one is issued to the same date as audited financial statements.

As with previous Investor Reporting studies, participating fund managers will be provided with high-level individual feedback on the reporting performance of their funds and areas for potential improvement, along with a follow up physical meeting or phone call to discuss the findings and comparison to their peers.

To preserve confidentiality, your reporting documents should be submitted directly to PwC (contact details below). All information submitted by fund managers for the purposes of the study will be treated confidentially. ANREV management may also attend some feedback meetings unless a participant requests them not to. More information about PwC and their assurance on confidentiality are provided below.  

We would therefore appreciate it if you could send the latest audited annual reports and quarterly investor reports for your non-listed real estate funds to us as it becomes available at the address below, before 26 June 2015.

Private & Confidential

PwC

21/F, Edinburgh Tower

15 Queen’s Road, Central

Hong Kong

Attention: Stanley Tam

E-mail: [email protected]

If you have any questions with regard to the project please do not hesitate to contact the PwC project leader, Mr. Paul Walters, or myself.

We look forward to receiving your responses.  

The consultation is open for the new Performance Measurement Module of the INREV Guidelines.

ANREV and INREV welcome your feedback as we believe that input from the wider industry audience will contribute to covering all aspects in the area of measuring performance for the non-listed real estate vehicles.

We appreciate your feedback before 4 June 2015.

Following the consultation period all relevant feedback will be incorporated and the module will be added to the INREV Guidelines.

Performance Measurement module fits INREV Guidelines framework

The project was initiated by the INREV Performance Measurement and Benchmarking Committee in 2014 and took into consideration GIPS, the generally accepted principles of full disclosure and fair representation of investment performance results. The Performance Measurement module is required to fit into the overall INREV Guidelines framework and is linked with formulas used for the ANREV and INREV Index.

Provide feedback via email

Please send your feedback to Amélie Delaunay, Director of Research and Professional Standards at ANREV via the e-mail: [email protected] or Maurits Cammeraat, Director of Professional Standards via e-mail to [email protected].

This is the second annual review of best practice reporting published between PwC and ANREV.

2014 has very much been a year of change, with the INREV Guidelines substantially redesigned in terms of both content and user interface, incorporating much of the feedback provided by Asia Pacific managers during last year’s review.

The report aims to provide fund managers and investors with insights into the trends in investor reporting practices in Asia Pacific and to enable benchmarking of current reporting practices across different geographic regions and fund strategies.

In this study we reviewed the investor reporting of 38 non-listed real estate funds and compared them to the detailed requirements of the New INREV Guidelines. Private feedback interviews were held with 23 of the 25 participating fund managers, as well as discussions with several investors active in the region to seek their perspectives on where reporting practices should be headed.

We would like to extend our sincere thanks to all who shared their valuable time and expertise during this project. We trust that all participants received useful feedback from the exercise which will assist them in their ongoing investor relations. 

This document is for members only. Please login if you do not see the downloads below. 

CONTACT

For further information, please contact Amélie Delaunay at [email protected]

このほど運用が開始されたINREVガイドライン2014は18ヶ月間に渡り、300社以上の業界関係者によるコンサルテーションやインプットに基づき、幅広い層の非上場不動産ビークルをカバーしています。ガイドラインはマーケットの変化に対応すべく、より使いやすく、容易にアクセス出来るよう作成されています。

旧版と比較し、コーポーレートガバナンス、流動性、報告の項目を中心に更新しています。業界の新たなガイドラインとして、透明性及びパフォーマンス分析の質が向上し、機関投資家の選択肢を増やす手助けになることでしょう。

INREVガイドライン2014は下記により構成されています。

• 7つのモデュール（項目）：コーポレートガバナンス、報告、不動産評価、INREV NAV、手数料・費用測定基準、流動性、INREVデータデリバリー
• 7つのツール：コンプライアンスチェックリスト、コーポレートガバナンスの自己評価ツール、ファンド・オブ・ファンズのマネージャーとマルチマネージャー向けデューデリジェンスの質問表、標準的な非開示契約、債務及びデリバティブ開示注釈書、標準データデリバリーシート
• 7つの事例：コンプライアンス・デシジョンツリー、INREVガイドラインの採用レベルの報告書、サステイナビリティ報告の推奨、キャピタルコールおよびディストリビューション、INREV NAVの計算、手数料・費用測定基準の計算および表示方法、私募目論見書の構成

以後必要に応じてモデュール（項目）、ツール、事例の追加をしていきます。

連絡先

ガイドラインのお問い合わせはAmélie Delaunay ([email protected])、もしくは林文香([email protected])までご連絡ください。

ANREV is now collecting investor reporting documents for its fifth Review of Investor Reporting Trends 2014, a survey of non-listed real estate funds in the Asia Pacific Region.

This project, which is again being undertaken in co-operation with PwC, reviews reporting practice in the Asia Pacific region in relation to the INREV Guidelines. It aims to analyse non-listed real estate funds’ investor reporting to determine the extent to which they comply with the INREV Guidelines on annual and interim reporting and to identify the current market best practices for this topic in Asia-Pacific. The INREV Guidelines were recently reviewed, updated and reissued, to access them click here: INREV Guidelines - ANREV.

Whilst 2013 investor reporting was performed whilst the new Guidelines were in White Paper form, the 2014 report will look at compliance with the new Guidelines. 

In order to assess compliance with INREV Guidelines, we would like to invite you to fill the self-assessment questionnaire, to access them click here: Guidelines_Compliance_Checklist. We would appreciate if you could send it back together with your latest audited annual reports and interim reports before 22 July 2014.  Note that in Asia, the “interim reports” required by the Guidelines, would often be the quarterly reports sent to investors, and in some cases, presentations which are made in quarterly investor calls. Each manager may determine what documents to submit, depending on how they report to investors, and where information relevant to the Guidelines is presented. Managers may wish to submit Q4 quarterly report, if one is issued to the same date as audited financial statements.

As with previous Investor Reporting studies, participating fund managers will be provided with high-level individual feedback on the reporting performance of their funds and areas for potential improvement, with a follow up physical meeting or phone call to discuss the findings.

To preserve confidentiality, your reporting documents should be submitted directly to PwC (contact details below). All information submitted by fund managers for the purposes of the study will be treated confidentially. ANREV management may also attend some feedback meetings unless a participant requests them not to. More information about PwC and their assurance on confidentiality are provided below.  

We would therefore appreciate it if you could send the latest audited annual reports and quarterly investor reports for your non-listed real estate funds to us as it becomes available at the address below, before 22 July 2014.

Private & Confidential

PwC

21/F, Edinburgh Tower

15 Queen’s Road, Central

Hong Kong

Attention: Stanley Tam

E-mail: [email protected]

If you have any questions with regard to the project please do not hesitate to contact the PwC project leader, Mr. Paul Walters, or Amelie Delaunay.

Thank you in advance for your support.We look forward to receiving your responses. 

Information on PwC

PwC helps organisations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with more than 180,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

CONFIDENTIALITY

PwC will treat all fund annual reports and other information provided by ANREV members and other fund managers for the purposes of this project as confidential and in accordance with PwC’s normal confidentiality policies and procedures. All such reports and other information provided for the project will only be used for the purposes of the project and will be stored in a secure location.

Neither the names of the participants in the study nor any financial data in the reports submitted will be published or referenced in the final report or otherwise. 

다운로드를 원하시면 로그인을 하시기 바랍니다.

After 18 months of consultation, including input and feedback from over 300 industry participants, the revised INREV Guidelines are online and ready for implementation. The Guidelines’ structure has been completely overhauled to be more user-friendly and accessible, and to respond to future market changes.

A number of substantive changes have been made, particularly in the areas of corporate governance, liquidity and reporting. This new set of industry guidelines will help boost transparency and performance analysis and promote greater investor choice.

The INREV Guidelines 2014 consist of the following:

• Seven modules: Corporate Governance, Reporting, Property Valuation, INREV NAV, Fee and Expense Metrics, Liquidity and INREV Data Delivery
• Seven tools: compliance checklist, corporate governance self assessment tool, due diligence questionnaires for fund managers and for fund of funds managers/ multi-manager, standard non-disclosure note, debt and derivative disclosure note, and SDDS
• Seven examples: compliance decision tree, statement of level of adoption of INREV Guidelines, sustainability reporting recommendations, capital calls and distribution, INREV NAV computation, calculations and presentation of fee and expense metrics and structure of a private placement memorandum.

Ongoing development will see modules, tools and examples added where and when needed.

CONTACT

For further information on the Guidelines, please contact Amélie Delaunay at [email protected]

지난 18개월에 걸쳐 300여 참여자와 협의, 의견, 피드백 등을 거친 INREV 의 개정 가이드라인이 마침내 온라인 공개를 통해, 시행 준비가 완료 되었습니다. 기존 가이드 라인 구조를 완전히 재검토하여, 사용자 편리성, 이용의 용이성, 미래 시장변화에 대한 대응성을 높였습니다.

특히 기업 거버넌스, 유동성, 보고 등의 분야를 중심으로, 많은 실질적인 변화가 이루어졌습니다. 금법 새로운 업계 가이드라인으로 인하여, 투명성 및 성과분석이 개선되고, 투자가의 선택권이 늘어날 것입니다.

2014년 INREV 가이드라인은 다음과 같이 구성되어 있습니다;

• 7개 모듈 기업 거버넌스; 보고, 부동산감정평가(Property Valuation), INREV 순자산가치(NAV), 수수료 및 비용 측정치( Metrics),유동성, INREV 데이터 전달(Data Delivery)
• 7개 툴:준수 체크 리스트,기업 거버넌스 자체 평가툴, 펀드 운용사용 실사 설문지, 재간접펀드/ 멀티 매니저용 실사 설문지, 표준 비밀 유지 서약서, 채권 및 파생상품 공시 설명서(Disclosure), 표준데이터전달서(SDDS)
• 7개 사례:준수 의사 결정도( compliance decision tree),INREV 가이드라인 채택 수준 설명서, 지속가능성 보고 권고, 출자 요청및 자본 분표, INREV 순자산가치(NAV) 계산,수수료 및 비용 측정치(Metrics) 계산 및 제공, 사모 설명서(memorandum)의 구성

향후 계속적으로 개발이 진행됨에 따라, 필요시 적절한 곳에 모듈, 툴, 사례 등이 추가 될 것입니다.

연락처

INREV 가이드 라인에 관한 보다 자세한 내용은 Amélie Delaunay 에게 [email protected] 로 문의하시기 바랍니다.

ANREVはメンバーのサステイナビリティへの対応を援助することを目的とし、国際的な機関投資家協会であり、不動産ポートフォリオにおけるサステイナビリティパフォーマンスを扱う不動産協会であるGRESB（Global Real Estate Sustainability Benchmark）のパートナー協会となりました。

ANREVは「グローバルな不動産業界のサステイナビリティプラクティスを評価・改善することでシェアホルダーの価値向上及び保護に努める」とうたうGRESBのミッションをサポートします。

今年初めて、GRESBのサステイナビリティスコアとANREVメンバーのスコア及び結果を共有しました。ANREVメンバーの回答者はAPACの非上場不動産業界の回答者のうち81％を占めています。ANREVメンバーのスコアを切り離すことで、業界に対して、また一般的にそれらのスコアがどのような立ち位置にあるのかを知る機会となりました。