The fifthteen gross return report shows a 3-month total gross return of 0.22% for the period between January and March 2023.
 
The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 19 ACOE funds.

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

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 2023 survey attracted the participation of 116 fund managers from 21 countries across Asia Pacific, Europe and North America.

Capital was sought for 747 vehicles which equate to a minimum of US$264 billion of new equity raised for investments into non-listed real estate.

The Asia Pacific region attracted US$34 billion of new capital.

The thirteenth consultation release of the Global IRR Index includes 341 funds with non-core strategies, comprising of 301 value added and 40 opportunity funds.

Key highlights:

• This Global IRR Index release features 68 Asia Pacific, 123 European and 150 US funds
• Funds with a first closing in 2020 recorded an average equally weighted IRR of 9.73% in Q4 2022
• Single country strategies exhibit greater variability in performance
• The USA’s 2008-2010 fund vintage continues to out-perform

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of -0.47% in March 2023. The ACOE includes 17 funds with a total GAV of AUD 124.70 billion.

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

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

ANREV has launched the thirteenth release of the ANREV ODCE Asset Level Performance Consultation Report.

The ANREV Asset Level Performance Report is not an index as the coverage is limited to assets held by 8 funds with a pan Asia core open end strategy.

The ANREV Asset Level Performance Report results are based on asset level data that is provided to ANREV directly from managers. Data collection starts immediately after a quarter has ended for a period of up to 6 weeks after quarter end.

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

In April's issue, we have included:

Australia

• Australian Government Consults on Climate-related Financial Disclosures

British Virgin Islands

• British Virgin Islands Regulatory Obligations and Filing Deadlines 2023

Cayman Islands

• Helping to Manage the Challenges of SFDR Article 8 and 9 Funds

China

• China Issues New Regulations on Medium and Long-term Foreign Debt
• AMAC Released The Guidelines for The Pilot Filing Of Private Real Estate Investment Funds

Hong Kong

• Cross-agency Steering Group Announces Collaboration with CDP to Enhance Data Availability and Sustainability Reporting In Hong Kong
• Foreign-sourced Income Exemption under new FSIE regime

Japan

• FSA Proposes Amendments to Supervisory Guidelines Regarding ESG Investment Trusts

Korea

• FSC Announces Measures to Improve Foreign Investors' Access to Korean Capital Markets

Singapore

• MAS Revises Lodgment Practice Note for Collective Investment Schemes
• Buyer’s Stamp Duty (BSD) Rates to be Raised for Higher-Value Properties

Lastly, we would like to thank our committee who helped putting together the newsletter. Details about this committee can be found here.

ANREV Professional Standards Committee and PwC invited investment managers to a series of round table discussions, hosted in Hong Kong and Singapore, which provided opportunities for managers to discuss with their peers their views on the many challenges related to reporting under current market environment.

Although 2022 saw most Asia Pacific markets—with the exception of China— begin to shake off the effects of regional COVID restrictions, as investors look to 2023 they find themselves confronted with a different, but no less dangerous, set of threats: high inflation, rising interest rates, unsustainable levels of public- and private-sector debt, and an impending global recession. Uncertainty in the market has also impacted transaction flows. With less recent comparables and market data available making valuation a potential challenge for this year-end.

In previous years, members have expressed concerns about the availability of current market data, especially when the markets are turbulent, and there has been a perceived time lag developing between market movements, and external valuations, due to the period of comps used.

ANREV has launched the Q4 2022 IRR Index by vintage. The IRR Index measures performance of value added and opportunistic non-listed closed end funds investing in Asia Pacific.

The Q4 2022 sample of the ANREV IRR index includes 68 funds.

We welcome any questions or comments - please email Daisy Huang or Justin Wong.

Welcome to the March 2023 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 Q4 2022.

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 more than 15 years of performance across all regions. 

Key highlights:

• The GREFI All Funds Index delivered a negative total return of -4.24% in Q4 2022.
• Asia Pacific funds outperformed globally, with an increased performance quarter-on-quarter.
• Core funds had a greater decline compared to their riskier peers, posting aggregated quarterly total returns of -4.49% and -3.12%, respectively.

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