ANREV has launched the twelfth 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.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of -0.03% in December 2022. The ACOE includes 19 funds with a total GAV of AUD 133.59 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.

The INREV Due Diligence Questionnaire (DDQ) assists investors and consultants in the due diligence process to understand a fund manager’s structure, strategy and non-listed real estate business. It also gives insight in a specific vehicle’s strategy, risk processes, management, terms and projected performance. With it, investors can determine, in principle, whether a proposal fits their investment objectives.

The INREV DDQ was updated in January 2023. New version reflects the feedback received from INREV members during a two-month consultation period.

To help with the transition to the new DDQ, an implementation kit and detailed guidance notes (updated July 2024) for completing the DDQ are available. This support is designed to streamline your due diligence process and ensure clarity and thoroughness in your responses, ultimately facilitating better communication with investors.

If you have any questions please contact [email protected]  

Download the updated DDQ, implementation kit, guidance notes and change log below. 

Welcome to the January 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 Q3 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 -0.12% in Q3 2022.
• Funds with a global regional strategy outperformed the rest, being the only funds that saw an increase in performance quarter-on-quarter (0.42% in Q2 vs 0.83% in Q3).
• Non-core funds outperformed their core peers, posting aggregated quarterly total returns of 0.99% and -0.37%, respectively.

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

ANREV has launched the Q3 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 Q3 2022 sample of the ANREV IRR index includes 73 funds.

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

• ANREV’s All Funds Index returned 0.23% in Q3 2022, down from 0.89% in Q2 2022.

• Core funds outperformed value added and opportunity funds with returns of 0.76% versus -3.60% and -2.57% respectively.

Data contributions were received from 80 funds with a total gross asset value of US$148.4 billion. Further detail of the sub-indices which cover fund style and various geographies can be found in the full report.

We would like to thank all the companies that supported the data collection exercise and look forward to your continued support in the next round of data collection.

If you have any questions about the ANREV Index or want to take part in this industry-led initiative, please contact Daisy Huang or Justin Wong.

First created in 2017 and launched as a dedicated survey covering North America in 2020, the Survey is an annual report tracking corporate practices and employee demographics on diversity, equity and inclusion for commercial real estate. In 2021, the Survey was expanded to incorporate Asia-Pacific and Europe. The Survey is produced by the industry associations and organizations ANREV, INREV, Ferguson Partners, NAREIM, NCREIF, PREA, REALPAC and ULI.

The DEI Survey 2022 represents more than 357,041 full-time employees, $2.34 trillion of assets under management and a cross section of the commercial real estate industry in terms of size, region and business classification. The Survey, conducted between July and October 2022, brings together participation from 192 unique organizations who provided 210 submissions detailing their DEI practices in North America (81.4% of respondents), Europe (12.4%) and Asia-Pacific (6.2%).

The Global Real Estate DEI Survey aggregates data on:

• DEI program structure, resources and ownership
• Policies focused on recruitment, retention, training and development, inclusivity, tracking and accountability and pay equity
• Employee demographics by gender, race/ethnicity and nationality, across seniority and job function, as well as DEI hiring, promotion and departure trends year-over-year.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.17% in November 2022. The ACOE includes 19 funds with a total GAV of AUD 132.77 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.

The ANREV ODCE local currency equivalent return consultation report aims to improve the transparency of ODCE funds’ performance by providing more information on the component of the returns in stripping out the currency impact.

The local currency equivalent total return was 1.28% in Q3 2022 compared to -4.88% total returns in USD. 

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